TJX Companies Inc (NYSE:TJX) is trading lower Wednesday after the company reported worse-than-expected fourth-quarter financial results.
TJX Companies said revenue increased 27% year-over-year to $13.9 billion, which came in below the estimate or $14.26 billion. The company reported quarterly earnings of 78 cents per share, which missed the 91 cent estimate.
"Fourth quarter sales were trending higher before the surges in Omicron," said Ernie Herrman, president and CEO of TJX Companies.
"While freight and wage cost pressures remain elevated, we are pleased that our retail pricing strategy is working very well. This gives us confidence in improving our profitability when the macro environment normalizes, while continuing to offer exceptional values to customers every day."
TJX said it expects first-quarter earnings to be in a range of 58 cents to 61 cents per share versus the 60 cent estimate.
TJX also said it plans to raise its quarterly dividend 13% and repurchase approximately $2.25 billion to $2.5 billion of its shares during the year.
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TJX Price Action: TJX Companies has traded as low as $61.15 and as high as $77.35 over a 52-week period.
The stock was down 6.25% at $61.17 at time of publication.
Photo: Mike Mozart from Flickr.
