- TJX Companies Inc TJX reported second-quarter FY22 net sales of $12.08 billion, beating the analyst consensus of $11.01 billion. Sales increased 23% from Q2 FY20 and rose 81% versus Q2 FY21, in which stores were closed for 31% of the quarter due to the pandemic.
- The company had stores closed for 3% of Q2 FY22, which negatively impacted sales and earnings. At the end of Q2, 4,649 of its 4,665 stores were open.
- Overall open-only comp store sales increased 20% versus the Q2 of FY20.
- Net sales for Marmaxx U.S. increased 85.6% Y/Y, Home Goods U.S. grew 68.5%, TJX Canada rose 72.6%, and TJX International climbed 84.4%.
- The company held $7.1 billion in cash and equivalents as of July 31, 2021.
- Net cash provided by operating activities for the six months totaled $946.9 million.
- EPS of $0.64 beat the analyst consensus of $0.57.
- "I am extremely pleased with our overall open-only comp-store sales increase of 20% over Fiscal 2020 and very strong bottom-line results, both of which were well above our plans for the second quarter," said CEO Ernie Herrman.
- TJX now expects to repurchase approximately $1.25 billion to $1.50 billion of stock in FY22, $250 million higher versus its prior plan.
- It expects to declare a dividend in Q3, similar to the Q2 dividend of $0.26 per share.
- Outlook: TJX said not providing financial guidance at this time, citing the uncertainty of the current environment.
- For the start of Q3, sales are solid, with overall open-only comp store sales up mid-teens over Q3 of FY20.
- Price Action: TJX shares are trading higher by 5.50% at $72.95 on the last check Wednesday.
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