Q218 - Strong comp acceleration
TJX reported Q2 EPS of $1.17 ahead of consensus $1.05 with strong comp outperformance, 6% consolidated versus consensus 2%. The comp outperformance was especially strong at Marmaxx, 7% vs 2% expectations, but the other divisions also performed well. Gross margin and inventory look solid and we see no reason to doubt momentum in the business into Fall. FY guidance is raised to reflect the Q2 beat, but with management commenting that Q3 is off to a very strong start, we expect there is incremental upside to be seen.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.
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