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Press release from Business Wire

The TJX Companies, Inc. Reports 2% December 2010 Comparable Store Sales Increase on Top of 14% Increase Last Year; Raises Fourth Quarter Outlook

Thursday, January 06, 2011

The TJX Companies, Inc. Reports 2% December 2010 Comparable Store Sales Increase on Top of 14% Increase Last Year; Raises Fourth Quarter Outlook09:04 EST Thursday, January 06, 2011 FRAMINGHAM, Mass. (Business Wire) -- The TJX Companies, Inc. (NYSE: TJX) today reported December 2010 sales results. Sales for the five-week period ended January 1, 2011, were $3.0 billion, up 6% over the $2.9 billion achieved during the five-week period ended January 2, 2010. For the 48 weeks ended January 1, 2011, sales reached $20.6 billion, up 8% over the $19.0 billion achieved during the 48-week period last year. Consolidated comparable store sales for the five-week period ended January 1, 2011 increased 2% compared to last year. For the 48-week, year-to-date period, consolidated comparable store sales increased 4% compared to last year. Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “I am extremely pleased with December's sales results, as we significantly exceeded our plans during this important period. Our 2% comp store sales growth was achieved on top of a very strong 14% increase last year, a much more difficult comparison than those faced by most other retailers, with our largest business, Marmaxx, delivering a 2% comp store sales increase over a 15% increase last year. Comp store sales continue to be driven by growth in the number of customer transactions as value, fashion, and great brands continue to resonate with customers. With strong sales and margins, we are raising our previous outlook for this year's fourth quarter and full year earnings per share. We now expect adjusted earnings per share for the full year to be up 20% to 21% over the prior year's 37% reported increase, underscoring our belief that we can sustain earnings growth even in the face of challenging comparisons. We enter January with inventories well positioned to capitalize on the great opportunities we are seeing in the marketplace.” Updated Fourth Quarter and Full Year Fiscal 2011 Guidance For the fourth quarter of Fiscal 2011, the Company now expects diluted earnings per share on a reported basis to be in the range of $.70 to $.71 compared to prior guidance, adjusted for the closing of the A.J. Wright business, of $.62 to $.64 per share. The estimated $.27 to $.30 per share of fourth quarter costs related to the closing of the A.J. Wright business remains unchanged from prior estimates. Excluding these costs, adjusted earnings per share for the fourth quarter are now expected to be in the range of $.97 to $1.01, compared to prior guidance of $.89 to $.94. This updated guidance assumes a consolidated comparable store sales increase of approximately 2% for the quarter on top of last year's 12% increase, up from the prior guidance which projected an estimated decrease in the 1% to 3% range. For the full year Fiscal 2011, the Company now expects diluted earnings per share in the range of $3.16 to $3.17, which includes the estimated $.27 to $.30 in fourth quarter costs related to the closing of the A.J. Wright business, as well as the $.02 per share benefit from a non-operating item recorded earlier in the year. Excluding these items, adjusted earnings per share are expected to be in the range of $3.41 to $3.45, which represents a 20% to 21% increase over the $2.84 per share reported last year. This range is based upon estimated consolidated comparable store sales growth of approximately 3% to 4%, up from the prior guidance of 2% to 3%. The following table reconciles guidance on a reported and an adjusted basis:     Fiscal 2011 Guidance Fourth   Full     Quarter   Year EPS Guidance – Reported Basis$.70 - $.71$3.16 - $3.17Impact of Intrusion(s) Reserve Adjustment$.00($.02)Impact of A.J. Wright Closing$.27 - $.30$.27 - $.30EPS Guidance – Adjusted Basis$.97 - $1.01$3.41 - $3.45Fiscal 2010 Actual EPS$.94$2.84   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 924 T.J. Maxx, 832 Marshalls, 336 HomeGoods, and 162 A.J. Wright stores in the United States. In Canada, the Company operates 212 Winners, 82 HomeSense and 3 STYLESENSE stores, and in Europe, 307 T.K. Maxx and 24 HomeSense stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com. December and January Fiscal 2011 Sales Recorded Calls A recorded message with more detailed information regarding TJX's December 2010 sales, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, January 13, 2011. The Company expects to release its January 2011 sales on Thursday, February 3, 2011, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX's January sales, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, February 10, 2011. 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: actual results of A.J. Wright consolidation; 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. The TJX Companies, Inc.Sherry LangSenior Vice PresidentGlobal Communications(508) 390-2323