FRAMINGHAM, Mass. — TJX Companies, parent company of HomeGoods, Marmaxx, TJX Canada and TJX International, says it was staying focused on off-priced fundamentals that allowed the company to close its fourth quarter and fiscal year (ended Jan. 28) on sales and income increases.
Total net sales for the fourth quarter reached $14.5 billion, up 4.8% over the same period last year, and net income topped $1 billion, a 10.4% increase year over year.
U.S. comp store sales (including Marmaxx and HomeGoods) increased 4% vs. a 13% increase in open-only comp store sales from the fourth quarter of fiscal 2022.
For the fiscal year, total net sales were just under $50 billion, a 29.5% YOY increase, and net income was $3.5 billion, up 6.5% over the previous year.
U.S. comp store sales for the year were flat vs. a 17% increase in open-only comp store sales from the fourth quarter of fiscal 2022.
“By staying focused on our off-price fundamentals, which have served us well through many kinds of retail and macro environments, we continued to bring customers around the world exciting values and a treasure-hunt shopping experience every day,” said Ernie Herrman, CEO and president.
Herrman noted that for the fiscal year, the company’s U.S. home businesses overall were “softer as we saw extraordinary growth during the two prior years when consumers focused on purchase for their homes.”
HomeGoods’ net sales for the fourth quarter came in at $2.4 billion, down 4% from $2.5 billion in the year-ago period. Its net sales for the year were $8.3 billion, down 8% from fiscal year 2022.
In its outlook for the first quarter and full year of fiscal 2024, the company said it expects overall comparable store sales to be up 2% to 3% for the quarter and up the same amount for the fiscal year.
The company ended fiscal year 2023 with 1,299 T.J. Maxx stores, 1,183 Marshalls stores, 894 HomeGoods, 78 Sierra and 46 HomeSense (all in the U.S.). In Canada, it ended the year with 297 Winners stores, 151 HomeSense stores and 106 Marshall Stores.
Including all stores in the U.S., Canada, Europe and Australia, the company ended fiscal year 2023 with a total of 4,835 stores.
