Financial Data and Key Metrics Changes - The company reported a consolidated comp sales growth of 5%, exceeding expectations, driven by strong performance across all divisions [5][8] - Pre-tax profit margin for the third quarter was 12.7%, up 40 basis points year-over-year, while gross margin increased by 100 basis points due to lower freight costs and expense efficiencies [8][9] - Diluted earnings per share for the third quarter were $1.28, a 12% increase compared to the previous year, and above expectations [9][24] Business Line Data and Key Metrics Changes - At Marmaxx, comp sales grew by 6%, with strong increases in both apparel and home categories, and segment profit margin improved to 14.9%, up 60 basis points year-over-year [10] - HomeGoods experienced a 5% increase in comp sales, with segment profit margin rising to 13.5%, up 120 basis points compared to last year [11] - TJX Canada's comp sales increased by 8%, while segment profit margin on a constant currency basis was 14.9%, down 20 basis points due to unfavorable foreign exchange [12] Market Data and Key Metrics Changes - TJX International saw a 3% increase in comp sales, with segment profit margin on a constant currency basis rising to 9.2%, up 190 basis points year-over-year [12] - The company reported a 12% increase in overall inventory, with inventory per store up 8% compared to last year, indicating strong buying into quality branded merchandise [13] Company Strategy and Development Direction - The company is focused on maintaining its value proposition and expanding its store footprint, with a long-term target of 7,000 stores in current countries and Spain [18] - The strategy includes enhancing customer experience through fresh assortments and marketing campaigns aimed at value-conscious shoppers [15][17] - The company plans to leverage its strong inventory position to attract customers during the holiday season and beyond [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current retail environment, citing strong consumer demand for value and a positive shopping experience [5][18] - The company anticipates continued growth opportunities, particularly in the U.S. and international markets, despite potential challenges from tariffs [24][90] - Management highlighted the importance of maintaining a balanced approach to pricing and inventory management to sustain momentum [41][115] Other Important Information - The company returned $1.1 billion to shareholders through buybacks and dividends in the third quarter [13] - The 2025 Global Corporate Responsibility Report was published, covering key areas such as workplace, communities, environmental sustainability, and responsible sourcing [21] Q&A Session Summary Question: What gives confidence in continuing comp momentum during the holiday season? - Management noted consistent comp momentum driven by a strong shopping experience and branded merchandise at competitive prices [28][29] Question: Was the increase in basket size due to higher AUR or true price increases? - The increase in basket size was attributed more to selective price increases rather than a change in merchandise mix [40][41] Question: Are there categories where raising prices has been less successful? - Management indicated that they had one category where price increases were not successful, but overall, they were 95% successful in their pricing strategy [80][81] Question: How does the company view the impact of tariffs on inventory availability? - Management expressed surprise at the high availability of inventory despite tariffs, suggesting that other retailers may be struggling [122]

TJX Companies (NYSE:TJX) Q3 2026 Earnings Call November 19, 2025 11:00 AM ET Speaker3Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies Third Quarter Fiscal 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, you will need to press star one. As a reminder, this conference call is being recorded, November 19th, 2025. I would now like to turn the ...

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Core Insights - TJX reported revenue of $15.12 billion for the quarter ended October 2025, a year-over-year increase of 7.5%, with an EPS of $1.28 compared to $1.14 a year ago, exceeding both revenue and EPS consensus estimates [1] Financial Performance - Revenue of $15.12 billion surpassed the Zacks Consensus Estimate of $14.88 billion, resulting in a surprise of +1.58% [1] - EPS of $1.28 exceeded the consensus estimate of $1.22, delivering a surprise of +4.92% [1] Comparable Store Sales - Total comparable store sales increased by 5%, outperforming the four-analyst average estimate of 3.6% [4] - HomeGoods comparable store sales rose by 5%, compared to the 4.4% average estimate [4] - Marmaxx comparable store sales increased by 6%, exceeding the 3.7% estimated by analysts [4] - TJX International comparable store sales grew by 3%, above the 2.3% estimate [4] - TJX Canada comparable store sales saw an 8% increase, compared to the 5.3% average estimate [4] Store Metrics - The company opened 57 new stores, slightly below the two-analyst average estimate of 58 [4] - Total number of stores reached 5,191, in line with the average estimate of 5,192 [4] - T.J. Maxx in the U.S. had 1,346 stores, close to the two-analyst average estimate of 1,348 [4] Net Sales Performance - Net sales for Marmaxx were reported at $9.04 billion, exceeding the $8.87 billion average estimate, reflecting a +7.1% year-over-year change [4] - Net sales for TJX International reached $2.05 billion, surpassing the $2.02 billion estimate, with an +8.5% year-over-year change [4] - Net sales for TJX Canada were $1.49 billion, slightly above the $1.47 billion estimate, representing an +8% year-over-year change [4] - HomeGoods net sales were reported at $2.54 billion, marginally exceeding the $2.53 billion estimate, with a +7.8% year-over-year change [4] Stock Performance - TJX shares returned +1.2% over the past month, while the Zacks S&P 500 composite declined by -0.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

TJX Companies - Comp sales increased by 5% compared to 3% a year ago, surpassing the estimate of 3.6% [1] - EPS rose to $1.28, up from $1.14 last year, with net sales growing by 7.5% year-over-year to $15.12 billion, exceeding expectations [2] - Fourth quarter EPS guidance is set between $1.33 and $1.36, with comp sales projected between 2% and 3%, slightly below street estimates [3] - Full-year comp sales forecast raised to 4% from 3%, indicating positive momentum [4] - Bernstein noted strong demand in the US and internationally, with improving merchandise margins despite tariff pressures [5] Williams Sonoma - Net revenue increased by 4.6% year-over-year, reaching $1.88 billion, slightly above estimates [7] - EPS remained flat year-over-year at $1.96, but was ahead of estimates [7] - Comp sales improved by 4%, compared to a decline of 2.9% last year, with the Williams Sonoma brand showing a 7.3% increase [8] - Store count increased marginally to 519, reflecting a 1% quarter-over-quarter growth [8] - 2026 guidance for net revenue remains unchanged, projected to grow between 0.5% and 3.12% [9] DoorDash - DoorDash received an upgrade from hold to buy, with a price target raised from $220 to $260 [10] - The company's 2026 outlook was adjusted, providing flexibility for long-term investments and potential upside to consensus estimates [11] - Analysts believe that DoorDash's strong execution and growth potential are currently underappreciated, with a 12-month consensus price target near $277 [12]

Core Insights - TJX reported quarterly earnings of $1.28 per share, exceeding the Zacks Consensus Estimate of $1.22 per share, and showing an increase from $1.14 per share a year ago, resulting in an earnings surprise of +4.92% [1] - The company achieved revenues of $15.12 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 1.58% and up from $14.06 billion year-over-year [2] - TJX shares have increased approximately 20.5% year-to-date, outperforming the S&P 500's gain of 12.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.36 on revenues of $17.3 billion, and for the current fiscal year, it is $4.60 on revenues of $59.7 billion [7] - The estimate revisions trend for TJX was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Retail - Discount Stores industry, to which TJX belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Dollar Tree, another competitor in the same industry, is expected to report quarterly earnings of $1.09 per share, reflecting a year-over-year decline of -2.7% [9]

Financial Performance - Q3 FY26 net sales reached $15.1 billion, a 7% increase compared to Q3 FY25[1] - Consolidated comparable sales for Q3 FY26 increased by 5%, exceeding the company's plan[4] - Q3 FY26 diluted earnings per share were $1.28, up 12% from $1.14 in Q3 FY25[1] - For the first nine months of FY26, net sales totaled $42.6 billion, a 7% increase year-over-year[2] - Net sales for the thirteen weeks ended November 1, 2025, were $15,117 million, an increase of 7.5% compared to $14,063 million for the same period in 2024[32] - Net income for the thirty-nine weeks ended November 1, 2025, was $3,721 million, up from $3,466 million for the same period in 2024, representing an increase of 7.3%[32] - Diluted earnings per share for the thirteen weeks ended November 1, 2025, were $1.28, compared to $1.14 for the same period in 2024, reflecting a growth of 12.3%[32] Shareholder Returns - The company returned $1.1 billion to shareholders in Q3 FY26 through share repurchases and dividends[11] - The company returned $1.1 billion to shareholders during the third quarter, including $594 million for repurchasing 4.2 million shares and $472 million in dividends[40] - The company plans to repurchase approximately $2.5 billion of its stock during the fiscal year ending January 31, 2026[13] - The company has approximately $1.9 billion available for stock repurchase as of November 1, 2025, under its new stock repurchase program[40] Inventory and Assets - Total inventories as of November 1, 2025, were $9.4 billion, an increase of 12% from the previous year[10] - Merchandise inventories increased to $9,353 million as of November 1, 2025, from $8,371 million as of November 2, 2024, marking a rise of 11.7%[34] - Total assets as of November 1, 2025, were $35,188 million, an increase from $32,436 million as of November 2, 2024, indicating a growth of 8.6%[34] Profitability - The pretax profit margin for Q3 FY26 was 12.7%, 0.4 percentage points higher than the previous year[7] - Segment profit for Marmaxx in the United States was $1,350 million for the thirteen weeks ended November 1, 2025, compared to $1,207 million for the same period in 2024, a growth of 11.8%[39] Future Outlook - For Q4 FY26, the company expects consolidated comparable sales to increase by 2% to 3%[15] - The full year FY26 guidance includes a projected 4% increase in consolidated comparable sales and diluted EPS in the range of $4.63 to $4.66[16] - The company anticipates continued growth in operating and financial performance, despite potential risks including competition and economic conditions[28] Cash Position - Cash and cash equivalents at the end of the period were $4,640 million, down from $4,718 million at the end of the same period last year, a decrease of 1.7%[36]

Core Insights - The holiday shopping season is showing strong performance for TJX Companies, with fiscal third-quarter results exceeding expectations on both revenue and earnings [1][3] Financial Performance - TJX reported a net income of $1.44 billion, or $1.28 per share, compared to $1.30 billion, or $1.14 per share, from the previous year [3] - Sales increased to $15.12 billion, reflecting a 7% rise from $14.06 billion a year earlier [3][8] - Comparable sales rose by 5%, surpassing expectations of 3.7% growth [4] Guidance and Expectations - For the current quarter, TJX anticipates comparable sales growth between 2% and 3%, which is below the expected 3.1% [2] - Earnings per share guidance for the current quarter is projected between $1.33 and $1.36, slightly below the expected $1.37 [2] - For fiscal 2026, the company expects comparable sales to rise by 4%, exceeding the anticipated 3.4% growth [5] Market Position and Consumer Behavior - The off-price retail sector is benefiting from value-seeking consumers, particularly during uncertain economic times, which tends to drive shoppers towards discount retailers [6] - Higher tariffs are viewed positively by TJX, as they may encourage consumers to shop at off-price stores due to increased prices elsewhere [7]

The discount retailer continues to win over inflation-weary shoppers with its value and deals. ...

该公司还预计，2026财年第四季度同店销售额将增长2%-3%，税前利润率为11.7%-11.8%，摊薄后每股 收益为1.33-1.36美元(市场普遍预期为1.37美元)。 该公司表示，其发布的2026财年第四季度及全年业绩指引基于以下假设——截至2025年11月19日的美国 进口关税水平将在本财年剩余时间内维持不变。该公司预计，在2026财年第四季度能够持续抵消关税带 来的预期压力。 TJX是全美最大的鞋服配饰家居类折扣零售商，旗下运营着TJ Maxx和Marshalls等连锁品牌。该公司的 连锁门店通过收购全价店滞销库存，以折扣价销售设计师产品与品牌商品。该公司第三季度营收超出市 场预期，表明在美国经济显现压力迹象之际，消费者正转向更实惠的购物选择。 展望未来，TJX目前预计，2026财年全年同店销售额将增长4%，此前预期为增长3%;预计全年税前利润 率为11.6%，此前预期为11.4%-11.5%;预计全年摊薄后每股收益为4.63-4.66美元，好于市场普遍预期的 4.60美元，此前预期为4.52-4.57美元。 智通财经APP获悉，美国折扣零售商TJX(TJX.US)公布了好于预期的2026财年第三季度 ...