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| So -- by the way, in our Sierra sales trend all last year was strong, and we've been thrilled with where we're heading there, which is why in both of these situations where pretty aggressive on store comp |
| It was great to see the home business return to positive comp sales trends |
| So we definitely see it as a positive for our driving customers back to our stores |
| But again, similar to when we talk about HomeGoods, with Marmaxx, it's -- again, it's about that strong execution, driving that top line and continuing to improve the merchandise margin through better buying |
| I am extremely pleased with our very strong finish to 2023 |
| I mean, obviously, we had a huge improvement during the year, up 100 basis points |
| Overall comp sales were up a strong 5% and were entirely driven by growth in customer transactions |
| This is great to see as it underscores our ability to continue gaining market share in all of our geographies |
| So you're touching on it, what I think is a competitive advantage and future continuing to be traffic driver for TJX |
| businesses, Marmaxx and HomeGoods, continued their very strong sales momentum |
| Also, it was great to see comp sales growth accelerate versus the third quarter at our Canadian and international divisions |
| We are confident that our exciting assortments and excellent values resonated with shoppers across all of our retail banners this holiday season |
| Our home merchants are so linked up across all the organizations, which is why we're bullish on total TJX Home business which, as you know, we've talked in the past, over 1/3 of our business will be home business in TJX this year, heading to a higher percentage over the next few years, that's what we believe |
| For the full year, overall sales surpassed $50 billion, marking a milestone for our company |
| Even more exciting, we still see plenty of opportunities to continue our growth in our markets around the world |
| We do believe -- like our Marmaxx, we believe HomeGoods is one of the most exciting store shopping experiences on the planet, really |
| Profitability increased significantly and earnings per share grew double digits, all well above our initial guidance for the year |
| Importantly, we saw comp sales growth across each of our divisions, again, all driven by increases in customer transactions |
| We are confident that we gain market share in every geography that we operate in |
| Our outstanding performance in 2023 is a testament to the sharp execution of our talented associates around the world and their relentless focus on delivering excellent value to our customers every day |
| And so it's an unusual thing when the whole business years ago, we've had really strong home goods and home trends for years |
| Next, we are extremely confident that there is more than enough inventory available in the marketplace to support our growth plans |
| So as you can imagine, that's one of the businesses we feel has a lot more upside |
| We are in a terrific position to continue flowing a fresh assortment of goods to our stores and online this spring and throughout the year |
| Adjusted gross margin for the full year was 29.9%, up 230 basis points versus last year's 27.6%, primarily driven by a significant benefit from lower freight costs as well as strong mark-on and 10 basis points of shrink favorability |
| Further, each of our divisions continue to affect an outsized number of younger customers to its stores, attract an outsized number of younger customers to our stores, which we believe bodes well for the future |
| Yes, the beauty business is obviously, you can see from the presentation in the store that's been very healthy for us |
| Adjusted net sales grew to $15.5 billion, a 7% increase versus last year |
| Fifth, we continue to see opportunities for store growth around the world |
| So we see a definite improvement in the performance as we do move those stores |
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| We are -- we have challenged the organization to try to increase visits |
| Yes, we had some onetime headwind |
| I mean HomeGoods was impacted by freight more than some of the other divisions |
| I was wondering if you could speak to kind of what's constraining that business below your long-term goal of low double digits and when you think it gets there |
| We can just see because other retailers have had to go up, and they aren't coming down even though inflation has moderated |
| As a reminder, in the second quarter, this division's profitability was significantly impacted by a reserve related to a German government COVID receivable |
| So we -- that was holding back our comps a little in the first couple of weeks of February even though we were -- it's in our guidance range |
| aren't doing that well |
| And fortunately, what's going on, I think, in the landscape is you have the e-com players on home as well as the brick-and-mortar are creating additional opportunity for our home business because of their execution and the lack of excitement |
| So I think that, Lorraine, is going to still continue for a while |
| But for what we see, our visibility right now looks like they won't change much |
| One indirect byproduct and I know you're not asking this, but I would like to mention to everyone on the call, one of the things that's happening with all the store closures is the importance to the vendor community keeps rising for our merchants amidst less brick-and-mortar competition, so to speak |
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