Press release from Business Wire
The TJX Companies, Inc. Reports July 2010 Sales; Continues to Expect Strong Second Quarter
Thursday, August 05, 2010
The TJX Companies, Inc. Reports July 2010 Sales; Continues to Expect Strong Second Quarter08:23 EDT Thursday, August 05, 2010 FRAMINGHAM, Mass. (Business Wire) -- The TJX Companies, Inc. (NYSE: TJX) today reported July 2010 sales results. Sales for the four-week period ended July 31, 2010, were $1.5 billion, up 6% over the $1.4 billion achieved during the four-week period ended August 1, 2009. For the 26-week period ended July 31, 2010, sales reached $10.1 billion, an 11% increase over the $9.1 billion achieved in the same period last year. Consolidated comparable store sales for the four-week period ended July 31, 2010, increased 2% over last year. For the 26-week, year-to-date period, consolidated comparable store sales increased 6% over last year. Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Our July consolidated comparable store sales increase of 2%, as well as our 3% increase at The Marmaxx Group, were both in line with our expectations. It is also worth noting that these results were on top of strong comparable store sales increases last year, which were more challenging than those faced by most other retailers. Sales increases were driven by customer traffic, which continues to be up over significant increases last year. July is typically a clearance month as we transition from summer to back-to-school. We managed our inventories very tightly during the second quarter which resulted in significantly less clearance merchandise in July. Therefore, while we may have sacrificed some top-line improvement, second quarter margins and earnings are in excellent shape, and we enter the back half of the year with extremely clean inventories. We are seeing exciting brands and fashion in the marketplace and are ready to take advantage of these great opportunities. In addition, we have saved the majority of our marketing budget for the back half of the year, which will allow us to increase our market penetration substantially in order to continue to drive customer traffic.” For the second quarter of Fiscal 2011, the Company now expects earnings per share to be at or slightly above the high end of its previously anticipated range of $.70 to $.73. The high end of this range represents a 20% increase over last year. This range includes an estimated $.01 to $.02 per share benefit from a reduction in the reserve related to the previously announced computer intrusion(s), reflecting insurance recoveries as well as other adjustments, which had not been contemplated in the prior guidance. The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 903 T.J. Maxx, 820 Marshalls, 328 HomeGoods, and 154 A.J. Wright stores in the United States. In Canada, the Company operates 208 Winners, 79 HomeSense and 3 STYLESENSE stores, and in Europe, 283 T.K. Maxx and 21 HomeSense stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com. July and August Fiscal 2011 Sales Recorded Calls A recorded message with more detailed information regarding TJX's July 2010 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, August 12, 2010. The Company expects to release its August 2010 sales results on Thursday, September 2, 2010, 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 9, 2010. Second Quarter Fiscal 2011 Earnings Conference Call Additionally, the Company expects to release its second quarter Fiscal 2011 earnings on Tuesday, August 17, 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 second 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 (866) 367-5577 through Tuesday, August 24, 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.