TJX Reports $587.5 Million in Earnings in First Quarter

FRAMINGHAM – The TJX Companies, headquartered in Framingham reported first-quarter earnings of $587.5 million, the company announced today, May 18.

TJX reported a profit of 49 cents per share. Earnings, adjusted for asset impairment costs, were 68 cents per share.

The results exceeded Wall Street expectations.

Net sales for the first quarter of Fiscal 2023 were $11.4 billion, an increase of 13% versus the first quarter of Fiscal 2022.

U.S. comp store sales growth rounded down to flat over a 17% increase in U.S. open-only comp store sales in the first quarter of Fiscal 2022.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., said “I am very pleased with our first quarter performance. I want to recognize the continued commitment and dedication of our talented Associates who bring outstanding values on branded, quality merchandise to our customers every day. I am particularly pleased that our first quarter pretax profit margin and earnings per share, each on an adjusted basis, exceeded our plans even though our sales were slightly below our planned range. This underscores the power of our flexible, off-price business model when we execute well.”

“For the full year, we see opportunity to further improve our profitability,” said Herrman. “I also want to highlight our largest division, Marmaxx, delivered a comp store sales increase of 3% over 12% open-only comp growth last year, which was driven by an increase in customer traffic. We believe our value proposition is as appealing as ever for consumers in today’s retail environment, and we are excited about our initiatives to drive customer traffic and sales. We remain focused on our long-term vision to become an increasingly profitable, $60-billion-plus company.”

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On a call with investors, Herrman said TJX is planning new stores.

We will “open more than 1,500 additional stores in current markets with current banners,” Herrman said on the call. “We have more than 1,200 buyers that are sourcing goods from more than 21,000 vendors in 100 countries.”

In the first quarter of Fiscal 2023, the Company announced four new environmental sustainability goals that expanded and accelerated the Company’s previous environmental commitments. These new goals further demonstrate the Company’s continued commitment to pursuing initiatives that are environmentally responsible and smart for business.

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As part of the Company’s global environmental sustainability efforts, the Company is aiming to:

• Achieve net zero greenhouse gas (GHG) emissions in its operations by 2040
• Source 100% renewable energy in its operations by 2030
• Divert 85% of its operational waste from landfill by 2027
• Shift 100% of the packaging for products developed in-house by its product design team to be reusable, recyclable, or contain sustainable materials by 2030