The TJX Companies, Inc. Reports July 2008 Sales; Expects Strong Second Quarter Results
FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE: TJX) today reported July 2008 sales results. Sales for the four-week period ended August 2, 2008, were $1.4 billion, up 6% over the $1.3 billion achieved during the four-week period ended August 4, 2007. For the 26 weeks ended August 2, 2008, sales reached $9.0 billion, up 7% over the $8.5 billion achieved during the 26 weeks ended August 4, 2007. Consolidated comparable store sales for the four-week period ended August 2, 2008, increased 3% over last year.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Our consolidated comparable store sales increase of 3% in July was in line with our expectations. With robust sales in the month of June, our clearance levels were very lean, which drove the bottom line. With solid sales and margin performance over the last three months, we look forward to reporting strong second quarter results next week. As we transition into the fall selling season, our stores look extremely fresh. We have great liquidity in our inventories and the marketplace continues to present exciting opportunities, which puts us in an excellent position to continue to offer our customers great fashions at great values.”
Second Quarter Fiscal 2009 Outlook
The Company is updating its second quarter earnings per share guidance to the range of $.44 to $.45 to reflect its strong margin performance and to include the negative impact of an anticipated impairment charge of approximately $.02 per share after tax, related to Bob's Stores, which was not contemplated in the Company's prior guidance for the period. This range compares to the reported $.13 in diluted earnings per share in the prior year, which includes a $.25 per share charge related to the previously announced computer intrusion(s). Excluding these charges, the Company now expects adjusted second quarter earnings per share of $.46 to $.47, which is higher than its previously anticipated range, and represents a 21% - 24% increase over the very strong adjusted $.38 earnings per share last year.
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 859 T.J. Maxx, 787 Marshalls, 297 HomeGoods, and 132 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, 231 T.K. Maxx and 6 HomeSense stores. TJX’s press releases and financial information are also available on the Internet at www.tjx.com.
July and August Fiscal 2009 Recorded Calls
A recorded message with more detailed information regarding TJX’s July 2008 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, August 14, 2008. The Company expects to release its August 2008 sales results on Thursday, September 4, 2008, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s August sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, September 11, 2008.
Second Quarter Fiscal 2009 Conference Call
Additionally, the Company expects to release its second quarter earnings on Tuesday, August 12, 2008, before 9:30 a.m. ET. At 11:00 a.m. ET that day, Carol Meyrowitz, President and Chief Executive Officer of TJX, will hold a conference call with stock analysts to discuss the Company’s second quarter Fiscal 2009 sales 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 (866) 367-5577 through Tuesday, August 19, 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 STATEMENT 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 differ from 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.
