On Feb. 22, TJX (NYSE:TJX) released full-year 2005 earnings for the period ended Jan. 28, 2006.
- Revenue increased 8% on same-store sales growth of 2%.
- Operating cash flow grew 8%, but higher capital expenditures reduced free cash flow growth to just 2%.
- Operating margins slipped slightly.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Avg. Est. |
2005 |
2004 |
% Change | |
|---|---|---|---|---|
|
Sales |
$6,040 |
$16,058 |
$14,913 |
+7.7% |
|
Net Profit |
-- |
$690 |
$610 |
+13.2% |
|
EPS |
$ .34 |
$1.41 |
$1.21 |
+16.5% |
Get back to basics with a look at the income statement.
Margin Checkup
|
2005 |
2004 |
Change | |
|---|---|---|---|
|
Gross Margin |
23.43% |
23.57% |
(0.13%) |
|
Op. Margin |
6.47% |
6.80% |
(0.33%) |
|
Net Margin |
4.30% |
4.09% |
+0.21% |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
2005 |
2004 |
% Change |
|---|---|---|---|
|
Cash + ST Invest. |
$466 |
$307 |
+51.6% |
|
Inventory |
$2,366 |
$2,352 |
+0.6% |
|
Accounts Rec. |
$309 |
$246 |
+25.5% |
|
Liabilities |
2005 |
2004 |
% Change |
|---|---|---|---|
|
Long-Term Debt |
$783 |
$573 |
+36.7% |
|
Accounts Pay. |
$1,314 |
$1,276 |
+2.9% |
See inventories at work.
Cash Flow Highlights
|
2005 |
2004 |
% Change | |
|---|---|---|---|
|
Cash From Ops. |
$1,158 |
$1,077 |
+7.6% |
|
Capital Expend. |
$496 |
$429 |
+15.6% |
|
Free Cash Flow |
$662 |
$648 |
+2.3% |
Related Companies:
- Dollar Tree (NASDAQ:DLTR)
- Payless Shoesource (NYSE:PSS)
- Ross Stores (NASDAQ:ROST)
- Target (NYSE:TGT)
- Wal-Mart (NYSE:WMT)
Related Foolishness:
- TJX Maxxes Out in 2005: Fool by Numbers
- Buy Quality on the Cheap
- Wall Street's Worst-Kept Secret
- New Targets for Target
- Bain Buys Burlington
Dollar Tree is a Motley Fool Inside Value pick. Take the newsletter dedicated to top-shelf stocks at bargain-basement prices for a 30-day free spin .
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
At the time of publication, Fool analyst Andy Cross did not own shares in any company mentioned. Fool rules are here.
