Leading off-price apparel retailer The TJX Companies Inc announced sales and earnings results for the second quarter ended July 30, 2005. Net sales for the second quarter were $3.6 billion, a 7 percent increase over last year, with consolidated comparable store sales increasing 1 percent over the prior year.
Net income was $123 million and diluted earnings per share were $.25, a 9 percent increase over $.23 in the prior year.
For the first half of fiscal 2006, net sales were $7.3 billion, an 8 percent increase over last year, and year-to-date consolidated comparable store sales increased 2 percent over the prior year. Net income was $272 million and diluted earnings per share were $.55, versus $.56 in the prior year.
Edmond English, President and Chief Executive Officer (CEO)of The TJX Companies Inc commented, "Second quarter earnings were less than they had originally planned, primarily due to comparable store sales growth that did not meet company expectations. That said, merchandise margins increased significantly over last year across all divisions, the result of effectively executing the inventory management and close-to-need buying strategies."
Also, expenses were well managed. As they enter the back half of the year, they are focused on improving comparable store sales, and believe they have solid opportunities across the businesses. Company inventory position is very liquid, which allows us to continue to buy smarter, generate strong merchandise margins, and offer customers a constant flow of fresh fashions at great values.
marketing@alchempro.com
