Lastly, e-commerce, we continue to add new categories and brands to our U.S. and U.K. online businesses. The TJX Companies, Inc. Reports Q3 FY21 Results; Reports Above-Plan Overall Open-Only Comp Store Sales of Down 5%; Earnings Per Share of $.71; Plans to … So we’re very excited about it. Wrapping up, I want to reiterate the strength of our third quarter results, while operating in a non-optimal environment. FactSet Research Systems, Inc. (NYSE: FDS) Q1 2021 earnings call dated Dec. 21, 2020 Corporate Participants: Rima Hyder -- Head of Investor and Media Relations Philip Snow -- Chief Executive Officer Helen Shan -- Chief Financial, Sneaker maker Nike, Inc. (NYSE: NKE) is currently enjoying the benefit of its aggressive direct-to-consumer initiatives that helped in overcoming the fall in store traffic during the pandemic. And Paul, in terms of the overall inventory levels, I think, as Ernie said, we started to get to the level at the stores that we wanted to be. And then secondly, will the entirety of the $270 million COVID costs go away post vaccine? Our surveys tell us that our customers love our differentiated treasure hunt shopping experience and we are convinced that this will continue to service extremely well when more consumers are comfortable shopping our stores. So if you do the math, that’s a significant amount of dollars and it’s probably the biggest impact to the fourth quarter. This holiday season, we are planning to offer an expanded assortment of gifts for those shoppers who prefer to shop online. TJX Companies, Inc. (The) (TJX) - NYSE Next Earnings Date: OS Estimate: Feb. 24, 2021 BO OS Projected Window: Feb. 21, 2021 to Feb. 28, 2021 Your line is open. Ernie, you mentioned you signed up hundreds of new vendors this year. And I think we’ll be back on track of relocations next year across all our divisions with certainly a lot of opportunity in Marmaxx as well and then obviously with lease renegotiates and above. Second, we plan to flow fresh product multiple times a week to our stores and online throughout the holiday so that shoppers can find new gift giving assortments every time they shop us. I think you do that every year, so I’m curious if you’ve seen any difference in the vendors that are coming on board with [Indecipherable] categorize them versus what you would see in a normal year? It is a way — because it’s not just about the numbers to your point, it’s about the quality of who we’re opening up. Lastly, we are seeing softer demand for certain product categories given the number of people continuing to spend more time at home. I had two questions. And I think that in terms of the fourth quarter. We are truly grateful for their commitment to keeping our business open and moving forward, which requires them to physically go into work. [Operator Instructions] As a reminder, this conference call is being recorded November, 18, 2020. So if that’s 25% of the office workforce base at home that wasn’t, that should still give win to the HomeGoods business I think for a handful of years. I think even I’ve talked about this before. Stay up to date with lastest Earnings Announcements for The TJX Companies, Inc. from Zacks Investment Research The forward-looking statements we make today about the Company’s results and plans are subject to risks and uncertainties that could cause the actual results and the implementation of the Company’s plans to vary materially. And for fiscal — and certainly signing stores for calendar ’22 and would expect to have start growing up into that — at least that 3% range of store openings as a percent of growth. We are prioritizing our investments in our associates, stores, supply chain and systems to strengthen our infrastructure and positioning to execute on our growth plans. So I’ll jump in just to start on that and then I think what Ernie was alluded to in terms of the encouraging news on the vaccine is that over time, stuff like the COVID costs will slowly get better. Lastly, we see a great opportunity to capture additional share of the home category, which has been strong for us for many, many years. The TJX Companies has generated $2.67 earnings per share over the last year and currently has a price-to-earnings ratio of 117.5. I’d like to start our call today by expressing our sincere gratitude to all of our global associates for their continued hard work and dedication as we navigate the business through this health crisis. Some of that will be reduced as we open up the business, and are spending money on marketing, we will have less savings. I want to give special recognition to our store, distribution center, and fulfillment center associates. Earnings per share included a $0.09 benefit from our lower tax rate versus last year, which was due to a true-up of our year-to-date tax rate as well as the shifting of income and loss positions across our operating jurisdictions. Thank you, Alex. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. And my focus on that statement was more about the sales. Our home business is great across the board, but specifically HomeGoods, we’ve started to get more aggressive on FY ’23 openings. And so right now, obviously, it is not something we would be giving our numbers out as to what we’re expecting to do for business. [Operator Instructions] I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc. View our full suite of financial calendars and market data tables, all for free. So it’s a little of both, but I would say the store pickup is really — in the home — I think HomeGoods will be one of the healthiest divisions as we move forward into next year in terms of the ability to just keep capturing, especially in the medium term. As we announced today, our current financial liquidity and flexibility gives us the confidence to reinstate our quarterly dividend subject to Board approval. Maybe if you could just touch on some of the off-price industry barriers to entry that you think are important. So if there is — if the real estate deal is right and it’s near a HomeGoods, right, Scott, we’re going to take advantage of that with some additional HomeSense stores as well even though we might already be in the market again with the HomeGoods. Despite the numerous macro headwinds, including COVID and its impact on consumer behavior and the limitations and cost of operating with new safety and occupancy protocols, we generated strong cash flow and saw a strong rebound to our top and bottom lines. Next is the flexibility of our buying, store formats, and distribution networks, which we see as a key strength in a rapidly evolving retail landscape. It was really about Lorraine the benefit we’re going to see over time. We will continue to look for opportunities to recognize associates in the fourth quarter for their continued contributions to the business. Inventory levels we show we’re lean, but if you walk into our stores right now, and this is any brand, if you walked into Winners, TJ Maxx, Marshalls, HomeGoods, you would feel the inventory levels feel very appropriate based on social distancing, the way consumers shop versus three months ago, inventory — average store inventory levels are less than they are at this time of the year. The TJX Companies, Inc. TJX reported third-quarter fiscal 2021 numbers, with the top and the bottom line surpassing the Zacks Consensus Estimate. We feel very good about what we have planned this holiday season. ... TJX shares are down more than 20% year-to-date … The percentages were less than last year, which was healthy. Medium- to long-term, while much of what I just discussed are macro headwinds that could persist until a vaccine is widely available and the environment normalizes, we feel very confident in the market share opportunities we see ahead. Clearly, it is not the same. In terms of the offsets to that and the third to fourth quarter, yeah, we do have government relief that we’ve been getting, particularly in the third quarter from Canada and Europe that are still — that we’re offsetting the cost. Markdowns were also better than anticipated, as sales exceeded our plans and consumers responded favorably to our fresh merchandise mix. I’ll just jump in with one other thing, Kate, we’re talking about HomeGoods total, but another place where we’re tweaking that and we’ll be opening some stores because our trend there has also been strong is with some HomeSense stores scattered amongst the other total HomeGoods stores. Sure, Kate. So it’s not just the store openings, we’re able to relocate a lot of stores which we’re going to be repositioning. The consensus earnings estimate was $0.41 per share on revenue of $9.3 billion. Your line is open. All rights reserved. And we’re still chasing the good. There are certainly areas that will be less, but I don’t think there are hundreds of millions of dollars like on travel and others, which we will certainly have learned and we’ll certainly do different things and some occupancy and other things which will benefit us in the very long term. Having said that, we still were up — we were up still quite a bit on the markdowns. It’s almost indirectly a marketing business, getting spend at the same time, and I think that’s going to plant a loyalty issue with customers coming out of this as we move forward. We are highlighting our terrific gift assortments and excellent values with messaging such as spend less, gift better and big love, small prices. Now to our third quarter results. This will have only a small separate team where it’s working in conjunction with our planning and our inventory HomeGoods and basically peeling the goods off from that. Second, sales were stronger than we expected in the third quarter, so we were replenishing our inventory quicker than we planned. Maybe, Scott as a follow up, could you just help quantify the magnitude of merchandise margin expansion in the quarter? There is a lot of opportunity, as Ernie said in his prepared remarks. Shares of TJX Companies (NYSE:TJX) fell 1.2% in pre-market trading after the company reported Q3 results.Quarterly Results Earnings per share … So if you’re a key branded player and you want to deal with a solid retailer who is also again not very visible with the product, right, and it’s part of a treasure hunt shopping experience, I believe there will be some benefits still going forward. The Silver Lining in TJX Companies’ Wretched Earnings Report Sales fell off a cliff, but the off-price retailer is having no problem securing inventory for its post-lockdown recovery. Yeah. Lastly, we expect higher incremental freight costs in the fourth quarter due to capacity constraints and higher rates. I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of The TJX Companies Incorporated. Your line is open. So net-net, it’s still — it’s — we’re still not — it’s not clear exactly how it’s all going to play out. I think we’re just doing a good job paying for it to get the inventory into our locations this year. MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. The TJX Companies has not formally confirmed its next earnings publication date, but the company's estimated earnings date is Wednesday, February 24th, 2021 based off prior year's report dates. So I think we’ve reached the end of our call. The TJX Companies last posted its earnings data on November 17th, 2020. Fundamental company data provided by Morningstar and Zacks Investment Research. And the second, you alluded to is on freight. And now I will turn it back over to Ernie. TJX provides recordings and handouts of presentations for reference by our investors and other stakeholders. That should start to normalize and that — and some of that will flip as we move into next year. So — and then there was a small benefit — well, not small, but 30 basis points benefit from the hedges in the quarter. That’s great. We also benefited from lower capital spending and maintaining tight expense controls during the quarter. And so, I think on the merchant side, which is a big chunk of what allowed us to deliver the margins, right, Scott, in the quarter, I think we did have some pretty good learnings. And then with inventories lean exiting the quarter, what’s the best way to think about merchandise margin opportunities in the fourth quarter? Scott? So two other things, one, Ernie alluded to is the probably the biggest one for the quarter is just the fact at the moment that we have 471 stores closed, not in our control, based on government announcements and current guidelines, and they’re closed in a point in time right now through sometimes the early December, where that impact is — could be 3% to 4% of our sale. View which stocks are hot on social media with MarketBeat's trending stocks report. TJX reports its quarterly earnings for the first quarter of calendar year 2020 May 19 and Burlington reports the same June 4. Earnings per share can be defined as a company's net earnings or losses attributable to common shareholders per diluted share base, which includes all convertible securities and debt, options and warrants. I believe there is some of it because we will mean more now even more than we did before to many of these vendors because of so many of the brick and mortar, guys going out, and we’re so branded focused. Second, we believe our relationships with vendors will grow even stronger as other retailers close stores. Clearly, you sound some offsets. These risks are discussed in the Company’s SEC filings, including, without limitation, the Form 10-K filed March 27, 2020 and the Form 10-Q filed August 28, 2020. However, do I think we’ve learned some things from it to probably come out of this and say, hey, we’ve learned some ways to buy and work with certain vendors and inventory levels, by the way Kimberly, to your point that maybe we can help with our markdown rates even a little more than we thought? So the average basket is up because they’re curating their business to go a little less. Good morning. © 2020 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. TJX Companies hasn't issued any earnings guidance for the time being. So today they feel very appropriate when you walk in our store, inventory levels, which is why we’re saying we’re happy with them, we’re happy with the way the turns are right now. Scott, any thoughts at this stage on how much of the headwind that could be in the medium term as we go into next year or a little too early to talk about that? Now, I’ll turn the call over to Scott for a financial update and then we’ll open it up for questions. First is the recent resurgence of COVID cases and the consumer impact. As we keep managing through the global pandemic, I want to share our continued concern about the human impact of COVID, including on our associates and customers. In recognition of their efforts, we have once again awarded a majority of them an appreciation bonus to be paid in November, this month. Our marketing organization works very closely with the store operations teams to develop clear and helpful signage to convey our commitment to a safe shopping experience to our customers. We believe we are in excellent shape to build on our leadership positions in the U.S., Canada, Europe and Australia over the long term. We just are trying to do as good as — our merchants are doing a very good job on the non-trending areas, you would call them, and really trying to do the best mix of excitement and value. Ladies and gentlemen, thank you for standing by. TJX shares are … If approved by the Board in December, the dividend will be paid in March of 2021. I think right now we’re paying higher rates. And lastly, we continued to experience merchandise delivery delays due to continued bottlenecks in the supply chain. So it’s been really need for us to — and I get recaps frequently from the divisions, it’s shown that we’ve really opened some vendors recently and we didn’t think there were many vendors left that we weren’t doing business with, but there are some of these niche vendors that we’ve actually been doing more business with in the last quarter that are making up more of those new vendor numbers than we had had before, whereas before, you would have more the — we’d open up more of the mainstream guys, always new. We’re going to operate this differently. We see some consumers are still reluctant to shop in stores and others may make fewer shopping trips this holiday season. Scott Goldenberg — Senior Executive Vice President, Chief Financial Officer. Obviously, we’re very pleased with the margin coming out of this. Right. [Operator Instructions] Our first question comes from Matthew Boss. They have helped us achieve monumental tasks over these past eight months. In closing, I want to reiterate that the entire management team is laser-focused on navigating through these times to ensure the stability of the business in the short term. Now to Q3 results. Revenue was seen … That was extremely, extremely helpful. So, at this point for the fourth quarter and then we’ll address it as we get to year-end, we would expect to have the full amount of COVID costs continue to be implemented. Of course, in Europe, right now, it’s being shut down for a few weeks, doesn’t matter with regard to inventory, but we’re feeling really bullish medium term, long term, inventory replenishment availability is pretty high. So I was just wondering what those were and if there will be ongoing savings? And we always talk about good, better and best brands, etc. TJX shares (ticker: TJX) are off more than 5% year to date, while the S&P 500 has gained nearly 5% in the same period. Additionally, while we have approved the publishing of a transcript of this call by a third-party, we take no responsibility for inaccuracies that may appear in that transcript. And then the others — so but that still leaves you with a chunk of the store that the one reason we were able to achieve a minus 5% is we were not — you can’t drop 80% in those other areas of the store, we wouldn’t do that — we would only run a minus 5%, does that makes sense? Learn more. We are convinced that we can continue our successful profitable growth once we are past this health crisis and the environment normalizes. In the short term, we have been increasing our home mix at all our banners to capture our piece of the incremental demand that is out there. TJX annual and quarterly earnings per share history from 2006 to 2020. But in terms of the COVID costs, at this point it’s too early to say that we have no plans at this point to be reducing our COVID costs. During the quarter, we generated $4.1 billion of operating cash flow. And just given the industry disruption as a whole, what’s your confidence in accelerating market share out of this pandemic? So we will not have any tangible numbers that we will be giving out on that at this point. you would call it, a delever right, Scott to begin with without a doubt. To be clear, availability of merchandise in the marketplace is excellent and is not a factor impacting inventory levels. We are confident in our ability to manage the areas we can control like buying, merchandising, and store operations. HomeGoods in Canada drove the majority of that as HomeGoods as you’d expect given the comp they had with chasing the inventory we had very few markdowns compared to at any point at HomeGoods. I want to also remind you that our EPS reflects significant cost headwinds related to COVID. They’ve been some of the more, we would call them, icing, more niche type vendors that add a nice flavor to our mix, because some of those vendors were historically they haven’t had that many goods or the need because they’re not huge vendors, but they give a nice eclectic excitement level to our mix. Ernie, you sound obviously very bullish on HomeGoods market share opportunities. I wanted to ask about SG&A. Thanks. And Scott, payables, inventory relationship looks a little out of whack, just curious if that’s something that’ll go back into normal, if so, when, and where there were something that has changed as a result of this environment and that will continue to benefit you in future quarters? Long term, I think, as businesses start to get in and the vaccines kick in, I guess you could argue people will be less at home more, but I do believe businesses across the country and in other countries [Indecipherable] x amount of employees stay at home that weren’t at home. However, I’m going to give you a complete 180 and just say we are very bullish on the longer-term outlook because that feels significantly better than it did at the beginning of Q3 when we didn’t know where all of this was heading. The TJX Companies, Inc. Reports Q2 FY20 Results; EPS of $0.62 at High End of Guidance … So when you say you’re down, whatever the number is, whatever percent you are against those levels, the stores are going to feel a little more naked than they are today. That will be — what we’ve seen is, we had increased some of our payable terms across the board. It is on Wed 24 Feb (In 82 Days). Next, we announced this morning that we launched cash tender offers for up to $750 million aggregate principal amount for certain of the bonds we issued in April of this year. 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