The TJX Companies, Inc. Reports January 2004 Sales; Raises Fourth Quarter Earnings Outlook

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Feb. 5, 2004--The TJX Companies, Inc. today reported January 2004 sales results. Sales for the four-week period ended January 31, 2004, were $759 million, up 12% over $676 million achieved during the four-week period ended February 1, 2003. For the 52 weeks ended January 31, 2004, sales reached $13,143 million, an increase of 10% over last year's $11,990 million. Consolidated comparable store sales for the four-week period ended January 31, 2004, were up 2% over last year. For the 13-week fourth quarter, consolidated comparable store sales increased 3% above last year. For the 52-week, full-year period, consolidated comparable store sales increased 1% over last year.

Edmond English, President and Chief Executive Officer of The TJX Companies, Inc., stated, "While January comparable store sales came in slightly below our anticipated range, January is the least important selling period of the fourth quarter and merchandise margins continued to run ahead of our expectations. With our continued strong margin performance, we are now expecting fourth quarter earnings per share to come in slightly above our previously anticipated range, representing a significant increase over last 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 745 T.J. Maxx, 673 Marshalls, 182 HomeGoods, 99 A.J. Wright, and 31 Bob's stores in the United States. In Canada, the Company operates 160 Winners and 25 HomeSense stores, and in Europe, 147 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 January sales results, operations and business trends is available by calling [phone] or via the Internet at www.tjx.com. This sales recording will remain available via the phone and Internet through Thursday, February 12, 2004. The Company expects to release its fourth quarter and fiscal 2004 year-end earnings on Wednesday, February 25, 2004, 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 fiscal 2004 year-end results and expectations for fiscal 2005. 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 888-566-0599 through Wednesday, March 3, 2004. The Company expects to release its February 2004 sales on Thursday, March 4, 2004, at approximately 8:15 a.m. EST. Concurrent with that press release, a recorded message with more detailed information regarding TJX's February sales results, operations and business trends will be available via the phone at [phone] and at the Company's website www.tjx.com through Thursday, March 11, 2004.

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; changes in laws and regulations; and other factors that may be described in our 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.