The TJX Companies Reports Strong January and 4th Quarter Sales; Trims Estimated Increase of 4th Quarter FY02 Earnings

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Feb. 7, 2002--The TJX Companies, Inc. (NYSE: TJX) today reported January 2002 sales results. Sales for the four week period ended February 2, 2002 were $631 million, up 15% over $551 million achieved during the four week period ended February 3, 2001. For the 52 weeks ended February 2, 2002, sales reached $10,731 million, an increase of 12% over last year's $9,592 million. Consolidated comparable store sales for the four week period ended February 2, 2002 were up 4% over last year. For the 52 week year-to-date period, consolidated comparable store sales increased 3% over last year. For the thirteen week fourth quarter, consolidated comparable store sales increased 6%.

Edmond English, President and Chief Executive Officer of The TJX Companies, Inc. stated, "We are pleased that business trends continued to be robust, although January is the least important month in the fourth quarter. Our 6% fourth quarter comparable store sales increase is well ahead of our original plan and merchandise margins continue to be very strong. We believe these results once again reflect our ability to compete very effectively in a highly promotional retail environment. That said, preliminary results from our routine end-of-year physical inventory procedure indicate inventory shortage coming in higher than anticipated, returning to the historic levels which we last experienced in the mid-90s. We had seen a gradual decline in inventory shortage over the past several years as we invested in enhanced security measures."

English concluded, "We continue to anticipate an increase in fourth quarter gross margin and now anticipate that earnings per share for the fourth quarter will be $.55 to $.56, representing a 15% to 17% increase over last year. Looking ahead, we believe that the momentum in our business, our liquid open-to-buy position and the abundance of great merchandise opportunities in the marketplace bode extremely well for us as we enter the new year."

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 687 T.J. Maxx, 582 Marshalls, 112 HomeGoods and 45 A.J. Wright stores in the United States. In Canada, the Company operates 131 Winners and 7 HomeSense stores, and in Europe,101 T.K. Maxx stores. TJX's press release and financial information are also available on the Internet at www.tjx.com.

A recorded message with more detailed information regarding TJX's January 2002 sales results and its business is available by calling [phone] or via the Internet at www.tjx.com. The recording will remain available via the phone and Internet through Thursday, February 14, 2002. TJX will release its February 2002 sales results on March 7, 2002 at approximately 8:15 a.m. EST. Concurrent with the press release, a recorded message with more detailed information regarding TJX's February sales results and its business will be available by calling [phone] or via the Internet at www.tjx.com. That recording will remain available though the phone and Internet through Thursday, March, 14, 2002. Additionally, the Company expects to release its fourth quarter and fiscal 2002 year-end earnings on Wednesday, February 27, 2002 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 year-end results and expectations for fiscal 2003. A real time webcast of the call will be available at www.tjx.com. A replay of the call will also be available by dialing 888-562-6153 through March 6, 2002.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Certain statements contained in this report 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 including affects of terrorist incidents and military actions and consumer demand and preferences; weather patterns in areas where we have 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 our foreign operations; expansion of our store base, development of new businesses and application of our off-price strategies in foreign countries; our acquisition and divestiture activities; our ultimate liability with respect to leases relating to discontinued operations including indemnification and other factors affecting or mitigating our liability; completion of our normal year-end financial closing process; and other factors that are or may be described in the Company's filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.