The TJX Companies, Inc. Reports September 2001 Sales and Lowers Third Quarter Earnings Estimate

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Oct. 11, 2001--The TJX Companies, Inc. (NYSE: TJX) today reported September 2001 sales results. Sales for the five-week period ended October 6, 2001 were $1,044 million, up 10% over $947 million achieved during the five-week period ended October 7, 2000. For the 35 weeks ended October 6, 2001, sales reached $6,682 million, an increase of 10% over last year's $6,099 million. Consolidated comparable store sales for the five-week period ended October 6, 2001 were up 2% over last year. For the 35-week year-to-date period, consolidated comparable store sales increased 2% over last year.

Before commenting on business trends, Edmond English, President and Chief Executive Officer of The TJX Companies, Inc. stated, "Our Company has suffered greatly, having lost seven beloved associates in the September 11 attacks. I would like to express my gratitude for the loyalty and support that our customers, associates, vendors, business partners, shareholders and other friends have demonstrated for our Company during these difficult times."

Continuing about business, Mr. English commented, "Although sales were severely hurt from September 11 through September 14, our business prior to the terrorist attacks was strong and picked up again over the weekend of September 15-16. In fact, comparable store sales for the last three weeks of the sales period increased by 5%, although the entire period came in below our expectations. That said, we recognized that these are unusually difficult times and have intentionally taken a two-pronged approach in order to maintain our competitive edge. We have continued to pursue an aggressive markdown strategy in order to keep our very liquid inventory position which enables us to buy smarter and offer excellent fashion, quality and price to our customers. In addition, we have taken a very aggressive stance on pricing to ensure that our values continue to be the best in our market niche of apparel and home fashions retailing. This broader approach has been successful in generating business as evidenced by our September sales trends, but has caused us to lower our profit estimate in the third quarter to $.54 per share versus $.56 per share last year."

English concluded, "There is an abundance of tremendous buys in the marketplace and, with our very liquid inventories and large open-to-buy positions, we are taking advantage of them. These buys are currently in the pipeline and should help mitigate costs associated with our aggressive pricing strategy in the fourth quarter."

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 670 T.J. Maxx, 565 Marshalls, 104 HomeGoods and 36 A.J. Wright stores in the United States. In Canada, the Company operates 127 Winners and 6 HomeSense stores, and in Europe, 89 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 on TJX's September 2001 sales results and its business is available by calling [phone] or via the Internet at www.tjx.com. The recording will be available via the phone and Internet through Thursday, October 18, 2001. TJX expects to release its October sales results on November 8, 2001 at approximately 8:15 a.m. EST. Concurrent with the press release, a recorded message with more detailed information regarding TJX's October sales results and its business will be available by calling [phone] or via the Internet at www.tjx.com. That recording will remain available through Thursday, November 15, 2001. Additionally, the Company expects to release third quarter fiscal 2002 earnings on Tuesday, November 13, 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 third 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 [phone] through November 20, 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.