The TJX Companies, Inc. Reports September 2002 Sales and Lowers Third Quarter Earnings Estimate

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Oct. 10, 2002--The TJX Companies, Inc. (NYSE: TJX) today reported September 2002 sales results. Sales for the five-week period ended October 5, 2002 were $1,131 million, up 8% over $1,044 million achieved during the five-week period ended October 6, 2001. For the 35 weeks ended October 5, 2002, sales reached $7,528 million, an increase of 13% over last year's $6,682 million. Consolidated comparable store sales for the five-week period ended October 5, 2002 were down 1% versus last year. For the 35-week year-to-date period, consolidated comparable store sales increased 3% over last year.

Edmond J. English, President and Chief Executive Officer of The TJX Companies, Inc. stated, "Fall apparel sales are traditionally a key component of our September business. This year, those sales were negatively impacted by unseasonably warm weather throughout much of the United States and Canada. However, we saw strong sales in the western part of the United States and Florida where temperatures were seasonable. Our home fashions business, typically not as weather sensitive, has continued to be very strong.

"Due to the sales shortfall in September, we are lowering our earnings per share estimate for the third quarter to a range of $.28 to $.30 versus the $.27 per share earned from continuing operations last year. Looking ahead, we anticipate demand for apparel to return with more seasonable temperatures. Inventories are in excellent shape at all of our divisions. There are tremendous merchandise opportunities in the marketplace and we are in a great position to take full advantage of them."

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 708 T.J. Maxx, 614 Marshalls, 135 HomeGoods and 65 A.J. Wright stores in the United States. In Canada, the Company operates 144 Winners and 13 HomeSense stores, and in Europe, 116 T.K. Maxx stores. TJX's press releases and financial information are also available at www.tjx.com.

A recorded message with more detailed information regarding TJX's September 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, October 17, 2002. TJX expects to release its October 2002 sales results on Thursday, November 7, 2002 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 via the phone and Internet through Thursday, November 14, 2002. Additionally, the Company expects to release third quarter fiscal 2003 earnings on Tuesday, November 12, 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 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 19, 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 effects 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; our ability to effectively manage inventory levels; 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; 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.