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The TJX Companies, Inc. Reports 8% December 2011 Comp Store Sales Increase; Updates Earnings Outlook; Announces 2-for-1 Stock Split

The TJX Companies, Inc. (NYSE: TJX) today reported strong December 2011 sales results and updated its outlook for the fourth quarter. The Company also announced that its Board of Directors approved a two-for-one stock split of the Company’s common stock in the form of a stock dividend. One additional share will be paid for each share held by holders of record at the close of business on January 17, 2012. The shares will be distributed on February 2, 2012.

Sales for the five-week period ended December 31, 2011, were $3.3 billion, up 8% over the $3.0 billion achieved during the five-week period ended January 1, 2011. For the 48 weeks ended December 31, 2011, sales reached $21.8 billion, up 6% over the $20.6 billion achieved during the 48-week period last year. Consolidated comparable store sales increased 8% compared to last year for the five-week period ended December 31, 2011. For the 48-week, year-to-date period, consolidated comparable store sales increased 4% compared to last year.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “I am extremely pleased with our December comp sales increase of 8%, which significantly exceeded our expectations. We believe that value remains critically important to consumers, and that our great values, brands, and gift-giving selections drove large increases in customer traffic during the month. Further, we made a strategic decision to price aggressively in order to reinforce our value position in a very promotional retail environment, and to clear cold weather apparel in this unseasonably warm winter. We believe that driving customers to our stores in this important holiday period will benefit our business next year and in the longer term. I am also delighted that sales were strong at every division and that both of our international businesses performed very well. We enter January with very lean inventories and the flexibility to ship fresh merchandise with great values to our stores. As we look further out into next year, we believe we are very well positioned to continue to post strong sales and margins.”

Stock quotes in this article: TJX 

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