Not least thanks to surprisingly strong results in the final quarter, the US retail group TJX Companies Inc. closed the 2023/24 financial year with unexpectedly strong increases in sales and earnings. The world’s largest off-price provider, which is represented in Germany with its chain TK Maxx, is targeting further increases for the current year.
In the past financial year, which ended on February 3rd, group sales amounted to 54.2 billion US dollars (50.1 billion euros), according to a statement published on Wednesday. This corresponded to an increase of nine percent (currency-adjusted +9 percent) compared to the previous year. Like-for-like sales in the branches rose by five percent.
The group is forecasting further growth for the current year
In the fourth quarter, which also included the particularly high-sales Christmas business, the retailer increased the pace of growth again and improved its sales by twelve percent (+13 percent adjusted for currency effects) to $16.4 billion.
Thanks to higher margins, the annual result rose even more significantly: Net profit reached 4.5 billion US dollars (4.1 billion euros), 27.9 percent above the previous year’s level. Diluted earnings per share grew from $2.97 to $3.86.
For the current 2024/25 financial year, the retailer is forecasting a like-for-like sales increase of two to three percent. Diluted earnings per share are expected to increase to between $3.94 and $4.02.