The TJX Companies, Inc. Reports Strong Q3 FY23 Pretax Margin and Earnings Per Share; Marmaxx Comp Store Sales Increased 3%
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 29, 2022. Net sales for the third quarter of Fiscal 2023 were $12.2 billion, a decrease of 3% versus the third quarter of Fiscal 2022. U.S. comp store sales (defined below) decreased 2% versus a 16% increase in U.S. open-only comp store sales (defined below) in the third quarter of Fiscal 2022. Net income for the third quarter of Fiscal 2023 was $1.1 billion and diluted earnings per share were $.91. Excluding a tax benefit of $.05 related to the divestiture of the Company’s minority investment in Familia (see below), adjusted diluted earnings per share were $.86. The Company’s third quarter Fiscal 2023 adjusted diluted earnings per share were above plan largely due to a benefit from the timing of expenses, most of which the Company expects will reverse out in the fourth quarter of Fiscal 2023
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Nov 16, 2022--
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 29, 2022. Net sales for the third quarter of Fiscal 2023 were $12.2 billion, a decrease of 3% versus the third quarter of Fiscal 2022. U.S. comp store sales (defined below) decreased 2% versus a 16% increase in U.S. open-only comp store sales (defined below) in the third quarter of Fiscal 2022. Net income for the third quarter of Fiscal 2023 was $1.1 billion and diluted earnings per share were $.91. Excluding a tax benefit of $.05 related to the divestiture of the Company’s minority investment in Familia (see below), adjusted diluted earnings per share were $.86. The Company’s third quarter Fiscal 2023 adjusted diluted earnings per share were above plan largely due to a benefit from the timing of expenses, most of which the Company expects will reverse out in the fourth quarter of Fiscal 2023.
For the first nine months of Fiscal 2023, net sales were $35.4 billion, an increase of 2% versus the first nine months of Fiscal 2022. First nine months Fiscal 2023 U.S. comp store sales decreased 2% versus an 18% increase in U.S. open-only comp store sales for the first nine months of Fiscal 2022. Net income for the first nine months of Fiscal 2023 was $2.5 billion. For the first nine months of Fiscal 2023, diluted earnings per share were $2.08. For the first nine months of Fiscal 2023, adjusted diluted earnings per share were $2.22, which exclude from diluted earnings per share a $.14 net of tax charge related to a write-down and the divestiture of the Company’s minority investment in Familia.
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