Edmond English, President and Chief Executive Officer of The TJX Companies, Inc. stated, "We are disappointed with our March sales results, which fell well short of our objectives. Severe or unseasonable weather throughout most of the country was the major contributor to this less-than-planned performance. Due to this sales shortfall and an aggressive markdown strategy, we are reducing our first quarter earnings estimates to $.43 per share, slightly below last year's $.44 per share. Although sales were below plan, our disciplined approach to inventory management during this period has resulted in average per store inventories at The Marmaxx Group being below last year's levels at the end of March. I am pleased with the great liquidity in our open-to-buy position, which enables us to take advantage of exceptional off-price opportunities in the market and continue to pass excellent values on to our customers."
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 662 T.J. Maxx, 544 Marshalls, 88 HomeGoods and 27 A.J. Wright stores in the United States. In Canada, the Company operates 119 Winners, and in Europe, 76 T.K. Maxx stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.
A recorded message with more detailed information regarding TJX's March 2001 sales results and its business is available by calling (703) 736-7248 or via the Internet at www.tjx.com. The recording will remain available via the phone and Internet through Thursday, April 19, 2001. TJX will release its April 2001 sales results on May 10, 2001 at approximately 8:15 a.m. EST. Concurrent with the press release, a recorded message with more detailed information regarding TJX's April sales results and its business will be available by calling (703) 736-7248 or via the Internet at www.tjx.com. That recording will remain available via the phone and Internet through Thursday, May 17, 2001. Additionally, the Company expects to release its first quarter fiscal 2002 earnings on Tuesday, May 15, 2001 before 9:30 a.m. EST. At 11:00 a.m. EST that day, Edmond English, President and Chief Executive Officer of The TJX Companies, will hold a conference call with stock analysts to discuss the Company's first quarter results. A real time webcast of the call will be available at www.tjx.com. A replay of the call will also be available at www.tjx.com and at (800) 327-0535 through May 22, 2001.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Certain statements contained in this release are forward-looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: general economic conditions and consumer demand and preferences; weather patterns in areas where the Company has concentrations of stores; competitive factors, including pressure from pricing and promotional activities of competitors; the impact of excess retail capacity and the availability of desirable store and distribution center locations on suitable terms; recruiting quality sales associates; the availability, selection and purchasing of attractive merchandise on favorable terms; potential disruptions in supply and duties, tariffs and quotas on imported merchandise, as well as economic and political problems in countries from which merchandise is imported; currency and exchange rate factors in foreign operations; expansion of the Company's store base, development of new businesses and application of the Company's off-price strategies in foreign countries; the Company's acquisition and divestiture activities; and other factors that are or may be described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
