TJX grows net income during Q1; misses on sales
Framingham, Mass. – The TJX Cos. Inc. increased both net income and sales during the first quarter of fiscal 2015 on a year-over-year basis, although sales missed analyst projections. Net income grew slightly to $454.32 million from $452.89 million, while net sales increased 5% to $6.49 billion from $6.19 billion.
Analysts had expected net sales of $6.6 billion. Same-store sales remained flat. Carol Meyrowitz, CEO of TJX, blamed soft apparel sales for the miss on expected net sales.
“While sales were not as strong as we would have liked, predominantly in our apparel business, I was very pleased that overall business trends improved as the quarter progressed,” said Meyrowitz. “Further, our inventories and expenses were well managed, which helped protect our margins. We enter the second quarter in an excellent position. We like our lean inventory levels, which enable us to capitalize on the plentiful buying opportunities we are seeing in the marketplace and ship great fashions, brands and quality merchandise to our stores at amazing values. Additionally, we have exciting marketing initiatives planned to drive customer traffic. We are very confident in our ability to achieve our plans for the remainder of 2014 and beyond as we continue to bring value around the world.”
Promotions at Dr Pepper Snapple Group
Dr Pepper Snapple Group has promoted Heather Catelotti to VP of investor relations. Catelotti will report directly to CFO Marty Ellen.
The move comes following Carolyn Ross’s elevation to SVP, strategy and innovation. Ross will continue to report to Ellen.
“Heather has played an instrumental role in the success of our investor relations function over the past two and a half years,” said Ellen. “Her strong analytical skills, understanding of our business and key industry relationships will serve DPS well. We appreciate Carolyn’s contributions to our investor relations function over the past five years, and with a previous background in marketing finance and marketing return analytics, we know she’s the right person to lead our growth strategies, innovation and commercial planning efforts.”
Catelotti is a graduate of Fairfield University and has worked for DPS and its predecessor companies for 10 years. She has served in numerous commercial finance roles and, prior to joining the investor relations team, helped establish the company’s revenue margin management function.
Urban Outfitters misses on Q1 net income, sales
Philadelphia – Urban Outfitters saw its net income decline 20% to $37.08 million in the first quarter of fiscal 2015, from $47.06 million in the first quarter of the previous fiscal year. This significant net income drop came despite a 6% jump in total net sales to $686.3 million, from $648.2 million.
Net income and sales totals both came in below Wall Street expectations. Total same-store sales remained flat. Higher marketing expenses, which helped boost net sales, contributed to the decline in net income.
"I am pleased to announce record first quarter sales driven by strong performances at both the Anthropologie and Free People brands," said Richard A. Hayne, CEO. "While Anthropologie and Free People continue to deliver record levels in sales and profits, Urban Outfitters had a disappointing quarter and is working diligently to regain its fashion footing.”