The TJX Companies, Inc. Reports June 2004 Sales; Trims Second Quarter Earnings Per Share Estimate

FRAMINGHAM, Mass.--(BUSINESS WIRE)--July 8, 2004--The TJX Companies, Inc. (NYSE:TJX) today reported June 2004 sales results. Sales for the five-week period ended July 3, 2004, were $1.3 billion, up 10% over $1.2 billion achieved during the five-week period ended July 5, 2003. For the 22 weeks ended July 3, 2004, sales reached $5.8 billion, a 15% increase over last year's $5.0 billion. Consolidated comparable store sales for the five-week period ended July 3, 2004, increased 2% over last year. For the 22-week, year-to-date period, consolidated comparable store sales increased 6% over last year.

Edmond J. English, President and Chief Executive Officer of The TJX Companies, Inc., commented, "Our June comparable store sales increase of 2% was below our expectations, which we believe is largely due to the sluggish consumer environment that prevailed throughout the month. Given the sales shortfall in June, our largest-volume month in the second quarter, combined with continued weakness at our HomeGoods division, we have trimmed our earnings per share expectations for the quarter to $.24 - $.25 per share. That said, at The Marmaxx Group, we continued to see enthusiastic customer response to our selections of women's apparel, as well as our recently expanded footwear and jewelry/accessories departments. We are also pleased with our very liquid open-to-buy position as we enter the back-to-school selling season, which enables us to continue to flow fresh, exciting merchandise to our stores at great values."

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 753 T.J. Maxx, 684 Marshalls, 189 HomeGoods, and 108 A.J. Wright stores, as well as 31 Bob's Stores, in the United States. In Canada, the Company operates 162 Winners and 32 HomeSense stores, and in Europe, 153 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 June 2004 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling [phone] through Thursday, July 15, 2004. The Company expects to release its July 2004 sales on Thursday, August 5, 2004, at approximately 8:15 a.m. EDT. Concurrent with that press release, a recorded message with more detailed information regarding TJX's July sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling [phone] through Thursday, August 12, 2004. Additionally, the Company expects to release its second quarter fiscal 2005 earnings on Tuesday, August 17, 2004, 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 second quarter results, operations and business trends. 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 or by dialing 888-300-0172 through Tuesday, August 24, 2004. Archived versions of our recorded messages and conference calls are available at www.tjx.com after they are no longer available by telephone.

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: our ability to continue successful expansion of our store base; risks of expansion; our ability to successfully implement our opportunistic inventory strategies and to effectively manage our inventories; consumer confidence, demand, spending habits and buying preferences; effects of unseasonable weather; competitive factors; factors affecting availability of store and distribution center locations on suitable terms; factors affecting our recruitment and employment of associates; factors affecting expenses; success of our acquisition and divestiture activities; our ability to successfully implement technologies and systems; our ability to continue to generate adequate cash flows; general economic conditions; potential disruptions due to wars, natural disasters and other events beyond our control; changes in currency and exchange rates; import risks; adverse outcomes for any significant litigation; changes in laws and regulations and accounting rules and principles; 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 in such statements will not be realized.