The TJX Companies Inc. (TJX, Financial) filed Quarterly Report for the period ended 2009-10-31.
TJX Companies, Inc. is an off-price retailer of apparel and home fashions in the U.S. and worldwide. The company operates T.J. Maxx stores, Marshalls stores, and Winners Apparel Ltd. stores, a Canadian off-price family apparel and home fashions chain. It also operates HomeGoods, a U.S. off-price home fashions chains, and T.K. Maxx, an off-price family apparel and home fashions chain in the United Kingdom, the Republic of Ireland and the Netherlands. In addition, it operates A.J. Wright, a new U.S. chain of off-price family apparel and home fashions stores. The Tjx Companies Inc. has a market cap of $16.27 billion; its shares were traded at around $38.38 with a P/E ratio of 15.6 and P/S ratio of 0.9. The dividend yield of The Tjx Companies Inc. stocks is 1.2%. The Tjx Companies Inc. had an annual average earning growth of 11.9% over the past 10 years. GuruFocus rated The Tjx Companies Inc. the business predictability rank of 4.5-star.
Income from continuing operations: Income from continuing operations for the third quarter ended October 31, 2009 was $347.8 million, or $0.81 per diluted share, versus $254.1 million, or $0.58 per diluted share, in last years third quarter. Changes in foreign currency rates affected the comparability of results. The net effect of the foreign currency items described above benefited our fiscal 2010 third quarter earnings by $0.02 per share compared to a $0.05 per share favorable impact in last years third quarter. In addition, the adjustment to the provision for Computer Intrusion related costs last year increased earnings by $0.01 per share.
Income from continuing operations for the nine months ended October 31, 2009 was $818.6 million, or $1.91 per diluted share, versus $664.2 million, or $1.50 per diluted share, for the same period last year. Foreign currency items reduced our fiscal 2010 year-to-date earnings per share by $0.04 per share as compared to a benefit of $0.04 per share in the same period last year. Additionally, last years year-to-date period included a $0.02 per share benefit from first quarter tax related reserve adjustment and a $0.01 per share benefit due to the adjustment to the provision for Computer Intrusion related costs.
repurchased 7.2 million shares of our common stock at a cost of $226.0 million, and for the first nine months of fiscal 2009, we repurchased 21.2 million shares of our common stock at a cost of $676.1 million.
Discontinued operations and net income: Last years third quarter and year-to-date period include the loss on sale of the Bobs Stores division in discontinued operations. In addition, the operating results for Bobs Stores for all periods prior to the sales are included in discontinued operations. Including the impact of discontinued operations, net income was $347.8 million, or $0.81 per share, for the third quarter of fiscal 2010, compared to $235.8 million, or $0.54 per share, for the same period last year. Net income was $818.6 million, or $1.91 per share, for the nine months ended October 31, 2009, compared to $629.9 million, or $1.42 per share, for the same period last year.
A.J. Wrights net sales increased 21% for the fiscal 2010 third quarter and 17% for the nine-month period ending October 31, 2009 as compared to the same periods last year. Segment profit was $1.3 million in the fiscal 2010 third quarter and $7.1 million in the fiscal 2010 nine-month period, compared to losses in the same periods last year.
Read the The complete ReportTJX is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, David Williams of Columbia Value and Restructuring Fund, PRIMECAP Management, Robert Olstein of Olstein Financial Alert Fund, Donald Yacktman of Yacktman Asset Management Co., David Dreman of Dreman Value Management.
TJX Companies, Inc. is an off-price retailer of apparel and home fashions in the U.S. and worldwide. The company operates T.J. Maxx stores, Marshalls stores, and Winners Apparel Ltd. stores, a Canadian off-price family apparel and home fashions chain. It also operates HomeGoods, a U.S. off-price home fashions chains, and T.K. Maxx, an off-price family apparel and home fashions chain in the United Kingdom, the Republic of Ireland and the Netherlands. In addition, it operates A.J. Wright, a new U.S. chain of off-price family apparel and home fashions stores. The Tjx Companies Inc. has a market cap of $16.27 billion; its shares were traded at around $38.38 with a P/E ratio of 15.6 and P/S ratio of 0.9. The dividend yield of The Tjx Companies Inc. stocks is 1.2%. The Tjx Companies Inc. had an annual average earning growth of 11.9% over the past 10 years. GuruFocus rated The Tjx Companies Inc. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Interest expense, net: Interest expense, net, amounted to expense of $12.7 million for the third quarter of fiscal 2010 compared to expense of $5.4 million for the same period last year. Interest expense, net, amounted to expense of $28.5 million for the nine months ended October 31, 2009 compared to expense of $9.8 million for the same period last year. Net interest expense includes interest income of $1.9 million for the fiscal 2010 third quarter and $6.6 million for the fiscal 2010 year-to-date period. This compares to interest income of $3.4 million in the third quarter of fiscal 2009 and $17.6 million in the fiscal 2009 nine-month period. Interest income decreased as a result of lower interest income rates on investments, more than offsetting an increase in cash balances available for investment. Gross interest expense for fiscal 2010 increased over last year for both the third quarter and year-to-date as a result of the incremental interest cost of the $375 million aggregate principal amount of 6.95% notes issued in April 2009 and the $400 million aggregate principal amount of 4.20% notes issued in July 2009. The 6.95% notes were issued in connection with the call for redemption of our zero coupon convertible securities, and we repaid our C$235 million credit facility prior to its scheduled maturity upon issuance of the 4.20% notes. The impact of the incremental interest cost on earnings per share of these two debt issues will be partially offset by a benefit in our earnings per share, as the majority of the incremental shares issued upon redemption of the convertible notes were repurchased with the net proceeds of the 6.95% notes. For more information on these note offerings, see the discussion under Liquidity and Capital Resources.Income from continuing operations: Income from continuing operations for the third quarter ended October 31, 2009 was $347.8 million, or $0.81 per diluted share, versus $254.1 million, or $0.58 per diluted share, in last years third quarter. Changes in foreign currency rates affected the comparability of results. The net effect of the foreign currency items described above benefited our fiscal 2010 third quarter earnings by $0.02 per share compared to a $0.05 per share favorable impact in last years third quarter. In addition, the adjustment to the provision for Computer Intrusion related costs last year increased earnings by $0.01 per share.
Income from continuing operations for the nine months ended October 31, 2009 was $818.6 million, or $1.91 per diluted share, versus $664.2 million, or $1.50 per diluted share, for the same period last year. Foreign currency items reduced our fiscal 2010 year-to-date earnings per share by $0.04 per share as compared to a benefit of $0.04 per share in the same period last year. Additionally, last years year-to-date period included a $0.02 per share benefit from first quarter tax related reserve adjustment and a $0.01 per share benefit due to the adjustment to the provision for Computer Intrusion related costs.
repurchased 7.2 million shares of our common stock at a cost of $226.0 million, and for the first nine months of fiscal 2009, we repurchased 21.2 million shares of our common stock at a cost of $676.1 million.
Discontinued operations and net income: Last years third quarter and year-to-date period include the loss on sale of the Bobs Stores division in discontinued operations. In addition, the operating results for Bobs Stores for all periods prior to the sales are included in discontinued operations. Including the impact of discontinued operations, net income was $347.8 million, or $0.81 per share, for the third quarter of fiscal 2010, compared to $235.8 million, or $0.54 per share, for the same period last year. Net income was $818.6 million, or $1.91 per share, for the nine months ended October 31, 2009, compared to $629.9 million, or $1.42 per share, for the same period last year.
A.J. Wrights net sales increased 21% for the fiscal 2010 third quarter and 17% for the nine-month period ending October 31, 2009 as compared to the same periods last year. Segment profit was $1.3 million in the fiscal 2010 third quarter and $7.1 million in the fiscal 2010 nine-month period, compared to losses in the same periods last year.
Read the The complete ReportTJX is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, David Williams of Columbia Value and Restructuring Fund, PRIMECAP Management, Robert Olstein of Olstein Financial Alert Fund, Donald Yacktman of Yacktman Asset Management Co., David Dreman of Dreman Value Management.
