Divisionally, comp store sales in Marmaxx (US) were up 6% year-on-year, up 3% in Homegoods (US), up 3% at TJX Canada and up 3% in its international TJX (Europe and Australia) arm over the FY2024.
Fresh assortments and value were said to have boosted sales at the chain across the year.
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Ernie Herrman, CEO and president of The TJX Companies, Inc., said in a statement: “I am extremely proud of the performance of our teams again in 2023. Thanks to their excellent execution of our great business model, we delivered outstanding results on both the top and bottom lines that exceeded our expectations. We surpassed $50bn in annual sales, a milestone for our company.
“We brought our customers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day. Throughout the holiday season, we shipped a fresh assortment of gift-giving selections to our stores and online which clearly resonated with consumers.
“Comparable store sales for the company increased 5% both for the fourth quarter and full year, well above our original plans for 2023. We saw comp sales growth at every division driven by customer transactions, which underscores our confidence in our ability to gain market share across all of our geographies.”
A strong Q4
In Q4, TJX reported that comp store sales in Marmaxx (US) were up 5% year-on-year, up 7% in Homegoods (US), up 6% at TJX Canada and up 3% in its international TJX (Europe and Australia) arm.
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By GlobalDataGross profit margin for Q4 was 29.8%, up from 26.1% in the same period in the previous year. TJX attributed this to lower freight costs and “lower inventory shrink expense” as well as lower markdowns.
However, TJK added that the lower costs were “partially offset by supply chain investments”.
Hermann added: “We had a very strong finish to 2023 and start the new year in a position of strength with the first quarter off to a good start.”
Outlook for FY25
For the first quarter of fiscal 2025, TJX is expecting consolidated comparable store sales to be up 2% to 3%, pretax profit margin to be in the range of 10.5% to 10.6%, and diluted earnings per share to be in the range of $.84 to $.86.
For full-year fiscal 2025, TJX expects consolidated comparable store sales to be up 2% to 3%, pretax profit margin to be in the range of 10.9% to 11.0%, and diluted earnings per share to be in the range of $3.94 to $4.02.
Herrman commented: “We are energised and laser focused on capitalising on our opportunities for the year ahead and, as always, we’ll strive to beat our plans. Longer term, we are excited about the potential we see to strategically grow our business, capture additional market share, and increase the profitability of our company.”
Last year, TJX reported a 9% increase in net sales to $13.3bn in the third quarter of fiscal 2024, thanks to customer traffic, which was up in all divisions.
