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The TJX Companies, Inc. Reports Strong Third Quarter Results

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 980 T.J. Maxx, 884 Marshalls, and 375 HomeGoods stores in the United States; 215 Winners, 85 HomeSense, 6 Marshalls, and 3 STYLESENSE stores in Canada; and 333 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s press releases and financial information are also available at www.tjx.com.

Fiscal 2012 Third Quarter Earnings Conference Call

At 11:00 a.m. ET today, Carol Meyrowitz, Chief Executive Officer of TJX, will hold a conference call with stock analysts to discuss the Company’s third quarter Fiscal 2012 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 by dialing (866) 367-5577 through Tuesday, November 22, 2011 or at www.tjx.com.

November 2011 Sales Recorded Call

Additionally, the Company expects to release its November 2011 sales results on Thursday, December 1, 2011, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s November sales results, operations and business trends will be available at www.tjx.com, or by calling (703) 736-7248 through Thursday, December 8, 2011.

Important Information at Website

Archived versions of the Company’s recorded messages and conference calls are available at the Investor Information section of www.tjx.com after they are no longer available by telephone as well as reconciliations of non-GAAP financial measures to GAAP financial measures, and other financial information. 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; market, geographic and category expansion; customer trends and preferences; 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; commodity 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. and Consolidated Subsidiaries

Financial Summary

(Unaudited)

(Dollars In Thousands Except Per Share Amounts)

       
Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29,

2011

  October 30,

2010

October 29,

2011

  October 30,

2010

 
Net sales $ 5,793,128 $ 5,525,847 $ 16,481,697 $ 15,610,467  
 
Cost of sales, including buying and occupancy costs 4,166,587 4,006,404 11,969,880 11,374,288
Selling, general and administrative expenses 954,238 912,808 2,832,405 2,587,972
Provision (credit) for Computer Intrusion related costs - - - (11,550 )
Interest expense, net   8,551   9,518   26,577   29,992  
 
Income before provision for income taxes 663,752 597,117 1,652,835 1,629,765
Provision for income taxes   257,265   224,808   632,059   621,038  
 
Net income $ 406,487 $ 372,309 $ 1,020,776 $ 1,008,727  
 
Diluted earnings per share: $ 1.06 $ 0.92 $ 2.63 $ 2.46
 
Cash dividends declared per share $ 0.19 $ 0.15 $ 0.57 $ 0.45
 
Weighted average common shares – diluted (in thousands) 383,026 403,040 388,489 409,284
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Balance Sheets

(Unaudited)

(In Millions)

   

October 29,

2011

October 30,

2010

ASSETS
Current assets:
Cash and cash equivalents $ 956.9 $ 1,339.1
Short-term investments 71.7 130.0
Accounts receivable and other current assets 602.3 519.7
Current deferred income taxes, net 81.2 34.9
Merchandise inventories   3,706.0   3,273.0
 
Total current assets   5,418.1   5,296.7
 
Property and capital leases, net of depreciation 2,708.3 2,481.9
Other assets 224.6 223.6
Goodwill and tradename, net of amortization   180.0   179.9
 
TOTAL ASSETS $ 8,531.0 $ 8,182.1
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,048.4 $ 1,974.3
Accrued expenses and other current liabilities   1,331.1   1,255.7
 
Total current liabilities   3,379.5   3,230.0
 
Other long-term liabilities 731.3 760.6
Non-current deferred income taxes, net 462.4 307.8
Long-term debt 774.5 774.4
 
Shareholders’ equity   3,183.3   3,109.3
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,531.0 $ 8,182.1
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Statements of Cash Flows

(Unaudited)

(In Millions)

   
Thirty-Nine Weeks Ended

October 29,

2011

October 30,

2010

 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,020.8 $ 1,008.7
Depreciation and amortization 356.9 341.1
Deferred income tax provision 197.3 142.6
Share-based compensation 49.8 44.9
(Increase) in accounts receivable and other assets (142.5 ) (85.5 )
(Increase) in merchandise inventories (931.5 ) (719.7 )
Increase in accounts payable 358.9 454.7
(Decrease) in accrued expenses and other liabilities (46.7 ) (81.0 )
Other   (32.2 )   (6.6 )
 
Net cash provided by operating activities   830.8     1,099.2  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (661.4 ) (540.4 )
Purchases of short-term investments (112.8 ) (102.9 )
Sales and maturities of short-term investments 117.7 108.8
Other   11.4     0.8  
Net cash (used in) investing activities   (645.1 )   (533.7 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for repurchase of common stock (974.8 ) (845.5 )
Proceeds from sale and issuance of common stock 168.0 141.9
Cash dividends paid (203.5 ) (170.0 )
Other   29.7     18.5  
Net cash (used in) financing activities   (980.6 )   (855.1 )
 
Effect of exchange rate changes on cash   10.0     14.1  
 
Net (decrease) in cash and cash equivalents (784.9 ) (275.5 )
Cash and cash equivalents at beginning of year   1,741.8     1,614.6  
 
Cash and cash equivalents at end of period $ 956.9   $ 1,339.1  
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Selected Information by Major Business Segment

(Unaudited)

(In Thousands)

       
Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29,

2011

  October 30,

2010

October 29,

2011

  October 30,

2010

Net sales:
U.S. segments:
Marmaxx $ 3,790,340 $ 3,502,670 $ 10,969,135 $ 10,090,083
HomeGoods 551,066 479,859 1,569,658 1,392,603
A.J. Wright - 204,824 9,229 609,422
International segments:
TJX Canada 705,061 666,799 1,934,821 1,803,244
TJX Europe   746,661   671,695     1,998,854     1,715,115  
Total net sales $ 5,793,128 $ 5,225,847   $ 16,481,697   $ 15,610,467  
 
Segment profit (loss):
U.S. segments:
Marmaxx $ 501,559 $ 453,720 $ 1,471,462 $ 1,338,455
HomeGoods 63,128 44,545 146,059 120,314
A.J. Wright - (1,183 ) (49,291 ) 10,615
International segments:
TJX Canada 125,936 113,844 254,328 249,925
TJX Europe   42,391   41,214     18,398     49,178  
Total segment profit 733,014 652,140 1,840,956 1,768,487
 
General corporate expenses 60,711 45,505 161,544 120,280
Provision (credit) for Computer Intrusion related costs - - - (11,550 )
Interest expense, net   8,551   9,518     26,577     29,992  
Income before provision for income taxes $ 663,752 $ 597,117   $ 1,652,835   $ 1,629,765  
 




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