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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