TJX Companies Inc. Q4 FY2024 results: revenue $16.4 billion, up 13.0% on the year

TJX Companies Inc. (TJX) reported revenue of $16.4 billion for Q4 FY2024, the quarter ended 3 February 2024, up 13.0% on the same quarter a year earlier. Net income was $1.4 billion, up 35.1% on the year, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 3 April 2024.

Revenue$16.4 billionup 13.0%

Net income$1.4 billionup 35.1%

Diluted EPS$1.22

QuarterQ4 FY2024ended 3 February 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	16,411	13,265	n/a	n/a
Cost of revenue	11,528	9,139	n/a	n/a
Gross profit	4,883	4,126	n/a	n/a
Gross margin	29.8%	31.1%	n/a
Selling, general and administrative	3,094	2,578	n/a	n/a
Pre-tax income	1,843	1,589	n/a	n/a
Income tax	440	398	n/a	n/a
Effective tax rate	23.9%	25.0%	n/a
Net income	1,403	1,191	n/a	n/a
Net margin	8.5%	9.0%	n/a
Diluted EPS	$1.22	$1.03	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	2,800	1,171	n/a	n/a
Capital expenditure	442	460	n/a	n/a
Free cash flow	2,358	711	n/a	n/a
Free cash flow margin	14.4%	5.4%	n/a
Depreciation and amortisation	252	245	n/a	n/a
Share-based compensation	46.0	44.0	n/a	n/a
Buybacks	797	646	n/a	n/a
Dividends paid	379	380	n/a	n/a
Dividend per share	n/a	$0.33	n/a	n/a
Diluted shares, weighted	1,159m	1,158m	n/a	n/a
Shares outstanding at period end	1,134m	1,141m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Total assets	29,747	30,351	n/a	n/a
Cash and equivalents	5,600	4,290	n/a	n/a
Receivables	529	560	n/a	n/a
Inventory	5,965	8,285	n/a	n/a
Goodwill	95.0	94.0	n/a	n/a
Long-term debt	2,862	2,861	n/a	n/a
Borrowings, as the company tags them	2,876	n/a	n/a	n/a
Operating lease liabilities	8,060	7,976	n/a	n/a
Shareholders' equity	7,302	6,833	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	13,265	16,411	12,479	13,468	14,063	16,350	13,111	14,401	15,117	17,743	14,323	15,180
Cost of revenue	9,139	11,528	8,739	9,380	9,622	11,371	9,246	9,976	10,190	12,267	9,843	10,108
Gross profit	4,126	4,883	3,740	4,088	4,441	4,979	3,865	4,425	4,927	5,476	4,480	5,072
Gross margin	31%	30%	30%	30%	32%	30%	29%	31%	33%	31%	31%	33%
SG&A	2,578	3,094	2,400	2,666	2,748	3,132	2,549	2,805	3,039	3,122	2,794	3,085
Pre-tax income	1,589	1,843	1,390	1,468	1,736	1,889	1,346	1,647	1,916	2,390	1,721	2,018
Tax rate	25%	24%	23%	25%	25%	26%	23%	25%	25%	26%	23%	25%
Net income	1,191	1,403	1,070	1,099	1,297	1,398	1,036	1,243	1,442	1,773	1,332	1,520
Net margin	9%	9%	9%	8%	9%	9%	8%	9%	10%	10%	9%	10%
Diluted EPS	$1.03	$1.22	$0.93	$0.96	$1.14	$1.23	$0.92	$1.10	$1.28	$1.57	$1.19	$1.36
Operating cash flow	1,171	2,800	737	1,629	1,046	2,704	394	1,791	1,532	3,157	1,119	2,226
Capital expenditure	460	442	419	563	422	514	497	461	531	468	662	497
Free cash flow	711	2,358	318	1,066	624	2,190	-103	1,330	1,001	2,689	457	1,729
Buybacks	646	797	509	559	593	852	613	531	594	784	604	814
Dividends paid	380	379	380	423	423	422	424	474	473	471	474	531
Shares outstanding	1,141m	1,134m	1,131m	1,128m	1,124m	1,119m	1,116m	1,113m	1,110m	1,107m	1,105m	1,101m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 3 February 2024, filed 3 April 2024, accession 0000109198-24-000014: the filing on EDGAR. All of TJX Companies Inc.'s filings: EDGAR company page.

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