While reporting financial results for the fourth quarter on Wednesday, off-price retailer TJX Companies, Inc. (TJX) initiated its earnings and comparable store sales outlook for the first quarter and for the full-year 2024.
For the first quarter, the company now expects earnings in a range of $0.84 to $0.86 per share on consolidated comparable store sales growth of 2 to 3 percent.
Looking ahead to fiscal 2024, the company now projects earnings in a range of $3.94 to $4.02 per share on consolidated comparable store sales growth of 2 to 3 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.87 per share for the quarter and $4.11 per share for the year. Analysts\' estimates typically exclude special items.
TJX also announced that it intends to increase the regular quarterly dividend on its common stock expected to be declared in April 2024 and payable in June 2024 to $0.375 per share, subject to the approval of the Company\'s Board of Directors. This would represent a 13% increase over the current per share dividend.
Further, the Company announced its plan to repurchase approximately $2.0 to $2.5 billion of TJX stock during the fiscal year ending February 1, 2025. Its Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $2.5 billion of TJX common stock from time to time.
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