The TJX Companies, Inc. Reports April 2003 Sales; First Quarter Earnings In Line

FRAMINGHAM, Mass.--(BUSINESS WIRE)--May 8, 2003--The TJX Companies, Inc. today reported April 2003 sales results. Sales for the four-week period ended May 3, 2003, were $956 million, up 6% over $899 million achieved during the four-week period ended May 4, 2002. For the thirteen weeks ended May 3, 2003, sales reached $2,841 million, a 5% increase over last year's $2,710 million. Consolidated comparable store sales for the four-week period ended May 3, 2003, were flat with last year's 4% increase. For the thirteen-week period ended May 3, 2003, consolidated comparable store sales decreased 2% versus a strong 7% increase last year.

Edmond English, President and Chief Executive Officer of The TJX Companies, Inc., commented, "Sales for the month of April were below our expectations. The lift in sales that we had expected from the shift of Easter to April was offset by continued, unseasonably cold weather throughout the month. Despite this shortfall in sales, merchandise margins have exceeded our goals and first quarter earnings are in line with our expectations. We have been taking advantage of the tremendous buying opportunities in the marketplace and are pleased with the exciting values that are flowing into our stores as we enter the second 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 719 T.J. Maxx, 639 Marshalls, 146 HomeGoods and 83 A.J. Wright stores in the United States. In Canada, the Company operates 154 Winners and 19 HomeSense stores, and in Europe, 123 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 April 2003 sales results and its business is available by calling [phone] or via the Internet at www.tjx.com. The sales recording will remain available via the phone and Internet through Thursday, May 15, 2003. Additionally, the Company expects to release first quarter fiscal 2004 earnings on Tuesday, May 13, 2003, before 9:30 a.m. EDT. At 11:00 a.m. EDT that day, Edmond English, President and Chief Executive Officer of The TJX Companies, Inc., 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 by dialing [phone] through Tuesday, May 20, 2003.

SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: general economic conditions including effects of wars, other military actions and terrorist incidents; consumer confidence, demand and preferences; weather patterns; competitive factors, including continuing 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 and other associates; the availability, selection and purchasing of attractive merchandise on favorable terms and the effective management of inventory levels; import risks, including potential disruptions in supply and duties, tariffs and quotas on imported merchandise, including economic, political or other problems in countries from which merchandise is imported; currency and exchange rate factors in our foreign and buying operations; ability to continue successful expansion of our store base at the rate projected; risks in the development of new businesses and application of our off-price strategies in additional foreign countries; factors affecting expenses including pressure on wages and benefits; our acquisition and divestment activities; our ultimate liability with respect to leases relating to discontinued operations including indemnification and other factors affecting or mitigating our liability, and; changes in laws and regulations. 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.