TJX hits $39B in revenue
Photo/Grant Welker
TJX's sales and earnings per share for its 2018 budget year exceeded the company's expectations, President and CEO Ernie Herrman said.
Retailer TJX Cos. saw sales hit $39 billion in the just-completed fiscal year, a jump of 9 percent, as the Framingham company continues to counter a challenging time for brick-and-mortar retail.
Profit for the company hit $3.1 billion, up from $2.6 billion the previous year. Same-store sales rose by 6 percent, with the strongest results in TJX's U.S. locations.
The full-year results, which the parent company of T.J. Maxx, Marshalls and others announced Wednesday, show the company continuing to thrive as many of its competitors struggle, including Sears and JCPenney. Sales rose by $3.1 billion, or 8.7 percent, with a pre-tax profit margin of just under 11 percent.
Both sales and earnings per share exceeded the company's expectations, President and CEO Ernie Herrman said.
The company opened 236 stores during the year, including growing its new Homesense chain — a discount home goods line opened first in Framingham in August 2017 — from four stores to 16. TJX opened another 82 HomeGoods stores.
TJX said Wednesday it plans to increase its dividend by 18 percent, to 23 cents per share. It is proposing a stock buy-back of up to $2.25 billion in the new fiscal year.
Diluted earnings per share for the year were were $2.43. TJX is forecasting even better results this year, with diluted earnings per share to be in the range of $2.55 to $2.60.
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