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TJX Companies' Q4 Highlights: 5% Top-Line Growth, Inline EPS, Solid Shareholder Distributions & More

  • TJX Companies (NYSE: TJX) reported fourth-quarter FY23 sales growth of 5% year-on-year to $14.52 billion, beating the consensus of $14.06 billion.

  • The U.S. comparable store sales increased 4% versus last year, with Marmaxx store sales increasing 7% and HomeGoods declining 7%.

  • The gross profit margin for the quarter contracted 100 basis points to 26.1%. Selling, general and administrative expenses fell 0.9% to $2.5 billion.

  • EPS of $0.89 was in-line with the consensus estimate.

  • The company held $5.47 billion in cash and equivalents as of Jan. 28, 2023. The company generated $4.08 billion of operating cash flow in the year.

  • Total inventories as of Jan. 28, 2023, were $5.8 billion versus $6 billion at the FY22 end.

  • The company intends to increase the regular quarterly dividend on its common stock expected to be declared in March 2023 and payable in June 2023, to $0.3325 per share.

  • TJX expects to repurchase about $2 billion – $2.5 billion in fiscal 2024.

  • Outlook: TJX expects FY24 overall comparable store sales growth of 2% - 3%.

  • The company expects FY24 adjusted EPS of $3.29 - $3.41 against the consensus of $3.56.

  • For Q1, TJX expects overall comparable store sales to be up 2% to 3%. It expects EPS of $0.68 - $0.71, below the consensus of $0.74.

  • The company said it remains confident in improving profitability this year and reaching the pretax profit margin target of 10.6% by FY25.

  • Price Action: TJX shares are trading lower by 1.04% at $78.00 in premarket on the last check Wednesday.

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This article TJX Companies' Q4 Highlights: 5% Top-Line Growth, Inline EPS, Solid Shareholder Distributions & More originally appeared on Benzinga.com

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