The TJX Companies, Inc. Reports November 2008 Sales
FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE: TJX) today reported November 2008 sales results. Sales for the four-week period ended November 29, 2008, were $1.6 billion, a 9% decrease from the $1.8 billion achieved during the four-week period ended December 1, 2007. For the 43 weeks ended November 29, 2008, sales reached $15.3 billion, up 3% over the $14.8 billion achieved during the 43 weeks ended December 1, 2007. Consolidated comparable store sales for the four-week period ended November 29, 2008, decreased 6% compared to last year on a constant currency basis, excluding the six percentage-point negative impact of dramatically declining foreign currency exchange rates versus the U.S. dollar, which we believe better reflects our operating performance. Including this negative impact, consolidated comparable store sales decreased 12% for the month. For the 43-week period ended November 29, 2008, consolidated comparable store sales on a constant currency basis increased 1% from last year, and were flat including the effect of foreign currency exchange rates.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “On a consolidated basis, November comparable store sales were at the low end of our anticipated range. We start our Christmas marketing campaign this week and continue to ship fresh gift merchandise to our stores at exceptional values. In addition, we continue to be extremely focused on inventory levels with a marketplace that is full of great buying opportunities. Given the unprecedented volatility in the retail environment, as well as a number of positive and negative swing factors that could impact our results, we believe it would not be prudent to provide any forecast for December sales at this time. With the majority of the fourth quarter still in front of us, we are waiting until we report December sales to update our earnings per share guidance for the fourth quarter. TJX remains a very strong Company with an extremely solid financial position and we continue to believe that we will come through these difficult times in an even stronger competitive position.”
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 875 T.J. Maxx, 809 Marshalls, 318 HomeGoods, and 135 A.J. Wright stores in the United States. In Canada, the Company operates 200 Winners, 75 HomeSense, and 2 STYLESENSE stores, and in Europe, 235 T.K. Maxx and 7 HomeSense stores. TJX’s press releases and financial information are also available on the Internet at www.tjx.com.
November and December Fiscal 2009 Recorded Calls
A recorded message with more detailed information regarding TJX’s November 2008 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, December 11, 2008. The Company expects to release its December 2008 sales results on Thursday, January 8, 2009, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s December sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, January 15, 2009.
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: effects of current economic environment; 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.
