The TJX (TJX) Q1 2024 Earnings Call Transcript

For the period ending April 29, 2023

May 17, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies First Quarter Fiscal 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded as of today, May 17, 2023. I would now like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of the TJX Companies, Inc. Please go ahead, sir.

Ernie Herrman

Thank you, Ivy. Before we begin, Deb has some opening comments.

Debra McConnell

Thank you, Ernie and good morning. The forward-looking statements we make today about the company’s results and plans are subject to risks and uncertainties that could cause the actual results and the implementation of the company’s plans to vary materially. These risks are discussed in the company’s SEC filings including, without limitation, the Form 10-K filed March 29, 2023. 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 in the violation of United States copyright and other laws. 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.

We have detailed the impact of foreign exchange on our consolidated results and our international divisions in today’s press release and the Investors section of our website, tjx.com. Reconciliations of other non-GAAP measures we discuss today to GAAP measures are also posted on our website, tjx.com, in the Investors section.

Thank you. And now, I’ll turn it back over to Ernie.

Ernie Herrman

Good morning. Joining me and Deb on the call is John Klinger. I’d like to begin today by recognizing our global associates for their continued hard work and dedication. It is our associates who bring our business to life everyday for our customers and I want to thank them for their strong commitment to our business especially our store, distribution and fulfillment center associates.

Now to our firs quarter results. I am very pleased with our strong sales and are well above planned profitability. Our 3% overall comp sales growth was at the high-end of our plan and driven by an increase in customer traffic. I am particularly pleased with the performance at Marmaxx, which delivered mid single-digit increases in both comp store sales and customer traffic. Further, we saw comp sales and traffic increases at both of our international divisions. I also want to highlight the continued strength of our apparel and accessories businesses across the company.