The TJX Companies, Inc. (NYSE:TJX) Q4 2015 Earnings Conference Call - Final Transcript

Feb 25, 2015 • 11:00 am ET

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The TJX Companies, Inc. (NYSE:TJX) Q4 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the TJX Companies Year End and Fourth Quarter Fiscal 2015 Financial Results Conference Call. At this time, all participants are in a listen only mode. Later we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference call is being recorded Wednesday, February 25, 2015.

I would now like to turn the conference call over to Ms. Carol Meyrowitz, Chief Executive Officer of the TJX Companies Inc. Please go ahead, ma'am.

Executive
Carol Meyrowitz

Thank you, [Indecipherable] and before we begin, good morning, everyone. Deb has a few words.

Executive
Deb McConnell

Good morning. 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. These are discussed in the company's SEC filings, including without limitation the form 10-K filed April 1, 2014. Further these comments in the Q&A that follows are copyrighted today by the TJX Companies. Any recording, retransmission, reproduction or other use of the same for profit or otherwise, without prior consent of TJX is prohibited and the violation of United States copyright and other laws.

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. Please note that the financial results and expectations we discussed today are on a continuing operations basis. Also we have detailed the impact of foreign exchange on our consolidated results and our international divisions in today's press release and the investor Information section of our website tjx.com.

Reconciliations with the non-GAAP measures we discussed today to GAAP measures are included in today's press release or otherwise posted on our website tjx.com in the Investor Information section. Thank you and now I'll turn it over to Carol.

Executive
Carol Meyrowitz

Thanks, Deb. And joining me and Deb on the call are Ernie Herrman and Scott Goldenberg. Let me begin by saying that we had a terrific fourth quarter, earnings per share increased 15%, well exceeding our expectations. Consolidated comp sales grew 4% over last year's 3% increase also above our plan. We were extremely pleased to see the comp almost entirely driven by customer traffic. We also liked the sequential improvement in comps and traffic we saw at all divisions from the third quarter. I'm also very pleased with our 2014 results. Adjusted earnings per share increased 12% over last year 15% increase and above our plan while we continue to invest in our many initiatives to the future.

2014 marks the sixth -- consecutive year of double-digit EPS growth. Over this time our compound annual adjusted EPS growth has been a strong 22%. We were delighted to see customer traffic improve each quarter throughout the year. Consolidated comp sales were up 2% for the year over last year's 3% increase. Today I will tap our four pillars for growth and share with you will raised estimates for long