US: TJX Companies Q4 earnings slide 3.7%
- Q4 net profit drops 3.7% to US$582.3m
- Margins narrow to 12%
- Sales edge up 1% to $7.8bn
The TJX Companies has booked a drop in earnings in the fourth quarter amid a competitive retail environment and poor weather conditions.
In the three months ended 1 February, earnings dropped to US$582.3m from $604.8m a year earlier, when results benefited from an extra week.
Pre-tax profit margin narrowed to 12% from 12.5% in the prior year period.
Sales amounted to $7.8bn, a 1% increase over revenues of $7.72bn last year. Consolidated comparable store sales were up 3%.
"We delivered these results in a competitive retail environment and despite generally unfavourable weather in many of our regions during the first and fourth quarters," said CEO Carol Meyrowitz.
"We believe this speaks to the resiliency and flexibility of our off-price model, as we exceeded our long-term plan of 10% to 13% compound annual EPS growth for the fifth consecutive year."
For the full-year, the company expects diluted EPS in the range of $3.05 to $3.19 versus $2.94 in fiscal 2014.
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