NEW YORK — The TJX Cos. reported a 25.9 percent decline in fourth-quarter profit, hurt by big promotions at several of its off-price units and a $19.3 million one-time charge related to a lease accounting change.
In full-year 2004, TJX earned $664.1 million, or $1.30 a share, compared with $658.4 million, or $1.25, in 2003. Sales were $14.91 billion, up 11.9 percent, while consolidated same-store sales increased 5 percent.
Framingham, Mass.-based TJX said during the 13 weeks ending Jan. 29 it earned $176.9 million, or 35 cents a share, versus $238.7 million, or 46 cents, in the comparable quarter last year. Results in the latest quarter included the $19.3 million aftertax charge, equaling 4 cents a share, relating to the timing of rent expense for new stores.
On a pro forma basis, which excludes the one-time charge and a positive impact from the conversion of convertible debt totaling 1 cent, TJX would have earned $196.2 million, or 40 cents, beating Wall Street analysts’ earnings-per-share expectations by a penny.
Revenues in the quarter rose to $4.33 billion, up 5.4 percent, from $4.11 billion a year ago, while consolidated same-store sales gained 4 percent.
By division, sales at the Marmaxx Group, which is made up of T.J. Maxx and Marshalls stores, inched up 0.2 percent to $2.95 billion, and in the U.K. and Ireland, TJX’s T.K. Maxx unit reported sales rose 18.9 percent to $429.9 million.
Edmond English, president and chief executive officer of TJX, said in a statement Wednesday that the strength of the Marmaxx Group — particularly in women’s sportswear, and the successful expansion of jewelry and accessories at T.J. Maxx — led the company’s full-year results. He said the company views the Marmaxx Group as a “key growth vehicle for TJX.”
The company said in a conference call that it expects annual 2005 sales to rise 10 to 11 percent with EPS in the range of $1.49 to $1.57 compared with analysts’ consensus for $1.37. In the first quarter, TJX expects a profit of 32 to 34 cents compared with the consensus of 39 cents.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)