TJX Cos. Inc. posted an increase in net sales for the fourth quarter and 2016 as a whole, with full-years sales totaling $33.2 billion.
Profit from all TJX segments for the year hit $4.3 billion from $4.1 billion and income for the fourth quarter reached $678 million, a 4 percent bump. The $33 billion in net sales for the year equals a 7 percent rise over 2016.
The retailer’s consolidated comparable store sales also increased 5 percent.
TJX chief executive officer Ernie Herrman said 2016 was “another terrific year” for the company and noted that 2016 is the retailer’s 21st consecutive year of increases in comp sales.
“We were particularly pleased that customer traffic was the primary driver of our comp increases at every major division, which tells us that our eclectic merchandise mix and amazing values continue to resonate with consumers across our geographies,” Herrman said.
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TJX also laid out its guidance for the fiscal year ending 2018 and expects diluted earnings per share to come in between $3.80 and $3.89, a 10 to 12 percent increase.
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“Looking ahead, we see many opportunities to continue our successful growth and are pursuing many initiatives to keep driving shoppers to our stores,” Herrman added. “We are making strategic investments in our infrastructure, stores, and new seeds to strengthen our leadership positions and allow us to capture additional market share in the U.S. and internationally.”
During the 2016 fiscal year, the company added 198 stores and increases its total square footage by 4 percent. By February 2018, the company plans to repurchase up to $1.8 billion in stock under an existing stock repurchase program.
During the fourth quarter of 2016, the company spent $525 million repurchasing stock, retiring nearly 7 million shares.