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The TJX Companies, Inc. Sees Momentum Continue; Reports 24% Increase In Second Quarter EPS; Raises Full-Year Guidance

Share Repurchases

During the second quarter, the Company spent a total of $300 million in repurchases of TJX stock, retiring 7.1 million shares. For the first half of Fiscal 2013, the Company has spent a total of $550 million in repurchases of TJX stock, retiring 13.6 million shares, and it continues to expect to repurchase approximately $1.2 billion to $1.3 billion of TJX stock in Fiscal 2013. The Company may adjust the amount of this spending up or down.

Third Quarter and Full Year Fiscal 2013 Outlook

For the third quarter of Fiscal 2013, the Company expects diluted earnings per share to be in the range of $.56 to $.59, which represents a 6% to 11% increase over $.53 per share last year. This outlook is based upon estimated consolidated comparable store sales growth of 2% to 4%.

As mentioned above, for the fiscal year ending February 2, 2013, the Company is raising its guidance for diluted earnings per share by $.01 to reflect the Company’s second quarter earnings. The Company now expects diluted earnings per share for the full year, on a GAAP basis, to be in the range of $2.39 to $2.45, compared with $1.93 in Fiscal 2012. This guidance represents a 20% to 23% increase over the prior year’s adjusted earnings per share from continuing operations of $1.99 (detailed below) and is based upon estimated consolidated comparable store sales growth of 4% to 5%.

Full Year
FY2013E   FY2012
    (53 weeks)   (52 weeks)

EPS from continuing operations

$2.39 - $2.45 $1.93
Impact of A.J. Wright Closings - $.04
Store Conversion/Grand Re-Openings Costs


Adjusted EPS from continuing operations $2.39 - $2.45 $1.99

The Company’s full-year guidance includes an expected $.07 per share benefit from the 53 rd week in the Company’s Fiscal 2013 calendar. Excluding this estimated benefit, this guidance represents a 17% to 20% increase over the prior year’s adjusted earnings per share.

The Company’s earnings guidance for the third quarter and full year Fiscal 2013 assumes that currency exchange rates will remain unchanged from current levels.

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