Latest News by Industry
Q3 FY22 overall open-only comp store sales increased 14% over Q3 FY20
Q3 FY22 marks the third consecutive quarter that overall open-only comp store sales increased mid-teens or better
Q3 FY22 net sales were $12.5 billion, an increase of 20% compared to Q3 FY20
Q3 FY22 total segment profit grew to $1.5 billion, an increase of $285 million, or 23%, compared to Q3 FY20
Q3 FY22 diluted earnings per share were $.84, a 24% increase compared to earnings per share of $.68 in Q3 FY20
Returned $1.1 billion to shareholders in the third quarter through share repurchases and dividends
Increased range for expected full year FY22 share repurchases by $500 million to $1.75 billion to $2.0 billion
Sales are very strong to start Q4 FY22, with overall open-only comp store sales up mid-teens over Q4 FY20
The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced sales and operating results for the third quarter ended October 30, 2021. Net sales for the third quarter of Fiscal 2022 were $12.5 billion, an increase of 24% versus the third quarter of Fiscal 2021. Net sales for the third quarter of Fiscal 2022 increased 20% versus the third quarter of Fiscal 2020. Overall open-only comp store sales (defined below) increased 14% over a 4% increase in the third quarter of Fiscal 2020. Net income for the third quarter was $1.0 billion and diluted earnings per share were $.84, a 24% increase over $.68 per share in the third quarter of Fiscal 2020.
For the first nine months of Fiscal 2022, net sales were $34.7 billion, an increase of 64% versus the first nine months of Fiscal 2021. Stores were closed for approximately 27% of the first nine months of Fiscal 2021 due to the COVID-19 global pandemic (see table below). Net sales for the first nine months of Fiscal 2022 increased 18% versus the first nine months of Fiscal 2020. Overall open-only comp store sales increased 17% compared to the first nine months of Fiscal 2020. Net income for the first nine months of Fiscal 2022 was $2.3 billion. For the first nine months of Fiscal 2022, diluted earnings per share were $1.92, which includes a second quarter debt extinguishment charge of $.15 per share. The Company estimates that temporary store closures for approximately 6% of the first nine months of Fiscal 2022 negatively impacted earnings per share by about $.27 to $.32, based on the Company’s estimates of profit dollars on lost sales of approximately $1.43 billion to $1.59 billion (see below).
CEO and President Comments:
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am extremely pleased with the continued strength of our business, with our overall open-only comp store sales up a very strong 14% over Fiscal 2020, and earnings per share of $.84, well above our plan. We saw robust trends throughout the quarter, with comp sales exiting the quarter as strong as the beginning of the quarter. Further, our home businesses across all of our divisions continued their phenomenal performance, and overall apparel open-only comp store sales increased mid-single digits. I want to recognize the extraordinary work and dedication of our global Associates, especially our store and distribution center Associates, who are physically coming into work to serve our customers, and the teams throughout the Company that have driven these outstanding results despite the global supply chain challenges. We are extremely well-positioned for the holiday selling season, and overall open-only comp store sales to start the fourth quarter are up mid-teens. We feel great about our ability to deliver customers an exciting mix of gift-giving merchandise and amazing brands and values throughout the holiday selling period. We are in an excellent inventory position, with most of the product needed for the holiday season either on hand or scheduled to arrive at our stores and online in time for the holidays. We are very confident in our ability to continue to gain market share, improve our profitability in the medium to long term, and reach our strategic vision of TJX becoming a $60 billion company.”