The TJX Companies, Inc. Reports August 2008 Sales
FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE: TJX) today reported August 2008 sales results. Sales for the four-week period ended August 30, 2008, were $1.5 billion, up 4% over the $1.4 billion achieved during the four-week period ended September 1, 2007. For the 30 weeks ended August 30, 2008, sales reached $10.4 billion, up 6% over the $9.7 billion achieved during the 30 weeks ended September 1, 2007. Consolidated comparable store sales for the four-week period ended August 30, 2008, were flat compared to last year. Foreign currency exchange rates negatively impacted August comparable store sales by approximately one percentage point, which was unanticipated. For the 30-week period ended August 30, 2008, consolidated comparable store sales increased 3% over last year. As a result of the sale of Bob's Stores on August 19, 2008, sales from Bob's Stores have been reclassified as a discontinued operation and therefore are not included in these sales results.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Our August consolidated comparable store sales results were slightly below plan, driven by the unanticipated negative impact of foreign exchange rates. Additionally, as we have previously mentioned, we entered August with leaner clearance merchandise and have geared our back-to-school marketing and merchandising toward September. Margins remain strong and with great liquidity in our inventories, we are in an excellent position to pursue our opportunistic buying strategies.”
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 861 T.J. Maxx, 801 Marshalls, 301 HomeGoods, and 133 A.J. Wright stores in the United States. In Canada, the Company operates 198 Winners and 75 HomeSense stores, and in Europe, 233 T.K. Maxx and 6 HomeSense 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 August 2008 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, September 11, 2008. The Company expects to release its September 2008 sales results on Thursday, October 9, 2008, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s September sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, October 16, 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. The Company routinely posts information that may be important to investors in the Investor Information section at www.tjx.com. The Company encourages investors to consult that section of its website regularly.
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, compliance with orders, 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 comparable 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; asset impairments and other charges; 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.
