TJX Companies Q2 Sales Rise to $12.7B, EPS Jumps to $0.85

TL;DR

TJX crushed Q2, sales up to $12.7B, EPS $0.85. Full year guidance looks solid.

AI Summary

TJX Companies Inc. reported its second quarter results for the period ending August 3, 2024. Net sales increased to $12.7 billion, up from $12.1 billion in the same period last year. Diluted earnings per share were $0.85, an increase from $0.62 in the prior year's second quarter. The company's outlook for the full fiscal year 2025 projects diluted earnings per share between $3.71 and $3.80.

Why It Matters

This filing indicates TJX Companies' continued sales growth and improved profitability, suggesting resilience in the retail sector despite economic uncertainties.

Risk Assessment

Risk Level: low — The filing shows positive financial performance and a stable outlook, indicating low immediate risk.

Key Numbers

• $12.7B — Q2 Net Sales (Represents an increase from the prior year's Q2, indicating sales growth.)
• $0.85 — Q2 Diluted EPS (Shows improved profitability compared to the prior year's Q2.)
• $3.71 - $3.80 — FY25 Diluted EPS Guidance (Provides an outlook for the full fiscal year's earnings.)

Key Players & Entities

• TJX Companies Inc. (company) — Filer of the 10-Q report.
• $12.7 billion (dollar_amount) — Net sales for the second quarter ending August 3, 2024.
• $12.1 billion (dollar_amount) — Net sales for the second quarter ending July 29, 2023.
• $0.85 (dollar_amount) — Diluted earnings per share for the second quarter ending August 3, 2024.
• $0.62 (dollar_amount) — Diluted earnings per share for the second quarter ending July 29, 2023.
• 2025 (date) — Fiscal year for which guidance is provided.
• $3.71 (dollar_amount) — Lower end of projected diluted earnings per share for fiscal year 2025.
• $3.80 (dollar_amount) — Higher end of projected diluted earnings per share for fiscal year 2025.

FAQ

Key Financial Figures

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

Filing Documents

• tjx-20240803.htm (10-Q) — 1251KB
• tjx-20240803xex311.htm (EX-31.1) — 14KB
• tjx-20240803xex312.htm (EX-31.2) — 14KB
• tjx-20240803xex321.htm (EX-32.1) — 5KB
• tjx-20240803xex322.htm (EX-32.2) — 5KB
• 0000109198-24-000048.txt ( ) — 6673KB
• tjx-20240803.xsd (EX-101.SCH) — 36KB
• tjx-20240803_cal.xml (EX-101.CAL) — 55KB
• tjx-20240803_def.xml (EX-101.DEF) — 131KB
• tjx-20240803_lab.xml (EX-101.LAB) — 483KB
• tjx-20240803_pre.xml (EX-101.PRE) — 321KB
• tjx-20240803_htm.xml (XML) — 1176KB

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 9

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 21

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

ITEM 4. Controls and Procedures 31 PART II

Legal Proceedings

ITEM 1. Legal Proceedings 31

Risk Factors

ITEM 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information

ITEM 5. Other Information 32

Exhibits

ITEM 6. Exhibits 32 SIGNATURE 33 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 Twenty-Six Weeks Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Net sales $ 13,468 $ 12,758 $ 25,947 $ 24,541 Cost of sales, including buying and occupancy costs 9,380 8,910 18,119 17,284 Selling, general and administrative expenses 2,666 2,559 5,066 4,797 Interest (income) expense, net ( 46 ) ( 38 ) ( 96 ) ( 75 ) Income before income taxes 1,468 1,327 2,858 2,535 Provision for income taxes 369 338 689 655 Net income $ 1,099 $ 989 $ 2,169 $ 1,880 Basic earnings per share $ 0.97 $ 0.86 $ 1.92 $ 1.63 Weighted average common shares – basic 1,130 1,148 1,131 1,151 Diluted earnings per share $ 0.96 $ 0.85 $ 1.89 $ 1.62 Weighted average common shares – diluted 1,144 1,161 1,145 1,163 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 August 3, 2024 July 29, 2023 Net income $ 1,099 $ 989 Additions to other comprehensive income, net of tax: Foreign currency translation adjustments, net of related tax benefit of $ 2 in fiscal 2025 and tax provision of $ 1 in fiscal 2024 18 40 Reclassifications from other comprehensive income, net of tax, 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 ) 1 Other comprehensive income, net of tax 18 41 Total comprehensive income $ 1,117 $ 1,030 Twenty-Six Weeks Ended August 3, 2024 July 29, 2023 Net income $ 2,169 $ 1,880 Additions to other comprehensive (loss) income, net of tax: Foreign currency translation adjustments, net of related tax benefit of $ 2 in fiscal 2025 and tax provision of $ 0.4 in fiscal 2024 ( 0 ) 54

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

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View this 10-Q filing on SEC EDGAR