A Message From Our CEO
The year 2013 was another successful year for TJX on top of many great years! Our off-price values continued to resonate with U.S. and international consumers against the backdrop of a competitive retail environment. Sales for the 52-week fiscal year reached $27.4 billion, up 6% over the 53-week period last year. Consolidated comparable store sales grew 3%, on top of a 7% increase in the prior year, and earnings per share grew 15% over the prior year’s strong gains. This marks our 18th consecutive year of earnings per share growth!
In the U.S., Marmaxx and HomeGoods delivered excellent results in 2013. TJX Canada met our expectations for the year, and Marshalls continued its successful expansion in that country. TJX Europe achieved outstanding performance again last year, which is very exciting as we believe there is vast growth potential for our Company in Europe. We also launched our new e-commerce site, tjmaxx.com, in the U.S. in the fall, which, along with sierratradingpost.com in the U.S. and our tkmaxx.com site in the U.K., gives more consumers the ability to shop our great values 24 hours a day, 7 days a week.
Looking ahead, we see tremendous opportunities to bring value around the world! We believe our customer demographic is one of the widest in retail, and we are convinced we will continue to gain U.S. and international market share. To help retain our loyal customers and attract new ones, we’re planning even more aggressive marketing in 2014. We also plan to continue upgrading the shopping experience in our stores and offering new and exciting initiatives. With a vendor universe of more than 16,000 vendors, we plan to continue to build our brand presence to bring even more exciting assortments to our customers. Customer service is also an ongoing focus for us. Our customer satisfaction scores increased in 2013, and we will be working to raise the bar even further this year.
We see enormous opportunity to continue our successful global store growth. Long-term, we believe we can grow to 5,150 stores, which represents about 60% more stores than our 2013 year-end total, with just our current chains in just our current markets alone. Beyond this, we see further opportunity and are excited about our plans to expand T.K. Maxx into Austria with our first few stores in 2015. We also see e-commerce as another major long-term opportunity as it represents an additional channel for us to attract new customers and drive customer traffic — both online and in our stores.
To support our next level of growth, we continue to invest in our supply chain and systems infrastructure to become even better at shipping the right merchandise to the right stores at the right time, further enhancing the treasure hunt experience that our customers love. Of course, teaching and developing our next generation of leaders remain a top priority because we understand that our ability to achieve our future goals relies on the talent and people within our organization.
As we look ahead, we remain laser-focused on near-term execution of our off-price business model, while setting our sights on our long-term vision to grow TJX as a global, off-price retailer. Importantly, we are proud of our ability to invest in our future, while simultaneously driving superior financial returns and distributing cash to our shareholders through our share buyback and dividend programs. We have great confidence that we will continue driving profitable growth for many years to come!