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TJX Companies Inc. (TJX+0.54%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $14.1 billion for the third quarter of fiscal 2025, representing a 6% increase from $13.3 billion in the same quarter of the previous year. The increase is attributed to a 3% rise in comparable store sales and a 2% increase from non-comparable store sales.
The company reported a net income of $1.3 billion for the quarter, up from $1.2 billion in the previous year. Diluted earnings per share increased to $1.14 from $1.03.
TJX's cost of sales, including buying and occupancy costs, was 68.4% of net sales for the quarter, a decrease from 68.9% in the previous year. This decrease was driven by higher merchandise margins.
Selling, general and administrative expenses were 19.5% of net sales, slightly up from 19.4% in the previous year, due to increased store wage and payroll costs.
The company returned $997 million to shareholders through share repurchases and dividends during the quarter.
TJX completed a joint venture with Grupo Axo, acquiring a 49% stake in Multibrand Outlet Stores in Mexico for $192 million. Additionally, it acquired a 35% stake in Brands for Less, a retailer in the UAE and Saudi Arabia, for $344 million.
The filing notes that TJX plans to enter the Spanish market with its TK Maxx banner in fiscal 2027.
The company held $4.7 billion in cash as of November 2, 2024, with no short-term borrowings or commercial paper outstanding.
TJX's Marmaxx segment reported net sales of $8.4 billion for the quarter, a 4% increase from the previous year. The HomeGoods segment saw a 7% increase in net sales to $2.4 billion.
TJX Canada reported net sales of $1.4 billion, up 5% from the previous year, while TJX International saw a 16% increase in net sales to $1.9 billion.
The company repurchased 15.4 million shares of its stock for $1.7 billion during the first nine months of fiscal 2025, with $1.9 billion remaining under its stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TJX Companies Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.