I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of The TJX Companies Incorporated. Second, there will be a negative impact due to the temporary store closings, which are most — currently mostly in Europe. But having said all that, yes, it was still an extremely strong merchandise margin in the quarter. In our gross profit, we also had savings in some of the things that get booked into their like travel and other things that we had savings where we also had some government credits and other things that get booked into that that we’re also saving. The — on the store comps, we’ve started to — obviously when COVID first started, we put a little bit of the brakes on, but we only did that for a number of months. As with all our articles, AlphaStreet, Inc. does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company’s SEC filings. Shares are up 8.1% since reporting last quarter. How … The PE ratio is a simple way to assess whether a stock is over or under valued and is the most widely used valuation measure. So we would expect some of the net costs for COVID to go up in the fourth quarter. I think you do that every year, so I’m curious if you’ve seen any difference in the vendors that are coming on board with [Indecipherable] categorize them versus what you would see in a normal year? So, if you look at all the store closures that have happened and I’m guessing you’re kind of getting at that issue where there is market share opportunity, but how is our inventory replenishment I think you asked in the beginning and supply constraints etc., that we see getting incrementally better month-by-month as we move forward here. It is a way — because it’s not just about the numbers to your point, it’s about the quality of who we’re opening up. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. Thank you so much. The TJX Companies, Inc. TJX is slated to release first-quarter fiscal 2021 results on May 21. That would be a, to be determined, as we go through the next year. Any reproduction, redistribution or retransmission is expressly prohibited. We see the power of our global sourcing from a universe of over 21,000 vendors as a tremendous advantage. In all of those areas that even aren’t considered hot, our merchants have been going out and really trying to deliver a great excitement and do maximize the sales the demand that’s out there, we want to maximize the sales within that demand that’s out there on those non-trending areas. Yeah. And then my second question was just a follow-up on the freight discussions. I wanted to ask you about two things. That will be — what we’ve seen is, we had increased some of our payable terms across the board. We also benefited from lower capital spending and maintaining tight expense controls during the quarter. We believe our sales wouldn’t be this good if the customers that are willing to shop brick and mortar right now are coming into us, and based on the surveys that we’ve been doing, are feeling safe and the experience of safe and organized. So two other things, one, Ernie alluded to is the probably the biggest one for the quarter is just the fact at the moment that we have 471 stores closed, not in our control, based on government announcements and current guidelines, and they’re closed in a point in time right now through sometimes the early December, where that impact is — could be 3% to 4% of our sale. Thanks for taking my question here. We also disclosed this morning that we plan to issue new bonds maturing in seven and 10 years. Thank you, Alex. So we’re still again very pretty much a year away from the launch of this. Moving to the bottom line, third quarter earnings per share were $0.71, which was significantly better than we anticipated. I think the expense items are a little…. At this time, all participants are in a listen-only mode. Revenue fell … Also, as we increase our hours, we do — we are increasing our costs for COVID in the fourth quarter. The third quarter marked the first quarter this year that nearly all of our stores were open. Next, we believe our holiday marketing campaigns, which started hearing earlier this month, will help drive customer traffic. We have several initiatives planned to help mitigate some of this pressure and to improve traffic flow and speed of checkout. TJX Posts Strong Q4 Earnings, Dividend Hike Inventory levels we show we’re lean, but if you walk into our stores right now, and this is any brand, if you walked into Winners, TJ Maxx, Marshalls, HomeGoods, you would feel the inventory levels feel very appropriate based on social distancing, the way consumers shop versus three months ago, inventory — average store inventory levels are less than they are at this time of the year. You spoke about the $270 million of incremental cost this quarter. I appreciate all the information guys. What drove the performance? We are highlighting our terrific gift assortments and excellent values with messaging such as spend less, gift better and big love, small prices. I wanted to ask a follow-up on your confidence in the market share opportunity longer term. This transcript is provided as is without express or implied warranties of any kind. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Great question, Omar. Unfortunately, that will be decreasing in the fourth quarter as we will not have some of the subsidiary — subsidies that we had in the third quarter, so the net will be going up a bit. Moreover, earnings increased year over year. The leading off-price retailer has a trailing four-quarter positive earnings surprise of 3%, on average. I’m almost looking at that spend is, yes, safety for our customers and our associates, number one priority. Yeah. In recognition of their efforts, we have once again awarded a majority of them an appreciation bonus to be paid in November, this month. That was extremely, extremely helpful. The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced sales and ope ... 2020 earnings … The TJX Companies has not formally confirmed its next earnings publication date, but the company’s estimated earnings date is Wednesday, February 24th, 2021 based off prior year’s report dates. So it’s been really need for us to — and I get recaps frequently from the divisions, it’s shown that we’ve really opened some vendors recently and we didn’t think there were many vendors left that we weren’t doing business with, but there are some of these niche vendors that we’ve actually been doing more business with in the last quarter that are making up more of those new vendor numbers than we had had before, whereas before, you would have more the — we’d open up more of the mainstream guys, always new. Clearly, you sound some offsets. So today they feel very appropriate when you walk in our store, inventory levels, which is why we’re saying we’re happy with them, we’re happy with the way the turns are right now. There is a great real estate opportunity out there as we’ve talked about. Your line is open. Your line is open. Please go ahead, sir. In the short term, we have been increasing our home mix at all our banners to capture our piece of the incremental demand that is out there. TJX Companies, Inc. (The) (TJX) - NYSE Next Earnings Date: OS Estimate: Feb. 24, 2021 BO OS Projected Window: Feb. 21, 2021 to Feb. 28, 2021 We believe HomeGoods e-commerce will allow us to leverage both our strength in the home category and the power of our global buying organization and sourcing universe. And just Matt to just go on a little in terms of the rest of the merchandise margin, there was the timing of the markdowns so that was significant worth approximately 50 basis points that benefited us in the third quarter. We also continued to receive very good feedback on our health and safety protocols from customers who have shopped in our stores. I mean a lot of the savings that we got in the second and third quarters were due to just shutting things down that would not necessarily be good for the business in a looking out over a couple of years such as some of the advertising and capital and others, which really cut to the bone, which certainly we’ve benefited by. I think we have, I mean, again we — as we’ve talked about the last two quarters, we slowed down significantly. As we mentioned, we have a number of stores, over 400 stores closed in Europe right now. Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter. I think all of our teams would say yes to those things. Do we believe there is some of that opportunity in the future? Ernie, you sound obviously very bullish on HomeGoods market share opportunities. The mark-on was extremely strong and I think…. So the first one, very good merchant question. We believe we have been prudent in our financial approach to planning the business and management of our balance sheet, and we ended the quarter in a very strong liquidity position. The TJX Companies, Inc. Reports Q2 FY20 Results; EPS of $0.62 at High End of Guidance … Right. Earnings per share can be defined as a company's net earnings or losses attributable to common shareholders per diluted share base, which includes all convertible securities and debt, options and warrants. First is the recent resurgence of COVID cases and the consumer impact. As an international retailer with operations around the world, we continue to follow government mandates in our regions, which means at this time, we have some stores temporarily closed. Moving to the fourth quarter and our opportunities for the holiday selling season. And then with inventories lean exiting the quarter, what’s the best way to think about merchandise margin opportunities in the fourth quarter? We can just tell from what’s been happening now, any area where it’s normalized, we’re running some really strong numbers — sales revenue numbers in those markets. They have helped us achieve monumental tasks over these past eight months. Well, let me hit a high point, first of all, to separate at a high level the short term versus the longer term, so the short-term environment is really addressing the big picture you’re getting at as what happens to off-price and us, TJX, as we kind of come out of this. As a result, we ended the third quarter in a very strong liquidity position with $10.6 billion in cash. Yes, hi. The Earnings Whisper Score gives the statistical odds for the stock ahead of earnings. It is a, I guess. I think store inventories will still remain lighter than last year, primarily due to social distancing and having planning our inventory ourselves lower than last year. We plan to use the proceeds of this offering together with the cash on hand to finance the tender offers, which are conditional on our issuing the bonds. It’s great to see consumer seeking out our banners for the categories that they currently deem important. The passion of our HomeGoods customers is terrific to see, and we are looking forward to bringing them our great brands and values 24 hours a day, seven days a week. We believe our health and safety focus will be important to consumers as they decide where they are comfortable doing their in-store shopping this holiday season and beyond. And now if we look out, I think Scott might have it as we look out to fiscal ’23, calendar ’22 — well, first of all, we’re still opening stores next year, and then the year after, we have now started to ramp those up a little bit because we’re bullish on it. So the average basket is up because they’re curating their business to go a little less. I want to give special recognition to our store, distribution center, and fulfillment center associates. Our mission here though is for the future. They’ve been some of the more, we would call them, icing, more niche type vendors that add a nice flavor to our mix, because some of those vendors were historically they haven’t had that many goods or the need because they’re not huge vendors, but they give a nice eclectic excitement level to our mix. 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Analysts polled by Investing.com anticipated EPS of $0.4 on revenue of $9.37B. And Scott, payables, inventory relationship looks a little out of whack, just curious if that’s something that’ll go back into normal, if so, when, and where there were something that has changed as a result of this environment and that will continue to benefit you in future quarters? As Ernie mentioned, open-only comp store sales were down 5%. Good morning. Right. This was primarily due to an increase in working capital and strong net income. Please go ahead, sir. TJX shares (ticker: TJX) are off more than 5% year to date, while the S&P 500 has gained nearly 5% in the same period. We believe we are in excellent shape to build on our leadership positions in the U.S., Canada, Europe and Australia over the long term. Learn more. This will probably start to — we will hope go down as we move through next year, but it could be 30 basis points to 40 basis points of incremental deleverage in the fourth quarter again, but I think our guys have been doing a great job of getting the product and delivering it to our distribution centers. Lastly, e-commerce, we continue to add new categories and brands to our U.S. and U.K. online businesses. Long term, I think, as businesses start to get in and the vaccines kick in, I guess you could argue people will be less at home more, but I do believe businesses across the country and in other countries [Indecipherable] x amount of employees stay at home that weren’t at home. Shares of TJX Companies - Get Report rose Wednesday after the TJ Maxx, Marshalls parent posted better-than-expected third-quarter earnings and raised its dividend 13%. The Silver Lining in TJX Companies’ Wretched Earnings Report Sales fell off a cliff, but the off-price retailer is having no problem securing inventory for its post-lockdown recovery. So, great question. So, too early to give numbers for what next year and the year beyond look other than it will be in the triple — will be well north of 100 openings and growing significantly. Maybe if you could just touch on some of the off-price industry barriers to entry that you think are important. First, we are convinced that we will be a gifting destination again this holiday season. The TJX Companies has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Wednesday, February 24th, 2021 based off prior year's report dates. Get daily stock ideas top-performing Wall Street analysts. MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. We expect the dividend to be at an increased level compared to the last dividend we paid in March. With excellent overall inventory availability, mark-on was very strong. The TJX Companies Earnings Estimates and Actuals by Quarter And I think that in terms of the fourth quarter. TJX issues press releases reporting earnings on a quarterly basis. Kimberly, you can see that Scott has been trying to get closer to the merchandising area of reason. Sure, Kate. We were very pleased that overall sales and sales across all of our divisions well exceeded our plans. Well, the last part I’ll have Ernie just jump in right there because I think I’ll just briefly and I’ll get back after Ernie talks. However, we continue to see significant COVID-related headwinds that we believe will make it difficult to achieve the level of sales that we would normally expect during this time of the year. The Algorithm predicts "% Predicted Move After Earnings Announcement" (PMAEA) for TJX three weeks prior to earnings date. So what we wanted to do and this applies, by the way, with relocations in Marmaxx or in new stores and with HomeSense in Canada. Further, these comments and the Q&A that follows are copyrighted today by The TJX Companies, Inc. Any recording, retransmission, reproduction, or other use of the same for profit or otherwise without prior consent of TJX is prohibited and a violation of United States Copyright and other laws. This transcript is produced by AlphaStreet, Inc. The company had revenue of $10.12 billion for the quarter, compared to the consensus estimate of $9.35 billion. I’d like to first echo Ernie’s comments and thank all of our global associates for their hard work and commitment over these past eight months. And just given the industry disruption as a whole, what’s your confidence in accelerating market share out of this pandemic? So, at this point for the fourth quarter and then we’ll address it as we get to year-end, we would expect to have the full amount of COVID costs continue to be implemented. Additionally, while we have approved the publishing of a transcript of this call by a third-party, we take no responsibility for inaccuracies that may appear in that transcript. And obviously here in Q3, we saw exactly how resilient the business is. So, hope that answers your question with regard to inventory replenishment, supply, where we think the short term is versus the long term. And my focus on that statement was more about the sales. So that’s going to be a really neat approach for us on it. We are laser focused on the continued successful growth of TJX and seen numerous opportunities to leverage our strengths. Now, we are happy to take your questions. Scott, I was also asking about the payable relationship, inventory niche you’ve seen something change there on a more permanent basis or if that — degradation ratio might go back to something more normal? So I think we will get market share back not just from the closed stores, but from others who have benefited that once customers shop more and want to — and are comfortable going and doing multiple visits, we’re going to get more than our fair share. Our next question comes from Paul Lejuez. We’re also going to try to help with the profit though. Once they get more comfortable and don’t want it, we’re going to have more shopping visits from our existing, let alone the new customers, but once the customers who haven’t been shopping come back in some of these non-trending categories, they are shopping elsewhere, it was mentioned earlier, whether it’s online or at the mass merchants, and I think those — a lot of that — those — that benefit that others are getting, they’re going to be shopping and getting — going to our store for the values we have in those not trending categories. Learn everything you need to know about successful options trading with this three-part video course. TJX reports its quarterly earnings for the first quarter of calendar year 2020 May 19 and Burlington reports the same June 4. We believe our value proposition gives consumers a compelling reason to shop us in this environment and will continue to attract shoppers over the long-term. We will disclose the results of the tender offers and the approximate size of the extinguishment charge when available. At the same time, our sights remain on our strategic vision for the medium- and long-term and capitalizing on the numerous opportunities we see for our business. The company declared strong fourth-quarter results and a dividend hike. So one on HomeGoods, any thoughts at this stage on this — on the potential for that online business as it impacts the percentage of the total and anything on the margin implications of that given the cost of shipping some of that home products? I thank you all for joining us today. Sometimes not huge quantity, by the way, but it’s great because you feel there is a relationship that just started that should benefit us next year and the year after. So we are — so this is so early, so we’re going to — we’re planning right now on launching homegoods.com in the back half of next year. Again, and most importantly, I want to thank all of our associates worldwide who have shown an amazing commitment to TJX and have done outstanding work over these past eight months. I’ll start off and then I’ll hand it over to Scott. Thank you, Ernie, and good morning. And our treasure hunt shopping experience offers customers that element of discovery when they’re looking for some inspiration for what to buy for the people on their holiday list. Fourth, we see a significant opportunity to continue our global store growth over the long term. The percentages were less than last year, which was healthy. TJX annual and quarterly earnings per share history from 2006 to 2020. Our surveys tell us that our customers love our differentiated treasure hunt shopping experience and we are convinced that this will continue to service extremely well when more consumers are comfortable shopping our stores. Yeah. MarketBeat does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security. As we announced today, our current financial liquidity and flexibility gives us the confidence to reinstate our quarterly dividend subject to Board approval. And then just as home becomes a bigger piece of the mix, what are some of the margin implications we should consider just given higher freight typically associated with that category? Medium- to long-term, while much of what I just discussed are macro headwinds that could persist until a vaccine is widely available and the environment normalizes, we feel very confident in the market share opportunities we see ahead. Thanks, Ernie, and good morning, everyone. That is a group of some of our most passionate customers are our HomeGoods customers. Next, we announced this morning that we launched cash tender offers for up to $750 million aggregate principal amount for certain of the bonds we issued in April of this year. TJX Companies Inc. Q3 2021 earnings call dated Nov. 18, 2020. So that’s why I was trying to say we want to limit, we don’t want to artificially swing a pendulum too far which as you know retailers can do that sometimes, can get yourself into trouble. We have decreased them but still at levels higher than what we normally would have pre-COVID. Yeah. With such a strong liquidity position, we were very pleased to announce that we expect to reinstate our quarterly dividend in the fourth quarter, subject to Board approval at a rate of $0.26 per share. Okay. Receive a free world-class investing education from MarketBeat. While we cannot give specific guidance at this time, if any of the bonds are successfully tendered, we would incur a pretax cash charge in the fourth quarter related to the extinguishment of this debt. But a bulk of the market share I still think is customers — as witnessed by what the HomeGoods has been doing in comps recently, there’s just a bulk of customers that really want to go shop our stores and the market share opportunity as people get more comfortable for them to come back to our stores. And then secondly, will the entirety of the $270 million COVID costs go away post vaccine? Maybe, Scott as a follow up, could you just help quantify the magnitude of merchandise margin expansion in the quarter? And I think we’ll be back on track of relocations next year across all our divisions with certainly a lot of opportunity in Marmaxx as well and then obviously with lease renegotiates and above. Your line is open. Also, renewed, The week started off on a sour note in the east as more details started pouring in regarding the new strain of coronavirus found in the UK, which is claimed, © 2020 AlphaStreet Inc. All Rights Reserved, American Outdoor Brands Inc (AOUT) Q2 2021 Earnings Call Transcript, How General Mills (GIS) performed in Q2 financial results, Construction Partners, Inc. (ROAD) Q4 2020 Earnings Call Transcript, FactSet Research Systems, Inc. (FDS) Q1 2021 Earnings Call Transcript, The worst seems to be over for Nike (NKE), thanks to digital sales, Europe, Asia turn red as the world isolates a contagious UK. To be clear, availability of merchandise in the marketplace is excellent and is not a factor impacting inventory levels. But our merchandise margin was strong across the board, across all our divisions. Good morning. Average basket increased and was strong again as customers responded favorably to our fresh mix and put more items into their carts. Just to be clear, when you looked at the two previous years, we had some fairly significant inventory increases that we’re going against and some of that was in the distribution center. Further, we plan to continue remodeling stores to further upgrade the shopping experience. I’ll just jump in with one other thing, Kate, we’re talking about HomeGoods total, but another place where we’re tweaking that and we’ll be opening some stores because our trend there has also been strong is with some HomeSense stores scattered amongst the other total HomeGoods stores. Market data provided by Morningstar and Zacks Investment Research which was healthy investors skeptical... ) reports earnings on 2/17/2021 statistical odds for the time being stock ahead of.. Currently, the dividend to be at an increased level compared to we! Primarily due to continued bottlenecks in the third quarter marked the first one very. 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Satisfy our current financial liquidity and flexibility gives us the confidence to reinstate our quarterly subject.

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