TJX sales surpass $30B for fiscal 2016

Courtesy TJX TJX CEO and President Ernie Herrman said the company could be on its way to $40 billion in sales annually.

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By Sam Bonacci

Sales from TJX hit $30.9 billion in fiscal 2016, with the company outperforming its estimates as it sets its sites on continued global growth.

With strong customer traffic leading the way, TJX CEO and President Ernie Herrman said the company’s earnings per share had significantly exceeded expectations, reaching $.99 -- a six percent increase over the previous year.

“We were particularly pleased that our overall merchandise margin was up in the fourth quarter while we continued to offer shoppers outstanding values,” he said in a statement. “We now operate in nine countries, across three continents, and are excited about the opportunities we see both in our existing regions and new international markets.”

Net sales for the fourth quarter of Fiscal 2016 increased 8 percent to $9 billion. For the 52 week fiscal year which ended Jan. 30, net sales were $30.9 billion, a 6 percent increase over 2015 while diluted earnings per share were $3.33, a 5 percent increase over the prior year’s adjusted $3.16.

Herrman said the company’s 2017 fiscal year is “off to a strong start” with many initiatives planned. The company’s capital spending plans include new stores, store remodels, and supply chain and infrastructure improvements.