On Wednesday, the off-price retailer, TJX Companies, Inc., provided its earnings and similar store sales predictions for Q1 and the entire year of 2024 while announcing its Q4 financial results.
For Q1, TJX anticipates earnings to range from $0.84 to $0.86 per share, along with a projected 2 to 3 percent growth in consolidated comparable store sales. For the full year 2024, the earnings are projected to be between $3.94 and $4.02 per share, with a similar growth rate in comparable store sales.
According to a poll by Thomson Reuters, analysts predict that TJX will report earnings of $0.87 per share for the quarter and $4.11 per share for the entire year, typically excluding unique items.
Additionally, TJX disclosed its plan to hike the regular quarterly dividend on its common stock. Expected to be declared in April 2024 and payable in June 2024, the increase takes the dividend to $0.375 per share, subject to the approval of the company's Board of Directors. This signifies a 13% increase over the current per-share dividend.
Moreover, TJX revealed its plan to buy back approximately $2.0 to $2.5 billion of its stock during the fiscal year ending on February 1, 2025. Its Board of Directors approved a new stock repurchase program, authorizing the buyback of up to an extra $2.5 billion of TJX common stock as needed.
