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TJX Cos. Inc. (TJX)

Common-Size Income Statement

Difficulty: Beginner

TJX Cos. Inc., Common-Size Consolidated Income Statement

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12 months ended Feb 2, 2019 Feb 3, 2018 Jan 28, 2017 Jan 30, 2016 Jan 31, 2015 Feb 1, 2014
Net sales 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales, including buying and occupancy costs -71.41 -71.11 -71.02 -71.21 -71.45 -71.49
Gross earnings 28.59% 28.89% 28.98% 28.79% 28.55% 28.51%
Selling, general and administrative expenses -17.77 -17.78 -17.38 -16.82 -16.15 -16.29
Impairment of goodwill and other long-lived assets, related to Sierra 0.00 -0.28 0.00 0.00 0.00 0.00
Operating earnings 10.82% 10.84% 11.60% 11.97% 12.40% 12.22%
Loss on early extinguishment of debt 0.00 0.00 -0.16 0.00 -0.06 0.00
Pension settlement charge -0.09 0.00 -0.09 0.00 0.00 0.00
Interest expense, excluding capitalized interest -0.17 -0.18 -0.19 -0.19 -0.19 -0.17
Interest income 0.14 0.09 0.05 0.04 0.05 0.05
Interest expense, net -0.02% -0.09% -0.13% -0.15% -0.14% -0.11%
Income before provision for income taxes 10.71% 10.75% 11.22% 11.82% 12.21% 12.10%
Provision for income taxes -2.86 -3.48 -4.29 -4.46 -4.59 -4.31
Net income 7.85% 7.27% 6.93% 7.36% 7.62% 7.79%

Based on: 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31), 10-K (filing date: 2014-04-01).

Item Description The company
Operating earnings The net result for the period of deducting operating expenses from operating revenues. TJX Cos. Inc.’s operating earnings as a percentage of net sales declined from 2017 to 2018 and from 2018 to 2019.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. TJX Cos. Inc.’s income before provision for income taxes as a percentage of net sales declined from 2017 to 2018 and from 2018 to 2019.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. TJX Cos. Inc.’s net income as a percentage of net sales increased from 2017 to 2018 and from 2018 to 2019.