The TJX Companies, Inc. Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2023
May 18, 2022 at 07:30 am EDT
Share
The TJX Companies, Inc. provided earnings guidance for the second quarter and full year of fiscal 2023. For the second quarter, the Company is planning U.S. comparable store sales to be down 1% to down 3% versus a 21% U.S. open-only comp store sales increase in the second quarter of Fiscal 2022. This comp sales guidance implies stronger 3-year stacked comp sales growth in the second quarter of Fiscal 2023 than in the first quarter of Fiscal 2023. For the second quarter of Fiscal 2023, the Company expects diluted earnings per share to be in the range of $0.65to $0.69. Next, they are planning total second quarter TJX sales in the range of $12.0 billion to $12.2 billion.
For the full year, the company expects U.S. comparable store sales to be up 1% to 2% over a 17% U.S. open-only comp store sales increase in Fiscal 2022, which reflects the Company's actual first quarter U.S. comp sales and second quarter U.S. comp sales plan. The Company expects diluted earnings per share in the range of $2.94 to $3.01. For the full year, they are now planning total TJX sales in the range of $51.3 billion to $51.8 billion. The lower sales guidance is primarily a result of a change in FX rates, which reduced their full year sales forecast by approximately $700 million as well as their lower-than-planned first quarter sales.
The TJX Companies, Inc. is No. 1 in America of discount retail distribution of clothing and household items. Net sales break down by family of products as follows:
- apparel and accessories (46%);
- home goods (39%): home furnishings, lamps, rugs decorative accessories, etc.;
- jewelery and accessories (15%).
At 30/01/2021, the group had a network of 4,572 stores located in the United States (3,305, of which 1,271 T.J. Maxx, 1,131 Marshalls, 821 HomeGoods, 48 Sierra and 34 Homesense), Canada (525, of which 280 Winners, 143 HomeSense and 102 Marshalls), Europe and Australia (742, of which 602 T.K. Maxx, 78 HomeSense and 62 Trade Secret).
Net sales are distributed geographically as follows: the United States (79.2%), Europe and Australia (12%) and Canada (8.8%).