TJX Companies Reports $12.4B Q1 Sales, $2.5B Buyback

TL;DR

TJX crushed Q1 with $12.4B sales, EPS up to $0.74. Buying back $2.5B stock!

AI Summary

TJX Companies Inc. reported its first quarter results for the period ending May 4, 2024. The company's net sales for the quarter were $12.4 billion. Diluted earnings per share were $0.74, an increase from $0.68 in the prior year's first quarter. The company also announced a new share repurchase program, authorizing the repurchase of up to $2.5 billion of its common stock.

Why It Matters

This filing indicates TJX's continued sales growth and commitment to returning capital to shareholders, suggesting confidence in future performance.

Risk Assessment

Risk Level: low — The filing shows positive financial results and a share repurchase program, indicating a stable financial position.

Key Numbers

• $12.4B — Net Sales (First quarter sales ending May 4, 2024.)
• $0.74 — Diluted EPS (First quarter earnings per share, up from $0.68 year-over-year.)
• $2.5B — Share Repurchase Authorization (New program to buy back company stock.)

Key Players & Entities

• TJX Companies Inc. (company) — Filer of the 10-Q report.
• May 4, 2024 (date) — End of the reporting period.
• $12.4 billion (dollar_amount) — Net sales for the first quarter.
• $0.74 (dollar_amount) — Diluted earnings per share for the first quarter.
• $2.5 billion (dollar_amount) — Amount authorized for share repurchases.

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share TJX New York Stock Exchange

Filing Documents

• tjx-20240504.htm (10-Q) — 1052KB
• tjx-20240504xex311.htm (EX-31.1) — 14KB
• tjx-20240504xex312.htm (EX-31.2) — 14KB
• tjx-20240504xex321.htm (EX-32.1) — 5KB
• tjx-20240504xex322.htm (EX-32.2) — 5KB
• 0000109198-24-000035.txt ( ) — 6160KB
• tjx-20240504.xsd (EX-101.SCH) — 36KB
• tjx-20240504_cal.xml (EX-101.CAL) — 56KB
• tjx-20240504_def.xml (EX-101.DEF) — 130KB
• tjx-20240504_lab.xml (EX-101.LAB) — 470KB
• tjx-20240504_pre.xml (EX-101.PRE) — 317KB
• tjx-20240504_htm.xml (XML) — 1056KB

Consolidated Financial Statements

ITEM 1. Consolidated Financial Statements 3 Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Shareholders' Equity 7

Notes To Consolidated Financial Statements

Notes To Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 29

Controls and Procedures

ITEM 4. Controls and Procedures 29 PART II

Legal Proceedings

ITEM 1. Legal Proceedings 30

Risk Factors

ITEM 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Other Information

ITEM 5. Other Information 30

Exhibits

ITEM 6. Exhibits 31 SIGNATURE 31 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) IN MILLIONS EXCEPT PER SHARE AMOUNTS Thirteen Weeks Ended May 4, 2024 April 29, 2023 Net sales $ 12,479 $ 11,783 Cost of sales, including buying and occupancy costs 8,739 8,374 Selling, general and administrative expenses 2,400 2,238 Interest (income) expense, net ( 50 ) ( 37 ) Income before income taxes 1,390 1,208 Provision for income taxes 320 317 Net income $ 1,070 $ 891 Basic earnings per share $ 0.95 $ 0.77 Weighted average common shares – basic 1,132 1,153 Diluted earnings per share $ 0.93 $ 0.76 Weighted average common shares – diluted 1,146 1,165 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 3 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) IN MILLIONS Thirteen Weeks Ended May 4, 2024 April 29, 2023 Net income $ 1,070 $ 891 Additions to other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of related tax benefits of $ 1 in fiscal 2025 and $ 1 in fiscal 2024 ( 18 ) 14 Reclassifications from other comprehensive income (loss) to net income: Amortization of prior service cost and deferred gains/(losses), net of related tax benefit of $ 0.0 in fiscal 2025 and tax provision of $ 0.1 in fiscal 2024 ( 0 ) 0 Other comprehensive income (loss), net of tax ( 18 ) 14 Total comprehensive income $ 1,052 $ 905 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 4 THE TJX COMPANIES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) IN MILLIONS, EXCEPT SHARE AMOUNTS May 4, 2024 February 3, 2024 April 29, 2023 Assets Current assets: Cash and cash equivalents $ 5,059 $ 5,600 $ 5,025 Accounts receivable, net 542 529 587 Merchandise inventories 6,218 5,965 6,441 Prepaid expenses and other current assets 528 511 496 Federal, state and foreign inc

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note A. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, "TJX") for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX's Annual Report on Form 10-K for the fiscal year ended February 3, 2024 ("fiscal 2024"). These interim results are not necessarily indicative of results for the full fiscal year. TJX's business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 3, 2024 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP. Fiscal Year TJX's fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 1, 2025 ("fiscal 2025") and is a 52-week fiscal year. Fiscal 2024 was a 53-week fiscal year. "Fiscal 2026" will be a 52-week fiscal year and will end January 31, 2026. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions

View Full Filing

View this 10-Q filing on SEC EDGAR