Executive Summary

• TJX Cos. fiscal 4Q19 revenues were $11.13 billion, up 1.5% year over year and beating the consensus estimate of $11.02 billion. The company reported adjusted EPS of $0.68, down 1.4% year over year but exceeding the high end of its guidance range of $0.66-0.67 and in line with the consensus estimate.
• The company saw comparable store sales growth of 6%, versus a 4% increase in the same period last year. For the full fiscal year, comparable sales increased 6%, versus a 2% increase the previous year.
• For 1Q20, TJX Cos. anticipates diluted EPS of $0.53-0.54, compared with $0.56 in the same period last year and below the consensus estimate of $0.58. The company estimates comparable sales growth of 2%-3% on a consolidated basis and growth of 3-4% at Marmaxx. For fiscal year 2020, the company expects EPS of $2.55-2.60, compared with the consensus estimate of $2.60.