Press release from Business Wire
The TJX Companies, Inc. Sees Strong Sales Momentum Continue; Reports 12% Comp Store Sales Increase in March 2010; Significantly Raises First Quarter and Full Year Outlook
Thursday, April 08, 2010
The TJX Companies, Inc. Sees Strong Sales Momentum Continue; Reports 12% Comp Store Sales Increase in March 2010; Significantly Raises First Quarter and Full Year Outlook08:05 EDT Thursday, April 08, 2010 FRAMINGHAM, Mass. (Business Wire) -- The TJX Companies, Inc. (NYSE: TJX) today reported March 2010 sales results. Sales for the five-week period ended April 3, 2010, were $2.0 billion, up 19% over the $1.7 billion achieved during the five-week period ended April 4, 2009. For the nine-week period ended April 3, 2010, sales reached $3.4 billion, an 18% increase over the $2.9 billion achieved in the same period last year. Consolidated comparable store sales for the five-week period ended April 3, 2010, increased 12% over the same period last year. For the nine-week, year-to-date period, consolidated comparable store sales increased 11% over the same period last year. Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Our 12% comparable store sales increase in March significantly exceeded our expectations. The Marmaxx Group drove a comparable store sales increase of 14%, also well above our plan, and all of our businesses are performing very well. I am particularly pleased as these results were achieved against year-over-year comparisons that were more challenging than most other retailers faced. Our continued acceleration of traffic, which we believe punctuates our belief that consumers will remain focused on value even as the economy improves, along with our great brands and great fashions, drove this strong performance. Additionally, we believe that favorable spring weather and the shift of pre-Easter sales into March further boosted sales. With above-plan sales and strong merchandise margins for the first two months of the quarter, we are significantly raising our guidance for first quarter earnings per share from continuing operations to the range of $.76-$.79. With our continued positive momentum, compelling value proposition, extremely flexible business model, and wide customer demographic reach, we believe we are extremely well positioned for continued success.” For the first quarter of Fiscal 2011, the Company's raised guidance of $.76-$.79 in earnings per share from continuing operations would represent an increase of 55%-61% over $.49 last year. This range is based upon a raised expectation for first quarter consolidated comparable store sales growth of 8%-9%. With this updated outlook for the first quarter, the Company is raising its guidance for full year Fiscal 2011 earnings per share from continuing operations to the range of $3.17-$3.31, up 12%-17% over $2.84 in Fiscal 2010. The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 893 T.J. Maxx, 817 Marshalls, 325 HomeGoods, and 151 A.J. Wright stores in the United States. In Canada, the Company operates 208 Winners, 79 HomeSense and 3 STYLESENSE stores, and in Europe, 271 T.K. Maxx and 14 HomeSense stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com. March and April 2010 Sales Recorded Calls A recorded message with more detailed information regarding TJX's March 2010 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, April 15, 2010. The Company expects to release its April 2010 sales results on Thursday, May 6, 2010, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX's April sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, May 13, 2010. First Quarter Fiscal 2011 Conference Call Additionally, the Company expects to release its first quarter earnings on Tuesday, May 18, 2010, before 9:30 a.m. ET. At 11:00 a.m. ET that day, Carol Meyrowitz, TJX's President and Chief Executive Officer, will hold a conference call with stock analysts to discuss the Company's first quarter Fiscal 2011 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, May 25, 2010. Important Information at Website 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. Forward-looking Statement 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: global economies and credit and financial markets; foreign currency exchange rates; buying and inventory management; customer trends and preferences; market, geographic and category expansion; quarterly operating results; marketing, advertising and promotional programs; data security; seasonal influences; large size and scale; unseasonable weather; serious disruptions and catastrophic events; competition; personnel recruitment and retention; acquisitions and divestitures; information systems and technology; cash flows; consumer spending; merchandise quality and safety; merchandise importing; international operations; oil prices; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation and proceedings; real estate leasing; market expectations; tax matters 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.