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

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 990 T.J. Maxx, 888 Marshalls, and 383 HomeGoods stores in the United States; 220 Winners, 86 HomeSense, and 12 Marshalls stores in Canada; and 335 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s press releases and financial information are also available at www.tjx.com.

Fiscal 2013 First 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 first quarter Fiscal 2013 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, May 22, 2012 or at www.tjx.com.

May Fiscal 2013 Sales Recorded Call

Additionally, the Company expects to release its May 2012 sales results on Thursday, May 31, 2012, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s May sales results, operations and business trends will be available at www.tjx.com, or by calling (703) 736-7248 through Thursday, June 7, 2012.

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: buying and inventory management; operational expansion and management of large size and scale; customer trends and preferences; market, banner, geographic and category expansion; marketing, advertising and promotional programs; competition; personnel recruitment and retention; global economic conditions and consumer spending; data security; information systems and technology; seasonal influences; adverse or unseasonable weather; serious disruptions and catastrophic events; corporate and banner reputation; merchandise quality and safety; international operations; merchandise importing; commodity pricing; foreign currency exchange rates; fluctuations in quarterly operating results; market expectations; acquisitions and divestitures; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation, legal matters and proceedings; tax matters; real estate leasing; cash flow 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)

(In Thousands Except Per Share Amounts)

   
13 Weeks Ended
April 28, 2012   April 30, 2011
 
Net sales $ 5,798,086 $ 5,220,295
 
Cost of sales, including buying and occupancy costs 4,165,728 3,827,258
Selling, general and administrative expenses 942,126 954,474
Interest expense, net   8,827   8,917
 
Income before provision for income taxes 681,405 429,646
Provision for income taxes   262,205   163,695
 
Net income $ 419,200 $ 265,951
 
Diluted earnings per share $ 0.55 $ 0.34
 
Cash dividends declared per share $ 0.115 $ 0.095
 
Weighted average common shares – diluted 756,016 788,009
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Balance Sheets

(Unaudited)

(In Millions)

   

April 28,2012

April 30,2011

 
ASSETS
Current assets:
Cash and cash equivalents $ 1,563.7 $ 1,377.1
Short-term investments 174.9 85.4
Accounts receivable and other current assets 474.9 458.2
Current deferred income taxes, net 108.5 72.9
Merchandise inventories   2,909.8   3,014.8
 
Total current assets   5,231.8   5,008.4
 
Property and capital leases, net of depreciation 2,827.7 2,574.9
Other assets 263.6 221.1
Goodwill and tradename, net of amortization   180.0   180.1
 
TOTAL ASSETS $ 8,503.1 $ 7,984.5
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,757.9 $ 1,786.4
Accrued expenses and other current liabilities   1,393.8   1,315.5
 
Total current liabilities   3,151.7   3,101.9
 
Other long-term liabilities 862.2 728.7
Non-current deferred income taxes, net 382.9 256.1
Long-term debt 774.5 774.4
 
Shareholders’ equity   3,331.8   3,123.4
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,503.1 $ 7,984.5
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Statements of Cash Flows

(Unaudited)

(In Millions)

   
13 Weeks Ended

April 28,2012

April 30,2011

 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 419.2 $ 266.0
Depreciation and amortization 120.6 116.2
Deferred income tax provision 10.9 (8.5 )
Amortization of stock compensation expense 14.3 15.4
Decrease in accounts receivable and other assets 6.1 3.6
Decrease (increase) in merchandise inventories 57.5 (209.3 )
Increase in accounts payable 100.9 80.6
(Decrease) in accrued expenses and other liabilities (15.3 ) (135.0 )
Other   (9.6 )   14.1  
 
Net cash provided by operating activities   704.6     143.1  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (254.3 ) (226.1 )
Purchases of short-term investments (92.9 ) (27.5 )
Sales and maturities of short-term investments 15.4 22.9
Other   0.2     0.3  
Net cash (used in) investing activities   (331.6 )   (230.4 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for repurchase of common stock (297.3 ) (338.3 )
Proceeds from sale and issuance of common stock 28.3 80.0
Cash dividends paid (70.8 ) (58.6 )
Other   8.0     16.7  
Net cash (used in) financing activities   (331.8 )   (300.2 )
 
Effect of exchange rate changes on cash  

15.4

    22.9  
 
Net increase (decrease) in cash and cash equivalents 56.6 (364.6 )

Cash and cash equivalents at beginning of year

 

1,507.1

    1,741.7  
 
Cash and cash equivalents at end of period $ 1,563.7   $ 1,377.1  
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Selected Information by Major Business Segment

(Unaudited)

(In Thousands)

   
13 Weeks Ended
April 28, 2012   April 30, 2011
Net sales:
U.S. segments:
Marmaxx $ 3,889,058 $ 3,525,209
HomeGoods 595,722 503,283
A.J. Wright - 9,229
International segments:
TJX Canada 640,209 592,069
TJX Europe   673,097   590,505  
Total net sales $ 5,798,086 $ 5,220,295  
 
Segment profit (loss):
U.S. segments:
Marmaxx $ 604,628 $ 490,981
HomeGoods 69,433 45,459
A.J. Wright - (49,291 )
International segments:
TJX Canada 71,065 36,083
TJX Europe   11,729   (31,315 )
Total segment profit 756,855 491,917
 
General corporate expenses 66,623 53,354
Interest expense, net   8,827   8,917  
Income before provision for income taxes $ 681,405 $ 429,646  
 




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