The TJX Companies, Inc. reported strong financial performance for the second quarter and first half of fiscal 2025, ending August 3, 2024. Net sales for the thirteen weeks reached $13,468 million, a 5.6% increase from $12,758 million in the same period last year. For the twenty-six weeks, net sales totaled $25,947 million, up 5.7% from $24,541 million in the prior year. Consolidated comparable store sales rose 4% for the second quarter and 3% for the first half.
Profitability metrics also showed improvement. Income before income taxes for the second quarter was $1,468 million, compared to $1,327 million a year earlier, while for the first half, it increased to $2,858 million from $2,535 million. Net income for the second quarter was $1,099 million, up from $989 million, and for the first half, it rose to $2,169 million from $1,880 million. Basic earnings per share for the second quarter increased to $0.97 from $0.86, and for the first half, it rose to $1.92 from $1.63.
The company’s cash position remained robust, with cash and cash equivalents at $5,250 million as of August 3, 2024, compared to $4,550 million a year earlier. Operating cash flows for the first half were $2,366 million, an increase from $2,086 million in the previous year, primarily driven by higher net income.
Strategically, TJX announced a joint venture with Grupo Axo for a 49% stake in its off-price store business in Mexico, expected to close in Q3 of fiscal 2025. Additionally, on August 21, 2024, the company revealed plans to acquire a 35% stake in Brands for Less, which operates over 100 stores in the UAE and Saudi Arabia.
The company continued its stock repurchase program, repurchasing 10.4 million shares at a total cost of $1,068 million in the first half of fiscal 2025. As of August 3, 2024, approximately $2.5 billion remained available under the stock repurchase program.
Overall, TJX's performance reflects a solid growth trajectory, with increased sales, profitability, and strategic investments aimed at expanding its market presence.
About TJX COMPANIES INC /DE/
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