TJX comps up in Q2

FRAMINGHAM, Mass. — TJX announced that net sales for the second quarter of fiscal 2012 increased 8% to $5.5 billion and consolidated comparable-store sales increased 4%. Net income for the second quarter was $348 million and diluted earnings per share were 90 cents, compared with 74 cents per share last year.

For the first half of fiscal 2012, net sales were $10.7 billion, a 6% increase over last year, and consolidated comparable-store sales increased 3% over the prior year. Net income was $614 million, and diluted earnings per share were $1.57 compared with $1.54 in the same period last year.

Carol Meyrowitz, CEO of TJX, stated, “I am very pleased with our strong second quarter performance as our 23% increase in adjusted earnings per share exceeded the high end of our already raised expectations. Further, these results mark the sixth consecutive year of very strong second quarter operating performance. We believe that this speaks to the consistency of TJX and the great flexibility of our business model, which has enabled us to succeed year after year, through both strong and weak economic environments. Customer traffic continues to be up over large increases in the last two years, as our tremendous values attract new and loyal customers. As we enter the third quarter, we see a marketplace full of fabulous brands and fashions and we will be utilizing the flexibility in our inventory position to take advantage of these opportunities. In addition, we will be significantly increasing our marketing penetration in the second half of the year, leveraging our marketing spend, which we believe will also draw consumers to our stores. We are confident in our prospects for the second half of 2011 and our ability to drive sales and profits in the short and long term, through various economic and retail cycles.”