The TJX Companies, Inc. Reports Strong April 2008 Sales; Updates First Quarter Outlook
FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE: TJX) today reported April 2008 sales results. Sales for the four-week period ended May 3, 2008, were $1.4 billion, up 12% over the $1.3 billion achieved during the four-week period ended May 5, 2007. For the thirteen weeks ended May 3, 2008, sales reached $4.4 billion, up 6% over the $4.2 billion achieved during the thirteen weeks ended May 5, 2007. Consolidated comparable store sales for the four-week period ended May 3, 2008, increased 8% over last year.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Our April consolidated comparable store sales increase of 8% was above our expectations as business trends improved dramatically when the weather turned warmer. Our value proposition, offering customers the combination of great fashion, quality, brand and price, continues to serve us well, even in a challenging consumer environment. Above-plan comparable store sales, coupled with sharp execution of our inventory strategies, has led to strong margin performance. As we enter the second quarter, we are very well positioned to capitalize upon the great buying opportunities in the marketplace and flow exciting merchandise to our stores.”
With April’s above-plan consolidated comparable store sales, strong margins and effective expense control, the Company now expects Fiscal 2009 first quarter earnings per share to be $.40 - $.41, which is above its most recently anticipated range. In addition, the Company now expects to report a one-time benefit in the quarter due to certain tax-related adjustments which would further increase first quarter earnings per share.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 857 T.J. Maxx, 786 Marshalls, 295 HomeGoods, and 130 A.J. Wright stores, as well as 34 Bob’s Stores, in the United States. In Canada, the Company operates 196 Winners and 73 HomeSense stores, and in Europe, 228 T.K. Maxx stores and 2 HomeSense stores. TJX’s press releases and financial information are also available on the Internet at www.tjx.com.
April and May Fiscal 2009 Sales Recorded Calls
A recorded message with more detailed information regarding TJX’s April 2008 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, May 15, 2008. The Company expects to release its May 2008 sales results on Thursday, June 5, 2008, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s May sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, June 12, 2008.
First Quarter Fiscal 2009 Earnings Conference Call
The Company expects to release its first quarter Fiscal 2009 earnings on Tuesday, May 13, 2008, before 9:30 a.m. ET. At 11:00 a.m. ET that day, Carol Meyrowitz, President and Chief Executive Officer, TJX, will hold a conference call with stock analysts to discuss the Company’s first quarter Fiscal 2009 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 (866) 367-5577 through Tuesday, May 20, 2008.
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 are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: matters relating to the computer intrusion(s) including potential losses that could exceed our reserve, potential effects on our reputation and sales and other consequences to the value of our Company and related value of our stock; our ability to successfully expand our store base and increase same store sales; risks of expansion and costs of contraction; risks inherent in foreign operations; our ability to successfully implement our opportunistic buying strategies and to manage our inventories effectively; successful advertising and promotion; consumer confidence, demand, spending habits and buying preferences; effects of unseasonable weather; competitive factors; availability of store and distribution center locations on suitable terms; our ability to recruit and retain 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; our ability to execute our share repurchase program; availability and cost of financing; general economic conditions, including fluctuations in the price of oil; potential disruptions due to wars, natural disasters and other events beyond our control; changes in currency and exchange rates; issues with merchandise quality and safety; import risks; adverse outcomes for any significant litigation; compliance with and changes in laws and regulations and accounting rules and principles; adequacy of reserves; closing adjustments; failure to meet market expectations; 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.
