The TJX Companies, Inc. Reports Q1 FY24 Results; Above Plan Pretax Profit Margin of 10.3% and EPS of $.76; Overall Comp Store Sales Growth of 3% and Marmaxx Comp Store Sales Growth of 5%; Increases FY24 Pretax Profit Margin and EPS Guidance
For the first quarter of Fiscal 2024, the Company’s pretax profit margin was 10.3%, well above the Company’s plan and above last year’s first quarter pretax profit margin of 7.5%.
- For the first quarter of Fiscal 2024, the Company’s pretax profit margin was 10.3%, well above the Company’s plan and above last year’s first quarter pretax profit margin of 7.5%.
- The Company’s above plan pretax profit margin was primarily driven by a larger than expected benefit from freight as well as the timing of some expenses.
- Merchandise margin increased and was driven by a significant benefit from lower freight costs and strong markon from better buying.
- Net interest income benefitted first quarter Fiscal 2024 pretax profit margin by 0.5 percentage points versus the prior year.