TJX Companies (TJX) Fiscal 4Q17 Results: Solid Quarter and Healthy FY18 Outlook

Executive Summary

• TJX Companies reported fiscal 4Q17 EPS of $1.03, versus $0.99 in the year-ago quarter and beating the consensus estimate by two cents. Revenues were $9.47 billion, up 5.6% year over year and slightly ahead of consensus estimates.
• Comps were up 3%, ahead of the 2.7% consensus estimate and compared with a 6% increase in the year-ago quarter. Strength in HomeGoods and TJX Canada was offset by slower growth at Marmaxx and TJX International.
• Guidance for FY18 EPS was $3.80–$3.89, representing a 10%–12% increase and in line with or above the $3.80 consensus estimate. Comps are expected to increase by 1%–2%.