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Jan 30, 2021
TJX Q4 2021 Earnings Report
TJX reported Q4 and full year FY21 results, with Q4 overall open-only comp store sales above plan, despite temporary store closures.
Key Takeaways
TJX Companies Inc. reported Q4 FY21 net sales of $10.9 billion. Overall open-only comp store sales decreased by 3%. Diluted earnings per share were $0.27, including a debt extinguishment charge of $0.18 per share and a higher tax rate impacting EPS by $0.05.
Q4 FY21 net sales reached $10.9 billion, impacted by temporary store closures.
Overall open-only comp store sales decreased 3%, exceeding company expectations.
Diluted earnings per share were $0.27, inclusive of a debt extinguishment charge and higher tax rate.
The company plans to declare a quarterly dividend at the current rate in Q1 FY22, pending Board approval.
TJX
TJX
TJX Revenue by Segment
Revenue by Segment
Marmaxx Revenue
CapyFin.comHomeGoods Revenue
CapyFin.comTJX Canada Revenue
CapyFin.comTJX International Revenue
CapyFin.com Forward Guidance
For the first three weeks of the first quarter of Fiscal 2022, overall open-only comp store sales trends were better than the fourth quarter of Fiscal 2021, despite unfavorable weather in the U.S. In the periods before and after the unfavorable weather, overall open-only comp store sales were positive. In the first quarter of Fiscal 2022, the Company expects total sales, pretax margin, and earnings per share to be negatively impacted from the temporary store closings described above.
Positive Outlook
- Overall open-only comp store sales trends for the first three weeks of Q1 FY22 were better than Q4 FY21.
- Open-only comp store sales were positive in the periods before and after unfavorable weather in the U.S.
- The company's brands, values, and gift assortments resonated with customers.
- Overall open-only comp store sales improved each month of Q4 and were positive in January.
- Open-only comp store sales exceeded plans across each division, including HomeGoods.
Challenges Ahead
- Total sales, pretax margin, and earnings per share are expected to be negatively impacted by temporary store closings in Q1 FY22.
- Uncertainty remains around COVID-19 and its impact on temporary store closures and consumer behavior.
- Forecasting the impact of the global pandemic on demand and traffic is difficult.
- The company is not providing financial guidance due to the continued uncertainty of the current environment.
- Temporary store closures in Europe and Canada negatively impacted fourth quarter sales by approximately $950 million to $1.05 billion and EPS by approximately $.18 to $.21