Q118 - Good comps and gross margins
TJX reported Q1 EPS of $1.13 vs consensus $1.02 and guidance $1.00 - $1.02. Excluding the impact of tax reform, EPS was $0.96 vs guidance $0.85 - $0.87. Comps of 3% came ahead of consensus 2.2%, with a stronger 4% performance at Marmaxx, but a slight miss at HomeGoods. Gross margins were solid, and inventory is said to be in excellent shape, though it does look a bit high at a first look. FY guidance raised by 2c at the bottom end of the range only, and likely remains conservative.TJX Companies is an off-price apparel and home fashions retailer. The company's segments comprised of: Marmaxx, which sells family apparel (including footwear and accessories), home fashions (including home basics, decorative accessories and giftware) and other merchandise; HomeGoods, which provides a range of home fashions, including home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware as well as pet, kids and gourmet food departments; TJX Canada, which operates the Winners, HomeSense and Marshalls chains in Canada; and TJX International, which operates the T.K. Maxx and HomeSense chains in Europe and the T.K. Maxx chain in Australia.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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