January 2006 Sales
Consolidated net sales for the four-week period ended January 28, 2006, were $946 million, up 11% over $853 million achieved during the four-week period ended January 29, 2005. For the 52 weeks ended January 28, 2006, sales reached $16.1 billion, an increase of 8% over $14.9 billion achieved last year. Consolidated comparable store sales for the four-week period ended January 28, 2006, were up 5% over the same period last year. For the 13-week fourth quarter, consolidated comparable store sales increased 3% above last year's fourth quarter. For the 52-week, year-to-date period, consolidated comparable store sales increased 2% over last year.
Ben Cammarata, Chairman and Acting Chief Executive Officer of The TJX Companies, Inc., stated, "Our comparable store sales increase of 5% in January exceeded our expectations and came on top of a 5% comparable store sales increase in January last year. Solid execution of off-price fundamentals, namely maintaining liquid inventories, making the right buys late in the season, and flowing fresh product at compelling values, led to a strong finish to the year. Inventories are in excellent shape as we enter the new year and we remain focused on driving profitable sales across all divisions of the Company."
Fourth Quarter Outlook
The Company expects that fourth quarter earnings per share will exceed its previously disclosed range of $.41 - $.43, before the net positive impact of the one-time tax benefit and stock option expensing described below.
Repatriation of Foreign Earnings
The Company also today announced that it expects to realize a one-time tax benefit from the repatriation of foreign earnings in the fourth quarter and the fiscal year ended January 28, 2006. The TJX Board of Directors approved the repatriation of approximately US$260 million of accumulated earnings from its Canadian subsidiary, Winners, which was completed during January 2006. Recent U.S. tax legislation allows multinationals a one-time opportunity to repatriate accumulated earnings from foreign subsidiaries at a significantly reduced income tax rate. As a result, TJX's repatriation of foreign earnings will result in a one-time tax benefit to net income of approximately $47 million, or $.10 per share, which the Company will recognize in the fourth quarter of the current fiscal year, ended January 28, 2006.
Early Adoption of Stock Option Expensing
Separately, The TJX Companies announced its early adoption of the Statement of Financial Accounting Standards (SFAS) No. 123R relating to accounting for stock based compensation in the fourth quarter of the current fiscal year, which the Company expects will reduce earnings per share by $.03 in the fourth quarter of fiscal 2006 and by $.12 for the full fiscal 2006 year. The Company has elected the modified retrospective transition method. Accordingly, prior period financial statements will be adjusted to reflect the effect of stock option expense on a consolidated basis, as previously disclosed in the pro forma footnote to the TJX financial statements. Additionally, segment data will be adjusted to reflect the related stock option expense. (See attached schedules.)
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 799 T.J. Maxx, 715 Marshalls, 251 HomeGoods and 152 A.J. Wright stores, as well as 35 Bob's Stores, in the United States. In Canada, the Company operates 174 Winners and 58 HomeSense stores, and in Europe, 197 T.K. Maxx stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.
January and February 2006 Sales Recorded Calls
A recorded message with more detailed information regarding TJX's January 2006 sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, February 9, 2006. Additionally, the Company expects to release its February 2006 sales on Thursday, March 2, 2006, at approximately 8:15 a.m. ET. 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 Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, March 9, 2006.
Fourth Quarter and Fiscal Year 2006 Conference Call
The Company expects to release fourth quarter and fiscal 2006 year-end earnings on Wednesday, February 22, 2006, before 9:30 a.m. ET. At 11:00 a.m. ET that day, Ben Cammarata, Chairman and Acting Chief Executive Officer, and Carol Meyrowitz, President of TJX, will hold a conference call with stock analysts to discuss the Company's fiscal 2006 results, operations and business trends, as well as expectations for fiscal 2007. 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 (800) 216-3035 through Wednesday, March 1, 2006.
Archived versions of the Company's 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, including projections of earnings per share and same store sales, 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 and protect data; our ability to continue to generate adequate cash flows; availability and cost of financing; general economic conditions, including gasoline prices; 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; effectiveness of internal controls; 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.
The TJX Companies, Inc.
Financial Summary - As Reported and as Adjusted for 123R
Three Fiscal Years Ended January 2003 through January 2005
AS REPORTED As Reported for the Fiscal Year Ended
-------------------------------------
January 29, January 31, January 25,
2005 2004 2003
----------- ----------- -----------
53 Weeks
Net Sales $14,913,483 $13,327,938 $11,981,207
=========== =========== ===========
Income before provision for
income taxes 1,079,693 1,068,326 937,724
Provision for income taxes 415,549 409,961 359,336
----------- ----------- -----------
Net Income $ 664,144 $ 658,365 $ 578,388
=========== =========== ===========
Net income per share:
Basic $ 1.36 $ 1.30 $ 1.09
Diluted $ 1.30 $ 1.25 $ 1.05
AS ADJUSTED FOR 123R As Adjusted for the Fiscal Year Ended
-------------------------------------
January 29, January 31, January 25,
2005 2004 2003
----------- ----------- -----------
53 Weeks
Net Sales $14,913,483 $13,327,938 $11,981,207
=========== =========== ===========
Income before provision for
income taxes 988,951 986,738 871,514
Provision for income taxes 379,252 377,326 332,852
----------- ----------- -----------
Net Income $ 609,699 $ 609,412 $ 538,662
=========== =========== ===========
Net income per share:
Basic $ 1.25 $ 1.20 $ 1.01
Diluted $ 1.21 $ 1.16 $ 0.98
IMPACT OF STOCK COMPENSATION
ADJUSTMENT ON:
Income before provision for
income taxes $ 90,742 $ 81,588 $ 66,210
Net Income $ 54,445 $ 48,953 $ 39,726
Net income per share:
Basic $ 0.11 $ 0.10 $ 0.08
Diluted $ 0.09 $ 0.09 $ 0.07
The TJX Companies, Inc.
Segment Information - As Reported and as Adjusted for 123R
Three Fiscal Years Ended January 2003 through January 2005
AS REPORTED As Reported for the Fiscal Year Ended
-----------------------------------
January 29, January 31, January 25,
2005 2004 2003
---------- ---------- ----------
53 Weeks
Segment Profit (loss)
Marmaxx $1,023,524 $ 961,632 $ 887,944
Winners and HomeSense 108,884 106,745 85,301
T.K. Maxx 70,724 59,059 43,044
HomeGoods 23,132 49,836 32,128
A.J. Wright (15,032) 1,692 (12,566)
Bob's Stores (17,269) (4,970) 0
---------- ---------- ----------
1,193,963 1,173,994 1,035,851
General corporate expense 88,513 78,416 72,754
Interest expense, net 25,757 27,252 25,373
---------- ---------- ----------
Income before provision for
income taxes $1,079,693 $1,068,326 $ 937,724
========== ========== ==========
AS ADJUSTED FOR 123R As Adjusted for the Fiscal Year Ended
-----------------------------------
January 29, January 31, January 25,
2005 2004 2003
---------- ---------- ----------
53 Weeks
Segment Profit (loss)
Marmaxx $ 982,082 $ 922,907 $ 856,514
Winners and HomeSense 99,701 98,928 79,573
T.K. Maxx 63,975 53,655 39,205
HomeGoods 18,148 45,388 28,607
A.J. Wright (19,626) (2,125) (15,363)
Bob's Stores (18,512) (5,025) 0
---------- ---------- ----------
1,125,768 1,113,728 988,536
General corporate expense 111,060 99,738 91,649
Interest expense, net 25,757 27,252 25,373
---------- ---------- ----------
Income before provision for
income taxes $ 988,951 $ 986,738 $ 871,514
========== ========== ==========
ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT
Marmaxx $ 41,442 $ 38,725 $ 31,430
Winners and HomeSense 9,183 7,817 5,728
T.K. Maxx 6,749 5,404 3,839
HomeGoods 4,984 4,448 3,521
A.J. Wright 4,594 3,817 2,797
Bob's Stores 1,243 55 0
General Corporate expense 22,547 21,322 18,895
---------- ---------- ----------
Total adjustment $ 90,742 $ 81,588 $ 66,210
========== ========== ==========
The TJX Companies, Inc.
Financial Summary - As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 28, 2006
AS REPORTED Quarterly results as reported for
the Fiscal Year Ended January 28, 2006
------------------------------------
First Second Third
Quarter Quarter Quarter
Ended Ended Ended
April 30, July 30, October 29,
2005 2005 2005
---------- ---------- ----------
Net Sales $3,651,830 $3,647,866 $4,041,912
========== ========== ==========
Income before provision for
income taxes 242,718 200,491 279,344
Provision for income taxes 93,374 77,350 108,181
---------- ---------- ----------
Net Income $ 149,344 $ 123,141 $ 171,163
========== ========== ==========
Net Income per share:
Basic $ 0.31 $ 0.26 $ 0.37
Diluted $ 0.30 $ 0.25 $ 0.36
AS ADJUSTED FOR 123R Quarterly results as adjusted for
the Fiscal Year Ended January 28, 2006
------------------------------------
First Second Third
Quarter Quarter Quarter
Ended Ended Ended
April 30, July 30, October 29,
2005 2005 2005
---------- ---------- ----------
Net Sales $3,651,830 $3,647,866 $4,041,912
========== ========== ==========
Income before provision for
income taxes 219,780 179,945 257,316
Provision for income taxes 84,199 69,131 101,991
---------- ---------- ----------
Net Income $ 135,581 $ 110,814 $ 155,325
========== ========== ==========
Net Income per share:
Basic $ 0.28 $ 0.24 $ 0.34
Diluted $ 0.28 $ 0.23 $ 0.32
IMPACT OF STOCK COMPENSATION ADJUSTMENT ON:
Income before provision for
income taxes $ 22,938 $ 20,546 $ 22,028
Net Income $ 13,763 $ 12,327 $ 15,838
Net Income per share:
Basic $ 0.03 $ 0.02 $ 0.03
Diluted $ 0.02 $ 0.02 $ 0.04
The TJX Companies, Inc.
Segment Information - As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 28, 2006
AS REPORTED Quarterly results as reported
for the Fiscal Year Ended
January 28, 2006
-----------------------------
First Second Third
Quarter Quarter Quarter
Ended Ended Ended
April 30, July 30, October 29,
2005 2005 2005
-------- -------- --------
Segment Profit (loss)
Marmaxx $267,660 $211,581 $251,104
Winners and HomeSense 12,344 20,567 52,237
T.K. Maxx (341) 10,484 22,679
HomeGoods 623 (3,700) 8,053
A.J. Wright (2,960) (1,587) (2,466)
Bob's Stores (6,523) (8,743) (6,736)
-------- -------- --------
270,803 228,602 324,871
General corporate expense 22,049 20,194 35,408
Interest expense, net 6,036 7,917 10,119
-------- -------- --------
Income before provision for income
taxes $242,718 $200,491 $279,344
======== ======== ========
AS ADJUSTED FOR 123R Quarterly results as adjusted
for the Fiscal Year Ended
January 28, 2006
-----------------------------
First Second Third
Quarter Quarter Quarter
Ended Ended Ended
April 30, July 30, October 29,
2005 2005 2005
-------- -------- --------
Segment Profit (loss)
Marmaxx $257,485 $202,295 $242,514
Winners and HomeSense 9,892 18,563 50,036
T.K. Maxx (2,236) 9,023 20,924
HomeGoods (666) (4,739) 6,921
A.J. Wright (4,173) (2,709) (3,561)
Bob's Stores (6,986) (9,155) (7,249)
-------- -------- --------
253,316 213,278 309,585
General corporate expense 27,500 25,416 42,150
Interest expense, net 6,036 7,917 10,119
-------- -------- --------
Income before provision for income
taxes $219,780 $179,945 $257,316
======== ======== ========
ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT
Marmaxx $ 10,175 $ 9,286 $ 8,590
Winners and HomeSense 2,452 2,004 2,201
T.K. Maxx 1,895 1,461 1,755
HomeGoods 1,289 1,039 1,132
A.J. Wright 1,213 1,122 1,095
Bob's Stores 463 412 513
General Corporate expense 5,451 5,222 6,742
-------- -------- --------
Total adjustment $ 22,938 $ 20,546 $ 22,028
======== ======== ========
The TJX Companies, Inc.
Financial Summary - As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 29, 2005
AS REPORTED Quarterly results as reported for the Fiscal
Year Ended January 29, 2005
----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
May 1, July 31, October 30, January 29,
2004 2004 2004 2005
---------- ---------- ---------- ----------
Net Sales $3,352,737 $3,414,287 $3,817,350 $4,329,109
========== ========== ========== ==========
Income before
provision for income
taxes 274,334 193,336 327,124 284,899
Provision for income
taxes 106,222 75,094 126,269 107,964
---------- ---------- ---------- ----------
Net Income $ 168,112 $ 118,242 $ 200,855 $ 176,935
========== ========== ========== ==========
Net Income per share:
Basic $ 0.34 $ 0.24 $ 0.41 $ 0.37
Diluted $ 0.32 $ 0.23 $ 0.40 $ 0.35
AS ADJUSTED FOR 123R Quarterly results as adjusted for the Fiscal
Year Ended January 29, 2005
-----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
May 1, July 31, October 30, January 29,
2004 2004 2004 2005
---------- ---------- ---------- ----------
Net Sales $3,352,737 $3,414,287 $3,817,350 $4,329,109
========== ========== ========== ==========
Income before
provision for income
taxes 252,355 172,351 300,300 263,945
Provision for income
taxes 97,431 66,998 115,858 98,965
---------- ---------- ---------- ----------
Net Income $ 154,924 $ 105,353 $ 184,442 $ 164,980
========== ========== ========== ==========
Net Income per share:
Basic $ 0.31 $ 0.21 $ 0.38 $ 0.34
Diluted $ 0.30 $ 0.21 $ 0.37 $ 0.33
IMPACT OF STOCK COMPENSATION ADJUSTMENT ON:
Income before
provision for income
taxes $ 21,979 $ 20,985 $ 26,824 $ 20,954
Net Income $ 13,188 $ 12,889 $ 16,413 $ 11,955
Net Income per share:
Basic $ 0.03 $ 0.03 $ 0.03 $ 0.03
Diluted $ 0.02 $ 0.02 $ 0.03 $ 0.02
The TJX Companies, Inc.
Segment Information - As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 29, 2005
AS REPORTED Quarterly results as reported for the Fiscal
Year Ended January 29, 2005
-----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
May 1, July 31, October 30, January 29,
2004 2004 2004 2005
-------- --------- -------- --------
Segment Profit
(loss)
Marmaxx $271,914 $ 202,582 $284,329 $264,699
Winners and
HomeSense 24,393 21,101 39,002 24,388
T.K. Maxx 1,943 9,533 29,828 29,420
HomeGoods 5,161 (626) 11,753 6,844
A.J. Wright (2,953) (3,239) (5,773) (3,067)
Bob's Stores 1,250 (8,231) (2,392) (7,896)
-------- --------- -------- --------
301,708 221,120 356,747 314,388
General corporate
expense 20,791 20,791 22,489 24,442
Interest expense,
net 6,583 6,993 7,134 5,047
-------- --------- -------- --------
Income before
provision for
income taxes $274,334 $ 193,336 $327,124 $284,899
======== ========= ======== ========
AS ADJUSTED FOR 123R Quarterly results as adjusted for the Fiscal
Year Ended January 29, 2005
-----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
May 1, July 31, October 30, January 29,
2004 2004 2004 2005
-------- --------- -------- --------
Segment Profit
(loss)
Marmaxx $261,695 $ 192,798 $272,260 $255,329
Winners and
HomeSense 22,158 19,045 36,277 22,221
T.K. Maxx 313 8,079 27,802 27,781
HomeGoods 3,937 (1,758) 10,275 5,694
A.J. Wright (4,020) (4,271) (7,148) (4,187)
Bob's Stores 1,046 (8,435) (2,822) (8,301)
-------- --------- -------- --------
285,129 205,458 336,644 298,537
General corporate
expense 26,191 26,114 29,210 29,545
Interest expense,
net 6,583 6,993 7,134 5,047
-------- --------- -------- --------
Income before
provision for
income taxes $252,355 $ 172,351 $300,300 $263,945
======== ========= ======== ========
ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT
Marmaxx $ 10,219 $ 9,784 $ 12,069 $ 9,370
Winners and
HomeSense 2,235 2,056 2,725 2,167
T.K. Maxx 1,630 1,454 2,026 1,639
HomeGoods 1,224 1,132 1,478 1,150
A.J. Wright 1,067 1,032 1,375 1,120
Bob's Stores 204 204 430 405
General
Corporate
expense 5,400 5,323 6,721 5,103
-------- --------- -------- --------
Total
adjustment $ 21,979 $ 20,985 $ 26,824 $ 20,954
======== ========= ======== ========
The TJX Companies, Inc.
Financial Summary - As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 31, 2004
AS REPORTED Quarterly results as reported for the Fiscal
Year Ended January 31, 2004
-----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
April 26, July 26, October 25, January 31,
2003 2003 2003 2004
---------- ---------- ---------- ----------
(14 Weeks)
Net Sales $2,788,705 $3,046,184 $3,387,452 $4,105,597
========== ========== ========== ==========
Income before
provision for income
taxes 185,206 201,080 300,031 382,009
Provision for income
taxes 71,675 77,818 117,198 143,270
---------- ---------- ---------- ----------
Net Income $ 113,531 $ 123,262 $ 182,833 $ 238,739
========== ========== ========== ==========
Net Income per share:
Basic $ 0.22 $ 0.24 $ 0.36 $ 0.48
Diluted $ 0.21 $ 0.23 $ 0.35 $ 0.46
AS ADJUSTED FOR 123R Quarterly results as adjusted for the Fiscal
Year Ended January 31, 2004
-----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
April 26, July 26, October 25, January 31,
2003 2003 2003 2004
---------- ---------- ---------- -----------
(14 Weeks)
Net Sales $2,788,705 $3,046,184 $3,387,452 $4,105,597
========== ========== ========== ==========
Income before
provision for income
taxes 165,573 181,463 278,326 361,376
Provision for income
taxes 63,821 69,972 108,516 135,017
---------- ---------- ---------- ----------
Net Income $ 101,752 $ 111,491 $ 169,810 $ 226,359
========== ========== ========== ==========
Net Income per share:
Basic $ 0.20 $ 0.22 $ 0.34 $ 0.45
Diluted(A) $ 0.19 $ 0.21 $ 0.32 $ 0.43
IMPACT OF STOCK COMPENSATION ADJUSTMENT ON:
Income before
provision for income
taxes $ 19,633 $ 19,617 $ 21,705 $ 20,633
Net Income $ 11,779 $ 11,771 $ 13,023 $ 12,380
Net Income per share:
Basic $ 0.02 $ 0.02 $ 0.02 $ 0.03
Diluted $ 0.02 $ 0.02 $ 0.03 $ 0.03
(A) In accordance with EITF N0. 04-08, the pro forma diluted earnings
per share for the fiscal year ended January 31, 2004 have been
adjusted for the impact of the shares associated with TJX's
contingently convertible debentures.
The TJX Companies, Inc.
Segment Information - As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 31, 2004
AS REPORTED Quarterly results as reported for the Fiscal
Year Ended January 31, 2004
-----------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
April 26, July 26, October 25, January 31,
2003 2003 2003 2004
--------- -------- -------- --------
(14 Weeks)
Segment Profit (loss)
Marmaxx $193,885 $191,800 $264,878 $311,069
Winners and
HomeSense 11,793 18,138 36,295 40,519
T.K. Maxx 916 8,184 17,507 32,452
HomeGoods 4,532 6,114 16,438 22,752
A.J. Wright (2,345) 1,839 (1,913) 4,111
Bob's Stores 0 0 0 (4,970)
-------- -------- -------- --------
208,781 226,075 333,205 405,933
General corporate
expense 16,597 17,767 25,944 18,108
Interest expense, net 6,978 7,228 7,230 5,816
-------- -------- -------- --------
Income before
provision for income
taxes $185,206 $201,080 $300,031 $382,009
======== ======== ======== ========
AS ADJUSTED FOR 123R Quarterly results as adjusted for the Fiscal
Year Ended January 31, 2004
--------------------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
Ended Ended Ended Ended
April 26, July 26, October 25, January 31,
2003 2003 2003 2004
-------- -------- -------- --------
(14 Weeks)
Segment Profit (loss)
Marmaxx $184,475 $182,390 $254,596 $301,446
Winners and
HomeSense 9,926 16,271 34,088 38,643
T.K. Maxx (387) 6,881 15,898 31,263
HomeGoods 3,446 5,028 15,206 21,708
A.J. Wright (3,212) 972 (2,924) 3,039
Bob's Stores 0 0 0 (5,025)
-------- -------- -------- --------
194,248 211,542 316,864 391,074
General corporate
expense 21,697 22,851 31,308 23,882
Interest expense, net 6,978 7,228 7,230 5,816
-------- -------- -------- --------
Income before
provision for income
taxes $165,573 $181,463 $278,326 $361,376
======== ======== ======== ========
ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT
Marmaxx $ 9,410 $ 9,410 $ 10,282 $ 9,623
Winners and
HomeSense 1,867 1,867 2,207 1,876
T.K. Maxx 1,303 1,303 1,609 1,189
HomeGoods 1,086 1,086 1,232 1,044
A.J. Wright 867 867 1,011 1,072
Bob's Stores 0 0 0 55
General Corporate
expense 5,100 5,084 5,364 5,774
-------- -------- -------- --------
Total
adjustment $ 19,633 $ 19,617 $ 21,705 $ 20,633
======== ======== ======== ========
