Price Graph
Price
Yield
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| þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| DELAWARE | 04-2207613 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 770 Cochituate Road Framingham, Massachusetts | 01701 | |
| (Address of principal executive offices) | (Zip Code) |
| Large Accelerated Filer þ | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company o | |||
| (Do not check if a smaller reporting company) |
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2011 | 2010 | |||||||
|
Net sales
|
$ | 5,220,295 | $ | 5,016,540 | ||||
|
|
||||||||
|
|
||||||||
|
Cost of sales, including buying and occupancy costs
|
3,827,258 | 3,648,674 | ||||||
|
Selling, general and administrative expenses
|
954,474 | 821,363 | ||||||
|
Interest expense, net
|
8,917 | 10,202 | ||||||
|
|
||||||||
|
|
||||||||
|
Income before provision for income taxes
|
429,646 | 536,301 | ||||||
|
Provision for income taxes
|
163,695 | 204,867 | ||||||
|
|
||||||||
|
|
||||||||
|
Net income
|
$ | 265,951 | $ | 331,434 | ||||
|
|
||||||||
|
|
||||||||
|
Basic earnings per share:
|
||||||||
|
Net income
|
$ | 0.69 | $ | 0.81 | ||||
|
Weighted average common shares — basic
|
387,978 | 408,053 | ||||||
|
|
||||||||
|
Diluted earnings per share:
|
||||||||
|
Net income
|
$ | 0.67 | $ | 0.80 | ||||
|
Weighted average common shares — diluted
|
394,004 | 414,400 | ||||||
|
|
||||||||
|
Cash dividends declared per share
|
$ | 0.19 | $ | 0.15 | ||||
2
| April 30, | January 29, | May 1, | ||||||||||
| 2011 | 2011 | 2010 | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
|
ASSETS
|
||||||||||||
|
Current assets:
|
||||||||||||
|
Cash and cash equivalents
|
$ | 1,377,146 | $ | 1,741,751 | $ | 1,833,270 | ||||||
|
Short-term investments
|
85,349 | 76,261 | 126,071 | |||||||||
|
Accounts receivable, net
|
231,119 | 200,147 | 168,043 | |||||||||
|
Merchandise inventories
|
3,014,809 | 2,765,464 | 2,615,079 | |||||||||
|
Prepaid expenses and other current assets
|
227,066 | 249,832 | 240,415 | |||||||||
|
Current deferred income taxes, net
|
72,932 | 66,072 | 122,539 | |||||||||
|
|
||||||||||||
|
Total current assets
|
5,008,421 | 5,099,527 | 5,105,417 | |||||||||
|
|
||||||||||||
|
Property at cost:
|
||||||||||||
|
Land and buildings
|
337,049 | 320,633 | 282,296 | |||||||||
|
Leasehold costs and improvements
|
2,214,031 | 2,112,151 | 1,953,608 | |||||||||
|
Furniture, fixtures and equipment
|
3,398,233 | 3,256,446 | 3,141,442 | |||||||||
|
|
||||||||||||
|
Total property at cost
|
5,949,313 | 5,689,230 | 5,377,346 | |||||||||
|
Less accumulated depreciation and amortization
|
3,384,840 | 3,239,429 | 3,122,971 | |||||||||
|
|
||||||||||||
|
Net property at cost
|
2,564,473 | 2,449,801 | 2,254,375 | |||||||||
|
|
||||||||||||
|
Property under capital lease, net of accumulated
amortization of $22,149; $21,591 and $19,916, respectively
|
10,423 | 10,981 | 12,656 | |||||||||
|
Other assets
|
221,085 | 231,518 | 202,161 | |||||||||
|
Goodwill and tradename, net of amortization
|
180,068 | 179,936 | 179,901 | |||||||||
|
|
||||||||||||
|
TOTAL ASSETS
|
$ | 7,984,470 | $ | 7,971,763 | $ | 7,754,510 | ||||||
|
|
||||||||||||
|
|
||||||||||||
|
LIABILITIES
|
||||||||||||
|
Current liabilities:
|
||||||||||||
|
Obligation under capital lease due within one year
|
$ | 2,798 | $ | 2,727 | $ | 2,434 | ||||||
|
Accounts payable
|
1,786,417 | 1,683,929 | 1,684,956 | |||||||||
|
Accrued expenses and other liabilities
|
1,216,546 | 1,347,951 | 1,079,451 | |||||||||
|
Federal, foreign and state income taxes payable
|
96,094 | 98,514 | 247,794 | |||||||||
|
|
||||||||||||
|
Total current liabilities
|
3,101,855 | 3,133,121 | 3,014,635 | |||||||||
|
|
||||||||||||
|
|
||||||||||||
|
Other long-term liabilities
|
716,329 | 709,321 | 688,123 | |||||||||
|
Non-current deferred income taxes, net
|
256,076 | 241,905 | 222,836 | |||||||||
|
Obligation under capital lease, less portion due within one year
|
12,397 | 13,117 | 15,194 | |||||||||
|
Long-term debt, exclusive of current installments
|
774,419 | 774,400 | 774,344 | |||||||||
|
Commitments and contingencies
|
— | — | — | |||||||||
|
|
||||||||||||
|
SHAREHOLDERS’ EQUITY
|
||||||||||||
|
Common stock, authorized 1,200,000,000 shares,
par value $1, issued and outstanding 386,107,203;
389,657,340 and 407,979,188, respectively
|
386,107 | 389,657 | 407,979 | |||||||||
|
Additional paid-in capital
|
— | — | — | |||||||||
|
Accumulated other comprehensive (loss)
|
(30,800 | ) | (91,755 | ) | (137,298 | ) | ||||||
|
Retained earnings
|
2,768,087 | 2,801,997 | 2,768,697 | |||||||||
|
|
||||||||||||
|
Total shareholders’ equity
|
3,123,394 | 3,099,899 | 3,039,378 | |||||||||
|
|
||||||||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 7,984,470 | $ | 7,971,763 | $ | 7,754,510 | ||||||
|
|
||||||||||||
3
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2011 | 2010 | |||||||
|
Cash flows from operating activities:
|
||||||||
|
Net income
|
$ | 265,951 | $ | 331,434 | ||||
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
116,228 | 113,613 | ||||||
|
Loss on property disposals
|
985 | 1,788 | ||||||
|
Deferred income tax (benefit) provision
|
(8,452 | ) | 18,159 | |||||
|
Share-based compensation
|
15,448 | 13,313 | ||||||
|
Excess tax benefits from stock compensation expense
|
(17,460 | ) | (15,475 | ) | ||||
|
Changes in assets and liabilities:
|
||||||||
|
(Increase) in accounts receivable
|
(28,522 | ) | (19,894 | ) | ||||
|
(Increase) in merchandise inventories
|
(209,293 | ) | (79,328 | ) | ||||
|
Decrease in prepaid expenses and other current assets
|
32,141 | 7,456 | ||||||
|
Increase in accounts payable
|
80,623 | 175,234 | ||||||
|
(Decrease) in accrued expenses and other liabilities
|
(134,987 | ) | (13,502 | ) | ||||
|
Other
|
30,432 | (5,382 | ) | |||||
|
|
||||||||
|
Net cash provided by operating activities
|
143,094 | 527,416 | ||||||
|
|
||||||||
|
|
||||||||
|
Cash flows from investing activities:
|
||||||||
|
Property additions
|
(226,053 | ) | (149,094 | ) | ||||
|
Purchase of short-term investments
|
(27,498 | ) | (29,192 | ) | ||||
|
Sales and maturities of short-term investments
|
22,923 | 39,904 | ||||||
|
Proceeds from repayments on note receivable
|
244 | 227 | ||||||
|
|
||||||||
|
Net cash (used in) investing activities
|
(230,384 | ) | (138,155 | ) | ||||
|
|
||||||||
|
|
||||||||
|
Cash flows from financing activities:
|
||||||||
|
Cash payments for debt issuance expenses
|
(72 | ) | — | |||||
|
Payments on capital lease obligation
|
(650 | ) | (571 | ) | ||||
|
Cash payments for repurchase of common stock
|
(338,324 | ) | (230,222 | ) | ||||
|
Proceeds from issuance of common stock
|
79,987 | 88,090 | ||||||
|
Excess tax benefits from stock compensation expense
|
17,460 | 15,475 | ||||||
|
Cash dividends paid
|
(58,614 | ) | (49,092 | ) | ||||
|
|
||||||||
|
Net cash (used in) financing activities
|
(300,213 | ) | (176,320 | ) | ||||
|
|
||||||||
|
|
||||||||
|
Effect of exchange rate changes on cash
|
22,898 | 5,722 | ||||||
|
|
||||||||
|
|
||||||||
|
Net (decrease) increase in cash and cash equivalents
|
(364,605 | ) | 218,663 | |||||
|
Cash and cash equivalents at beginning of year
|
1,741,751 | 1,614,607 | ||||||
|
|
||||||||
|
|
||||||||
|
Cash and cash equivalents at end of period
|
$ | 1,377,146 | $ | 1,833,270 | ||||
|
|
||||||||
4
| Accumulated | ||||||||||||||||||||||||
| Common Stock | Additional | Other | ||||||||||||||||||||||
| Par Value | Paid-In | Comprehensive | Retained | |||||||||||||||||||||
| Shares | $1 | Capital | Income (Loss) | Earnings | Total | |||||||||||||||||||
|
Balance, January 29, 2011
|
389,657 | $ | 389,657 | $ | — | $ | (91,755 | ) | $ | 2,801,997 | $ | 3,099,899 | ||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||||||
|
Net income
|
— | — | — | — | 265,951 | 265,951 | ||||||||||||||||||
|
Foreign currency translation adjustments
|
— | — | — | 59,963 | — | 59,963 | ||||||||||||||||||
|
Recognition of prior service cost and deferred gains
|
— | — | — | 992 | — | 992 | ||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Total comprehensive income
|
326,906 | |||||||||||||||||||||||
|
Cash dividends declared on common stock
|
— | — | — | — | (73,360 | ) | (73,360 | ) | ||||||||||||||||
|
Share-based compensation
|
— | — | 15,448 | — | — | 15,448 | ||||||||||||||||||
|
Issuance of common stock under stock incentive plan and related tax effect
|
3,192 | 3,192 | 89,633 | — | — | 92,825 | ||||||||||||||||||
|
Common stock repurchased
|
(6,742 | ) | (6,742 | ) | (105,081 | ) | — | (226,501 | ) | (338,324 | ) | |||||||||||||
|
|
||||||||||||||||||||||||
|
Balance, April 30, 2011
|
386,107 | $ | 386,107 | $ | — | $ | (30,800 | ) | $ | 2,768,087 | $ | 3,123,394 | ||||||||||||
|
|
||||||||||||||||||||||||
5
6
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| In thousands | 2011 | 2010 | ||||||
|
Balance at beginning of year
|
$ | 54,695 | $ | 35,897 | ||||
|
Additions (reductions) to the reserve charged to net income:
|
||||||||
|
|
||||||||
|
A.J. Wright closing costs
|
32,686 | — | ||||||
|
Interest accretion
|
215 | 369 | ||||||
|
Charges against the reserve:
|
||||||||
|
Lease-related obligations
|
(4,882 | ) | (2,996 | ) | ||||
|
Termination benefits and all other
|
(8,928 | ) | (51 | ) | ||||
|
|
||||||||
|
Balance at
end of period
|
$ | 73,786 | $ | 33,219 | ||||
|
|
||||||||
7
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| In thousands | 2011 | 2010 | ||||||
|
Net income
|
$ | 265,951 | $ | 331,434 | ||||
|
Other comprehensive income (loss):
|
||||||||
|
Foreign currency translation adjustments
|
59,963 | (4,712 | ) | |||||
|
Recognition of prior service cost and deferred gains
|
992 | 1,538 | ||||||
|
|
||||||||
|
Total comprehensive income
|
$ | 326,906 | $ | 328,260 | ||||
|
|
||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| In thousands, except per share data | 2011 | 2010 | ||||||
|
Basic earnings per share
|
||||||||
|
Net income
|
$ | 265,951 | $ | 331,434 | ||||
|
Weighted average common shares outstanding for basic EPS
|
387,978 | 408,053 | ||||||
|
|
||||||||
|
Basic earnings per share — continuing operations
|
$ | 0.69 | $ | 0.81 | ||||
|
|
||||||||
|
Diluted earnings per share
|
||||||||
|
Net income
|
$ | 265,951 | $ | 331,434 | ||||
|
|
||||||||
|
Shares for basic and diluted earnings per share calculations:
|
||||||||
|
Weighted average common shares outstanding for basic EPS
|
387,978 | 408,053 | ||||||
|
Assumed conversion/exercise/vesting of:
|
||||||||
|
Stock options and awards
|
6,026 | 6,347 | ||||||
|
|
||||||||
|
Weighted average common shares outstanding for diluted EPS
|
394,004 | 414,400 | ||||||
|
|
||||||||
|
|
||||||||
|
Diluted earnings per share
|
$ | 0.67 | $ | 0.80 | ||||
8
9
| Blended | Current | Current | Net Fair Value | |||||||||||||||||||||||||
| Contract | Balance Sheet | Asset | (Liability) | in US$ at | ||||||||||||||||||||||||
| In thousands | Pay | Receive | Rate | Location | US$ | US$ | April 30, 2011 | |||||||||||||||||||||
|
Hedge accounting not elected
|
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Intercompany balances,
primarily
short-term debt |
Prepaid Exp / | |||||||||||||||||||||||||||
|
|
£ | 70,000 | C$ | 110,907 | 1.5844 | (Accrued Exp) | $ | 471 | $ | (122 | ) | $ | 349 | |||||||||||||||
|
|
€ | 25,000 | £ | 21,265 | 0.8506 | (Accrued Exp) | — | (1,367 | ) | (1,367 | ) | |||||||||||||||||
|
|
Prepaid Exp / | |||||||||||||||||||||||||||
|
|
€ | 65,292 | US$ | 86,985 | 1.3322 | (Accrued Exp) | 13 | (9,042 | ) | (9,029 | ) | |||||||||||||||||
|
|
US$ | 85,894 | £ | 55,000 | 0.6403 | Prepaid Exp | 5,640 | — | 5,640 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Diesel fuel contracts
|
Fixed on 5.7M gal | Float on 5.7M gal | ||||||||||||||||||||||||||
|
|
per month | per month | N/A | Prepaid Exp | 2,008 | — | 2,008 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Merchandise purchase commitments
|
||||||||||||||||||||||||||||
|
|
C$ | 407,470 | US$ | 410,100 | 1.0065 | (Accrued Exp) | — | (19,962 | ) | (19,962 | ) | |||||||||||||||||
|
|
C$ | 7,821 | € | 5,800 | 0.7416 | Prepaid Exp | 308 | 308 | ||||||||||||||||||||
|
|
£ | 51,736 | US$ | 83,500 | 1.6140 | (Accrued Exp) | — | (2,876 | ) | (2,876 | ) | |||||||||||||||||
|
|
£ | 5,827 | € | 7,000 | 1.2013 | Prepaid Exp | 620 | — | 620 | |||||||||||||||||||
|
|
€ | 4,323 | US$ | 5,950 | 1.3764 | (Accrued Exp) | — | (446 | ) | (446 | ) | |||||||||||||||||
|
|
€ | 2,359 | £ | 2,000 | 0.8478 | (Accrued Exp) | — | (152 | ) | (152 | ) | |||||||||||||||||
|
|
US$ | 1,257 | € | 911 | 0.7247 | Prepaid Exp | 90 | — | 90 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total fair value of all financial instruments | $ | 9,150 | $ | (33,967 | ) | $ | (24,817 | ) | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Blended | Net Fair Value | |||||||||||||||||||||||||||
| Contract | Balance Sheet | Current | Current | in US$ at | ||||||||||||||||||||||||
| In thousands | Pay | Receive | Rate | Location | Asset US$ | (Liability) US$ | May 1, 2010 | |||||||||||||||||||||
|
Hedge accounting not elected
|
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Diesel fuel contracts
|
Fixed on 260K- | Float on 260K- | ||||||||||||||||||||||||||
|
|
520K gal per month | 520K gal per month | N/A | Prepaid Exp | $ | 940 | $ | — | $ | 940 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Merchandise purchase commitments
|
Prepaid Exp / | |||||||||||||||||||||||||||
|
|
C$ | 313,797 | US$ | 307,012 | 0.9784 | (Accrued Exp) | 2,073 | (3,149 | ) | (1,076 | ) | |||||||||||||||||
|
|
C$ | 6,379 | € | 4,650 | 0.7290 | (Accrued Exp) | — | (85 | ) | (85 | ) | |||||||||||||||||
|
|
Prepaid Exp / | |||||||||||||||||||||||||||
|
|
£ | 86,258 | US$ | 132,236 | 1.5330 | (Accrued Exp) | 641 | (109 | ) | 532 | ||||||||||||||||||
|
|
£ | 81,848 | € | 92,868 | 1.1346 | (Accrued Exp) | — | (1,496 | ) | (1,496 | ) | |||||||||||||||||
|
|
US$ | 1,639 | € | 1,167 | 0.7133 | (Accrued Exp) | — | (88 | ) | (88 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total fair value of all financial instruments | $ | 3,654 | $ | (4,927) | $ | (1,273) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
10
| Location of Gain (Loss) | ||||||||||
| Recognized in Income by | Amount of Gain (Loss) Recognized | |||||||||
| Derivative | in Income by Derivative | |||||||||
| In thousands | April 30, 2011 | May 1, 2010 | ||||||||
|
Fair value hedges:
|
||||||||||
|
|
||||||||||
|
Intercompany balances,
primarily short-term debt and related interest
|
Selling, general and administrative expenses | $ | (3,169 | ) | $ | — | ||||
|
|
||||||||||
|
Hedge accounting not elected:
|
||||||||||
|
|
||||||||||
|
Diesel fuel contracts
|
Cost of sales, including buying and occupancy costs | 1,262 | 1,382 | |||||||
|
|
||||||||||
|
Merchandise purchase commitments
|
Cost of sales, including buying and occupancy costs | (20,243 | ) | (6,826 | ) | |||||
|
|
||||||||||
|
|
||||||||||
|
Gain (loss) recognized in income
|
$ | (22,150 | ) | $ | (5,444 | ) | ||||
|
|
||||||||||
| April 30, | January 29, | May 1, | ||||||||||
| In thousands | 2011 | 2011 | 2010 | |||||||||
|
Level 1
|
||||||||||||
|
Assets:
|
||||||||||||
|
Executive savings plan
|
$ | 82,826 | $ | 73,925 | $ | 63,886 | ||||||
|
|
||||||||||||
|
Level 2
|
||||||||||||
|
Assets:
|
||||||||||||
|
Short-term investments
|
$ | 85,349 | $ | 76,261 | $ | 126,071 | ||||||
|
Foreign currency exchange contracts
|
7,142 | 2,768 | 2,714 | |||||||||
|
Diesel fuel contracts
|
2,008 | 746 | 940 | |||||||||
|
|
||||||||||||
|
Liabilities:
|
||||||||||||
|
Foreign currency exchange contracts
|
$ | 33,967 | $ | 6,233 | $ | 4 ,927 | ||||||
11
12
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| In thousands | 2011 | 2010 | ||||||
|
Net sales:
|
||||||||
|
U.S. segments:
|
||||||||
|
Marmaxx
|
$ | 3,525,209 | $ | 3,277,864 | ||||
|
HomeGoods
|
503,283 | 457,059 | ||||||
|
A.J. Wright
|
9,229 | 211,379 | ||||||
|
International segments:
|
||||||||
|
TJX Canada
|
592,069 | 554,998 | ||||||
|
TJX Europe
|
590,505 | 515,240 | ||||||
|
|
||||||||
|
|
$ | 5,220,295 | $ | 5,016,540 | ||||
|
|
||||||||
|
|
||||||||
|
Segment profit (loss):
|
||||||||
|
U.S. segments:
|
||||||||
|
Marmaxx
|
$ | 490,981 | $ | 468,480 | ||||
|
HomeGoods
|
45,459 | 40,593 | ||||||
|
A.J. Wright
|
(49,291 | ) | 9,786 | |||||
|
International segments:
|
||||||||
|
TJX Canada
|
36,083 | 54,359 | ||||||
|
TJX Europe
|
(31,315 | ) | 5,842 | |||||
|
|
||||||||
|
|
491,917 | 579,060 | ||||||
|
|
||||||||
|
General corporate expenses
|
53,354 | 32,557 | ||||||
|
Interest expense, net
|
8,917 | 10,202 | ||||||
|
|
||||||||
|
Income before provision for income taxes
|
$ | 429,646 | $ | 536,301 | ||||
|
|
||||||||
13
| Pension | Pension | |||||||||||||||
| (Funded Plan) | (Unfunded Plan) | |||||||||||||||
| Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
| April 30, | May 1, | April 30, | May 1, | |||||||||||||
| In thousands | 2011 | 2010 | 2011 | 2010 | ||||||||||||
|
Service cost
|
$ | 8,250 | $ | 7,750 | $ | 266 | $ | 206 | ||||||||
|
Interest cost
|
9,453 | 9,019 | 624 | 728 | ||||||||||||
|
Expected return on plan assets
|
(12,259 | ) | (9,991 | ) | — | — | ||||||||||
|
Amortization of prior service cost
|
— | — | 1 | 20 | ||||||||||||
|
Recognized actuarial losses
|
2,313 | 2,722 | 207 | 694 | ||||||||||||
|
|
||||||||||||||||
|
Total expense
|
$ | 7,757 | $ | 9,500 | $ | 1,098 | $ | 1,648 | ||||||||
|
|
||||||||||||||||
14
15
| • | In our first quarter of fiscal 2012, we posted strong consolidated net sales and same store sales growth on top of challenging comparisons in the prior year and despite unseasonably cool weather in many markets in the U.S. and Canada. | ||
| • | Several factors that affected our fiscal 2012 first quarter results were the A.J. Wright consolidation, changes in foreign currency exchange rates and the performance of our European segment: |
| o | In the fourth quarter of fiscal 2011, we decided to consolidate our A.J. Wright division by converting 90 A.J. Wright stores into T.J. Maxx, Marshalls or HomeGoods stores and closing the remaining 72 stores, A.J. Wright’s two distribution centers and its home office. Our first quarter results include a $49 million A.J. Wright segment loss which reflects the cost to complete the liquidation and close the vast majority of the stores not converted, and $20 million of costs to convert the majority of the 90 A.J. Wright stores to other banners. Despite the short-term costs of the A.J. Wright consolidation, we expect it will allow us to focus managerial and financial resources on our larger, more profitable businesses, all of which have major growth potential, let us serve the A.J. Wright customer demographic more efficiently, and improve our overall profitability beginning in the second quarter of this year. | ||
| o | Our fiscal 2012 first quarter was also affected by changes in foreign currency exchange rates. Although net sales for the quarter benefited by 1 percentage point, foreign currency exchange adversely affected first quarter fiscal 2012 earnings per share by $0.03 per share compared with a $0.01 per share negative impact last year as well as adversely affecting cost of sales and operating margins. These charges arose from marking our inventory-related hedges to market, the impact of which will effectively reverse later, primarily in the second quarter of fiscal 2012. | ||
| o | Our TJX Europe business reported a segment loss, compared to a profit last year, which impacted our margins, operating ratios and earnings. In the quarter, we took aggressive markdowns to clear out inventory, start fresh in the new season and improve our brands and values. In the long term, we remain confident that Europe continues to represent a significant growth opportunity for us. |
16
| • | Same store sales for the first quarter of fiscal 2012 increased 2% over the prior year. This was achieved on top of a 9% same store sales increase in the first quarter of fiscal 2011. Customer traffic continued to be up over strong increases in prior years, while the average ticket was essentially flat. | ||
| • | Net sales for the first quarter of fiscal 2012 increased to $5.2 billion, up 4% over last year’s first quarter. Stores in operation and selling square footage were each up 2% at the end of the first quarter of fiscal 2012 compared to the same period in fiscal 2011. | ||
| • | Our fiscal 2012 first quarter pre-tax margin (the ratio of pre-tax income to net sales) decreased to 8.2% compared to 10.7% for the same period last year. The A.J. Wright consolidation reduced pre-tax margin by 1.4 percentage points. In addition, pre-tax margin was adversely affected by the year-over-year impact of the mark-to-market adjustments on our inventory-related hedges and deleverage from our European business. | ||
| • | Our cost of sales ratio increased in the first quarter of fiscal 2012 by 0.6 percentage points to 73.3%. This increase was primarily due to the year-over-year impact of the mark-to-market adjustments on our inventory-related hedges, the impact of the A.J. Wright closing costs and reduced merchandise margins at our European business. The selling, general and administrative expense ratio for the first quarter of fiscal 2012 increased by 1.9 percentage points to 18.3%, primarily due to the A.J. Wright store consolidation. | ||
| • | Net income for the first quarter of fiscal 2012 was $266.0 million, or $0.67 per diluted share, compared to $331.4 million, or $0.80 per diluted share, in last year’s first quarter. Fiscal 2012 earnings per share reflect the $0.11 negative impact of the A.J. Wright consolidation and the $0.03 per share negative impact due to foreign currency. The fiscal 2011 first quarter earnings per share were negatively impacted by $0.01 per share due to foreign currency. | ||
| • | During the first quarter of fiscal 2012, we repurchased 7.1 million shares of our common stock at a cost of $361 million. Earnings per share reflect the benefit of the stock repurchase program. | ||
| • | Consolidated per store inventories, including the distribution centers, were up 12% at the end of the first quarter of fiscal 2012, compared to a decrease of 12% at the end of the first quarter of fiscal 2011, over the prior year’s first quarter end. The fiscal 2012 increase is primarily due to a larger quantity of end-of-season, branded packaway inventory relative to last year, as a result of our taking advantage of the abundance of high quality merchandise available in the marketplace. Inventories in the stores at the end of the fiscal 2012 first quarter were lower than last year on a per-store basis, and we entered the fiscal 2012 second quarter with a more liquid inventory position than at this time last year. |
17
| Percentage of Net Sales | ||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2011 | 2010 | |||||||
|
Net sales
|
100.0 | % | 100.0 | % | ||||
|
|
||||||||
|
Cost of sales, including buying and
occupancy costs
|
73.3 | 72.7 | ||||||
|
Selling, general and administrative expenses
|
18.3 | 16.4 | ||||||
|
Interest expense, net
|
0.2 | 0.2 | ||||||
|
|
||||||||
|
Income before provision for income taxes
|
8.2 | % | 10.7 | % | ||||
|
|
||||||||
| • | Translation of foreign operating results into U.S. dollars: In our financial statements we translate the operations of our segments in Canada and Europe from local currencies into U.S. dollars using currency rates in effect at different points in time. Significant changes in foreign exchange rates between comparable prior periods can result in meaningful variations in consolidated net sales, net income and earnings per share growth as well as the net sales and operating results of our Canadian and European segments. Currency translation generally does not affect operating margins, as sales and expenses of the foreign operations are translated at essentially the same rates within a given period. | ||
| • | Inventory hedges: We routinely enter into inventory-related hedging instruments to mitigate the impact of foreign currency exchange rates on merchandise margins when our divisions, principally in Europe and Canada, purchase goods in currencies other than their local currencies. As we have not elected “hedge accounting” as defined by U.S. GAAP, we record a mark-to-market gain or loss on the hedging instruments in our results of operations at the end of each reporting period. In subsequent periods, the income statement impact of the mark-to-market adjustment is effectively offset when the inventory being hedged is sold. While these effects occur every reporting period, they are of much greater magnitude when there are sudden and significant changes in currency exchange rates during a short period of time. The mark-to-market adjustment on these hedges does not affect net sales, but it does affect the cost of sales, operating margins and earnings we report. |
18
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| Dollars in thousands | 2011 | 2010 | ||||||
|
Interest expense
|
$ | 12,121 | $ | 11,969 | ||||
|
Capitalized interest
|
(659 | ) | — | |||||
|
Interest (income)
|
(2,545 | ) | (1,767 | ) | ||||
|
|
||||||||
|
Interest expense, net
|
$ | 8,917 | $ | 10,202 | ||||
|
|
||||||||
19
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| Dollars in millions | 2011 | 2010 | ||||||
|
Net sales
|
$ | 3,525.2 | $ | 3,277.9 | ||||
|
Segment profit
|
$ | 491.0 | $ | 468.5 | ||||
|
Segment profit as a percentage of net sales
|
13.9 | % | 14.3 | % | ||||
|
Percent increase in same store sales
|
4 | % | 10 | % | ||||
|
Stores in operation at end of period
|
||||||||
|
T.J. Maxx
|
956 | 896 | ||||||
|
Marshalls
|
872 | 817 | ||||||
|
|
||||||||
|
Total Marmaxx
|
1,828 | 1,713 | ||||||
|
|
||||||||
|
Selling square footage at end of period (in thousands)
|
||||||||
|
T.J. Maxx
|
22,291 | 20,906 | ||||||
|
Marshalls
|
21,703 | 20,598 | ||||||
|
|
||||||||
|
Total Marmaxx
|
43,994 | 41,504 | ||||||
|
|
||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| Dollars in millions | 2011 | 2010 | ||||||
|
Net sales
|
$ | 503.3 | $ | 457.1 | ||||
|
Segment profit
|
$ | 45.5 | $ | 40.6 | ||||
|
Segment profit as a percentage of net sales
|
9.0 | % | 8.9 | % | ||||
|
Percent increase in same store sales
|
6 | % | 15 | % | ||||
|
Stores in operation at end of period
|
350 | 325 | ||||||
|
Selling square footage at end of period (in thousands)
|
6,920 | 6,391 | ||||||
20
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| Dollars in millions | 2011 | 2010 | ||||||
|
Net sales
|
$ | 9.2 | $ | 211.4 | ||||
|
Segment (loss) profit
|
$ | (49.3 | ) | $ | 9.8 | |||
|
Segment (loss) profit as a percentage of net sales
|
n/m | 4.6 | % | |||||
|
Percent increase in same store sales
|
— | 7 | % | |||||
|
Stores in operation at end of period
|
— | 152 | ||||||
|
Selling square footage at end of period (in thousands)
|
— | 3,065 | ||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| U.S. Dollars in millions | 2011 | 2010 | ||||||
|
Net sales
|
$ | 592.1 | $ | 555.0 | ||||
|
Segment profit
|
$ | 36.1 | $ | 54.4 | ||||
|
Segment profit as a percentage of net sales
|
6.1 | % | 9.8 | % | ||||
|
Percent (decrease) increase in same store sales
|
(3 | )% | 6 | % | ||||
|
Stores in operation at end of period
|
||||||||
|
Winners
|
216 | 211 | ||||||
|
HomeSense
|
82 | 79 | ||||||
|
Marshalls
|
5 | — | ||||||
|
|
||||||||
|
Total
|
303 | 290 | ||||||
|
|
||||||||
|
Selling square footage at end of period (in thousands)
|
||||||||
|
Winners
|
4,995 | 4,871 | ||||||
|
HomeSense
|
1,594 | 1,527 | ||||||
|
Marshalls
|
132 | — | ||||||
|
|
||||||||
|
Total
|
6,721 | 6,398 | ||||||
|
|
||||||||
21
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| U.S. Dollars in millions | 2011 | 2010 | ||||||
|
Net sales
|
$ | 590.5 | $ | 515.2 | ||||
|
Segment (loss) profit
|
$ | (31.3 | ) | $ | 5.8 | |||
|
Segment (loss) profit as a percentage of net sales
|
(5.3 | )% | 1.1 | % | ||||
|
Percent (decrease) increase in same store sales
|
(5 | )% | 1 | % | ||||
|
Stores in operation at end of period
|
||||||||
|
T.K. Maxx
|
316 | 272 | ||||||
|
HomeSense
|
24 | 14 | ||||||
|
|
||||||||
|
Total
|
340 | 286 | ||||||
|
|
||||||||
|
Selling square footage at end of period (in thousands)
|
||||||||
|
T.K. Maxx
|
7,260 | 6,309 | ||||||
|
HomeSense
|
402 | 222 | ||||||
|
|
||||||||
|
Total
|
7,662 | 6,531 | ||||||
|
|
||||||||
| Thirteen Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| In millions | 2011 | 2010 | ||||||
|
General corporate expense
|
$ | 53.4 | $ | 32.6 | ||||
22
23
24
25
| Maximum Number (or | ||||||||||||||||
| Approximate Dollar | ||||||||||||||||
| Total Number of Shares | Value) of Shares that | |||||||||||||||
| Total | Purchased as Part of a | May Yet be Purchased | ||||||||||||||
| Number of Shares | Average Price Paid | Publicly Announced | Under the Plans or | |||||||||||||
| Repurchased (1) | Per Share (2) | Plan or Program (3) | Programs (4) | |||||||||||||
| (a) | (b) | (c) | (d) | |||||||||||||
|
January 30,
2011 through
February 26, 2011
|
514,202 | $ | 48.93 | 514,202 | $ | 1,569,109,081 | ||||||||||
|
|
||||||||||||||||
|
February 27, 2011
through April 2,
2011
|
3,559,053 | $ | 49.45 | 3,559,053 | $ | 1,393,125,513 | ||||||||||
|
|
||||||||||||||||
|
April 3, 2011
through April
30, 2011
|
3,071,822 | $ | 52.08 | 3,071,822 | $ | 1,233,157,286 | ||||||||||
|
|
||||||||||||||||
|
Total:
|
7,145,077 | 7,145,077 | ||||||||||||||
| (1) | All shares were purchased as part of publicly announced plans or programs. | |
| (2) | Average price paid per share includes commissions and is rounded to the nearest two decimal places. | |
| (3) | During the third quarter of fiscal 2011, we completed a $1 billion stock repurchase program that was approved in September 2009 and initiated another $1 billion stock repurchase program, approved in February 2010. As of April 30, 2011, $233 million remained available for purchase under that program. | |
| (4) | In February 2011, TJX’s Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $1 billion of TJX common stock from time to time. |
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
| 32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
| 32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
| 101 | The following materials from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2011, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statement of Shareholders’ Equity, and (v) Notes to Consolidated Financial Statements. |
26
|
|
THE TJX COMPANIES, INC.
|
|||
|
|
(Registrant) | |||
|
|
||||
|
Date: May 27, 2011
|
/s/ Jeffrey G. Naylor
|
|||
|
|
Jeffrey G. Naylor, Chief Financial and Administrative Officer | |||
|
|
(Principal Financial and Accounting Officer) |
27
| Exhibit Number | Description of Exhibit | |||
| 31.1 |
Certification of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|||
|
|
||||
| 31.2 |
Certification of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|||
|
|
||||
| 32.1 |
Certification of Chief Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
|||
|
|
||||
| 32.2 |
Certification of Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
|||
|
|
||||
| 101 |
The following materials from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q
for the quarter ended April 30, 2011, formatted in XBRL (Extensible Business Reporting
Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance
Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statement
of Shareholders’ Equity, and (v) Notes to Consolidated Financial Statements.
|
|||
28
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|---|---|---|
Qualifications As the former Chief Executive Officer of an investor-owned electric utility company, Mr. Spence brings a broad range of operating experience in the energy industry. He has extensive experience in strategy development and risk management and has a comprehensive understanding of the issues facing an electric utility, including regulatory strategy and customer service. Mr. Spence also co-chaired an Edison Electric Institute task force that developed an industry strategy for cybersecurity threats. He also brings significant public board experience both from his role as Chairman of PPL Corporation and from his service as a director of Williams Companies, Inc. | |||
Qualifications As the former President and CEO of GE Energy Financial Services, Ms. Flanagan brings to the Board extensive knowledge in domestic and international energy markets, broad experience in equity and debt investment, capital markets, deal structuring, and mergers and acquisitions. She also possesses deep sector expertise across a wide range of technologies, including onshore/offshore wind, solar, storage, conventional thermal power generation assets, grid technologies, and power markets. Her extensive experience with private equity, banks, export credit agencies, sovereigns, and other key commercial counterparties adds to the Board's depth and capabilities. Ms. Flanagan is currently an operating partner with Apollo Global Management. They are a leading provider of alternative asset management and retirement solutions. | |||
Responsibilities: • Oversees the integrity of the Company’s financial statements and internal controls; • Appoints the independent accountants and is responsible for their qualifications, independence, performance (including resolution of disagreements between the independent accountants and management regarding financial reporting), and compensation; • Monitors the Company’s compliance with legal and regulatory requirements; • Recommends to the Board that the Company’s audited financial statements be included in the Company’s annual report on Form 10-K; • Sets policies for the Company’s hiring of employees or former employees of the independent auditor; • Reviews and concurs in the appointment, replacement or dismissal of the Director of Audit Services; • Reviews and approves the internal audit plan and scope of internal audits; • Reviews the annual audited financial statements or quarterly financial statements, as applicable, and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; • Discusses with management and the independent accountants significant financial reporting issues and judgments made in connection with the preparation of the Company’s financial statements; • Reviews the Company’s draft earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies; • Discusses guidelines and policies to govern the process by which risk assessment and risk management is undertaken across the Company and discusses the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures; and • Reviews management’s monitoring of the Company’s compliance with the Company’s Code of Ethical Conduct. The Board has determined that each member of the Audit Committee meets the NYSE experience requirements and that Mr. Nordstrom, the Chair of the Audit Committee, Ms. Bryan, and Mr. Butler are “audit committee financial experts” under applicable SEC rules. None of the members of our Audit Committee currently serve on more than three public company audit committees. | |||
Lead Independent Director Retired Professor of Practice, University of North Carolina Kenan-Flager Business School, and Former Senior Vice President of Corporate Development and Improvement, Duke/Progress Merger | |||
Qualifications The NRC oversees nuclear power plant operations in the United States. As the former Chairman of the NRC, Ms. Svinicki brings expertise in all aspects of nuclear energy regulation, operation, technology, cybersecurity and safety. Her broad national and international experience in all aspects of the nuclear utility industry, nuclear energy, government, and regulation brings value to the Board, particularly from the perspective of our operations at PVGS and business environment. Her service with the NRC, including her tenure as Chairman, gives her senior leadership experience in operating large, complex organizations, financial literacy, human capital management and compensation experience. Ms. Svinicki is certified in cybersecurity oversight from Carnegie Mellon University Software Engineering Institute. | |||
Responsibilities: • Oversees the integrity of the Company’s financial statements and internal controls; • Appoints the independent accountants and is responsible for their qualifications, independence, performance (including resolution of disagreements between the independent accountants and management regarding financial reporting), and compensation; • Monitors the Company’s compliance with legal and regulatory requirements; • Recommends to the Board that the Company’s audited financial statements be included in the Company’s annual report on Form 10-K; • Sets policies for the Company’s hiring of employees or former employees of the independent auditor; • Reviews and concurs in the appointment, replacement or dismissal of the Director of Audit Services; • Reviews and approves the internal audit plan and scope of internal audits; • Reviews the annual audited financial statements or quarterly financial statements, as applicable, and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; • Discusses with management and the independent accountants significant financial reporting issues and judgments made in connection with the preparation of the Company’s financial statements; • Reviews the Company’s draft earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies; • Discusses guidelines and policies to govern the process by which risk assessment and risk management is undertaken across the Company and discusses the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures; and • Reviews management’s monitoring of the Company’s compliance with the Company’s Code of Ethical Conduct. The Board has determined that each member of the Audit Committee meets the NYSE experience requirements and that Mr. Nordstrom, the Chair of the Audit Committee, Ms. Bryan, and Mr. Butler are “audit committee financial experts” under applicable SEC rules. None of the members of our Audit Committee currently serve on more than three public company audit committees. | |||
• Since 2022 and 2012, respectively: Retired Professor of Practice, University of North Carolina Kenan-Flagler Business School, and Former Senior Vice President of Corporate Development and Improvement and Chief Integration Officer Duke/Progress Merger • 2012 - 2022: Professor of Practice and Executive Coach, University of North Carolina Kenan-Flagler Business School • 2011 - 2012: Senior Vice President of Corporate Development and Improvement and Chief Integration Officer for Duke/Progress Merger • 2010 - 2012: Senior Vice President of Corporate Development and Improvement, Progress Energy, Inc. • 2007- 2010: Senior Vice President Power Operations, Progress Energy. | |||
Responsibilities: • Oversees the integrity of the Company’s financial statements and internal controls; • Appoints the independent accountants and is responsible for their qualifications, independence, performance (including resolution of disagreements between the independent accountants and management regarding financial reporting), and compensation; • Monitors the Company’s compliance with legal and regulatory requirements; • Recommends to the Board that the Company’s audited financial statements be included in the Company’s annual report on Form 10-K; • Sets policies for the Company’s hiring of employees or former employees of the independent auditor; • Reviews and concurs in the appointment, replacement or dismissal of the Director of Audit Services; • Reviews and approves the internal audit plan and scope of internal audits; • Reviews the annual audited financial statements or quarterly financial statements, as applicable, and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; • Discusses with management and the independent accountants significant financial reporting issues and judgments made in connection with the preparation of the Company’s financial statements; • Reviews the Company’s draft earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies; • Discusses guidelines and policies to govern the process by which risk assessment and risk management is undertaken across the Company and discusses the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures; and • Reviews management’s monitoring of the Company’s compliance with the Company’s Code of Ethical Conduct. The Board has determined that each member of the Audit Committee meets the NYSE experience requirements and that Mr. Nordstrom, the Chair of the Audit Committee, Ms. Bryan, and Mr. Butler are “audit committee financial experts” under applicable SEC rules. None of the members of our Audit Committee currently serve on more than three public company audit committees. |
|
Name and
Principal Position |
Year |
Salary
($) |
Bonus
($) |
Stock
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
|
All Other
Compensation
($)
|
Total
($) |
||||||||||||||||||
|
Jeffrey B. Guldner,
Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Advisor to the CEO
|
2024 | 1,150,000 | 0 | 6,139,342 | 2,378,430 | 1,277,261 | 29,275 | 10,974,308 | ||||||||||||||||||
| 2023 | 1,125,000 | 0 | 5,028,405 | 1,880,049 | 1,253,907 | 34,831 | 9,322,192 | |||||||||||||||||||
| 2022 | 1,100,000 | 0 | 4,577,787 | 1,710,723 | 931,174 | 38,633 | 8,358,317 | |||||||||||||||||||
|
Andrew D. Cooper,
Senior Vice President and Chief Financial Officer, PNW and APS
|
2024 | 630,000 | 0 | 1,602,875 | 748,157 | 110,434 | 34,844 | 3,126,310 | ||||||||||||||||||
| 2023 | 600,000 | 0 | 1,269,171 | 592,830 | 163,357 | 28,935 | 2,654,293 | |||||||||||||||||||
| 2022 | 440,821 | 0 | 895,565 | 526,750 | 64,803 | 43,113 | 1,971,052 | |||||||||||||||||||
|
Theodore N. Geisler,
Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS
|
2024 | 700,000 | 0 | 1,696,843 | 1,024,798 | 105,508 | 338,344 | 3,865,493 | ||||||||||||||||||
| 2023 | 670,000 | 0 | 1,467,032 | 815,287 | 270,264 | 32,505 | 3,255,088 | |||||||||||||||||||
| 2022 | 622,260 | 0 | 1,376,974 | 831,872 | 128,704 | 31,217 | 2,991,027 | |||||||||||||||||||
|
Adam C. Heflin,
Executive Vice President and Chief Nuclear Officer of PVGS, APS
|
2024 | 735,000 | 0 | 1,337,015 | 1,026,703 | 293,745 | 27,640 | 3,420,103 | ||||||||||||||||||
| 2023 | 715,000 | 0 | 1,338,517 | 757,721 | 240,596 | 24,473 | 3,076,307 | |||||||||||||||||||
| 2022 | 400,822 | 500,000 | 2,283,316 | 527,008 | 71,793 | 5,577 | 3,788,516 | |||||||||||||||||||
|
Jacob Tetlow,
Executive Vice President and Chief Operating Officer of APS
|
2024 | 586,776 | 0 | 2,337,019 | 878,981 | 108,829 | 27,415 | 3,939,020 | ||||||||||||||||||
| 2023 | 525,000 | 0 | 1,261,291 | 566,799 | 490,390 | 26,240 | 2,869,720 | |||||||||||||||||||
| 2022 | 485,000 | 0 | 633,827 | 540,242 | (99,050) | 27,308 | 1,587,327 | |||||||||||||||||||
No Customers Found
Suppliers
| Supplier name | Ticker |
|---|---|
| Columbia Sportswear Company | COLM |
| Lululemon Athletica Inc. | LULU |
| NIKE, Inc. | NKE |
| V.F. Corporation | VFC |
| Levi Strauss & Co. | LEVI |
| Canaan Inc. | CAN |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|---|---|---|
| Smith Robert Edgar | - | 9,159 | 0 |
| Smith Robert Edgar | - | 8,488 | 0 |
| Easterly Donna M | - | 8,462 | 1,688 |
| Cooper Andrew D | - | 4,543 | 0 |
| Heflin Adam C | - | 3,215 | 0 |
| Cooper Andrew D | - | 1,774 | 0 |
| NORDSTROM BRUCE J | - | 1,500 | 33,178 |
| Flanagan Susan T. | - | 750 | 0 |
| Svinicki Kristine L | - | 726 | 0 |
| Tetlow Jacob | - | 56 | 2,473 |
| Mountain Paul J | - | 0 | 277 |
| Geisler Theodore N | - | 0 | 6,750 |