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The TJX Companies, Inc. Reports 41% Increase In First Quarter Adjusted EPS; Sees Strong Momentum Continue

Results for Q1 FY12 reflect expenses related to the A.J. Wright consolidation, including closing costs and additional operating losses related to the closure of A.J. Wright stores not closed in Q4 FY11, the costs related to the conversion of the former A.J. Wright stores to other TJX banners and the costs related to grand re-opening events when the stores re-opened. The Marmaxx and HomeGoods segments reflect costs related to store conversions and grand re-openings.

The following tables show the reconciliation between Q1 FY12 GAAP measures and the adjusted non-GAAP measures which exclude these items.

 
First Quarter of Fiscal 2013 - Reconciliation of expense ratios and pre-tax margin
                         
US$ in Millions Fiscal 2013 Fiscal 2012 Fiscal 2012
As Reported As Adjusted As Reported
  % to   % to   % to
$'s   net sales $'s   net sales Adjustments $'s   net sales
 
Net Sales $5,798 $5,211 $(9) $5,220
 

Cost of sales including buying and occupancy costs

4,166 71.8% 3,811 73.1% (16) 3,827 73.3%
Gross Profit Margin 28.2% 26.9% 26.7%
 

Selling, general and administrative expenses

942 16.2% 892 17.1% (62) 954 18.3%
 
Interest expense, net 9 9 0 9
 
Income before taxes $681   11.8% $499   9.6% $69 $430   8.2%
 
 
First Quarter of Fiscal 2013 - Reconciliation of Marmaxx and HomeGoods segment margins
                 
US$ in Millions Fiscal 2013 Fiscal 2012 Fiscal 2012
As Reported As Adjusted As Reported
% to % to % to
$'s   net sales $'s   net sales Adjustments $'s   net sales
 

Marmaxx

Net Sales $3,889 $3,525 $0 $3,525
Segment Profit 605 15.5% 508 14.4% 17 491 13.9%

 

HomeGoods

Net Sales $596 503 $0 $503
Segment Profit 69   11.7% 49   9.7% 3 45   9.0%
 

Note: Figures may not foot due to rounding.

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