The TJX Companies, Inc. Reports June 2003 Sales; Trims Second Quarter Earnings Per Share Estimate

FRAMINGHAM, Mass.--(BUSINESS WIRE)--July 10, 2003--The TJX Companies, Inc. today reported June 2003 sales results. Sales for the five-week period ended July 5, 2003, were $1,183 million, up 10% over $1,073 million achieved during the five-week period ended July 6, 2002. For the 22 weeks ended July 5, 2003, sales reached $4,999 million, a 7% increase over last year's $4,667 million. Consolidated comparable store sales for the five-week period ended July 5, 2003, increased 2% over last year. For the 22-week year-to-date period, consolidated comparable store sales were flat against a 5% increase last year.

Edmond J. English, President and Chief Executive Officer of The TJX Companies, Inc., commented, "June sales were below expectations due to the continued cool and rainy weather patterns that persisted primarily in the Northeast region of the U.S. during the first half of the month. We saw business pick up in the latter half of the month, as the weather turned summer-like. As a result of June sales being below plan, we have reduced our second quarter earnings per share expectations slightly to $.23 - $.24 per share. Our inventory management remains very disciplined. Each of our divisions ended the month with inventories in excellent shape, which enables us to continue to make great buys in the marketplace and flow current, exciting merchandise to our stores."

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 725 T.J. Maxx, 645 Marshalls, 160 HomeGoods and 84 A.J. Wright stores in the United States. In Canada, the Company operates 154 Winners and 21 HomeSense stores, and in Europe, 131 T.K. Maxx 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 June 2003 sales results, operations and business trends is available by calling (703) 736-7248 or via the Internet at www.tjx.com. This recording will remain available via the phone and Internet through Thursday, July 17, 2003. The Company expects to release its July 2003 sales on Thursday, August 7, 2003, at approximately 8:15 a.m. Concurrent with that press release, a recorded message with more detailed information regarding TJX's July sales results, operations and business trends will be available via the phone and Internet through Thursday, August 14, 2003. Additionally, the Company expects to release its second quarter fiscal 2004 earnings on Tuesday, August 12, 2003, before 9:30 a.m. EDT. At 11:00 a.m. EDT that day, Edmond English, President and Chief Executive Officer of The TJX Companies, Inc., will hold a conference call with stock analysts to discuss the Company's second quarter 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 and by dialing 800-841-6832 through Tuesday, August 19, 2003.

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: general economic conditions including effects of wars, other military actions and terrorist incidents; consumer confidence, demand and preferences; weather patterns; competitive factors, including continuing pressure from pricing and promotional activities of competitors; the impact of excess retail capacity and the availability of desirable store and distribution center locations on suitable terms; recruiting quality sales associates and other associates; the availability, selection and purchasing of attractive merchandise on favorable terms and the effective management of inventory levels; import risks, including potential disruptions in supply and duties, tariffs and quotas on imported merchandise, including economic, political or other problems in countries from which merchandise is imported; currency and exchange rate factors in our foreign and buying operations; ability to continue successful expansion of our store base at the rate projected; risks in the development of new businesses and application of our off-price strategies in additional foreign countries; factors affecting expenses including pressure on wages and benefits; our acquisition and divestment activities; our ultimate liability with respect to leases relating to discontinued operations including indemnification and other factors affecting or mitigating our liability changes in laws and regulations; 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 therein will not be realized.