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

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)

       
Thirteen Weeks Ended Twenty-Six Weeks Ended

July 28,2012

 

July 30,2011

 

July 28,2012

 

July 30,2011

 
Net sales $ 5,945,559 $ 5,468,274 $ 11,743,645 $ 10,688,569
 
Cost of sales, including buying and occupancy costs 4,275,073 3,976,035 8,440,801 7,803,293
Selling, general and administrative expenses 978,514 923,693 1,920,640 1,878,167
Interest expense, net   9,182   9,109   18,009   18,026
 
Income before provision for income taxes 682,790 559,437 1,364,195 989,083
Provision for income taxes   261,698   211,099   523,903   374,794
 
Net income $ 421,092 $ 348,338 $ 840,292 $ 614,289
 
Diluted earnings per share $ 0.56 $ 0.45 $ 1.11 $ 0.79
 
Cash dividends declared per share $ 0.115 $ 0.095 $ 0.23 $ 0.19
 
Weighted average common shares – diluted 751,243 775,251 753,721 782,182
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Balance Sheets

(Unaudited)

(In Millions)

   

July 28,2012

July 30,2011

 
ASSETS
Current assets:
Cash and cash equivalents $ 1,620.4 $ 977.8
Short-term investments 176.3 82.1
Accounts receivable and other current assets 452.8 534.7
Current deferred income taxes, net 83.5 66.4
Merchandise inventories   3,007.7   3,368.1
 
Total current assets   5,340.7   5,029.1
 
Property and capital leases, net of depreciation 2,855.8 2,660.4
Other assets 260.1 227.6
Goodwill and tradename, net of amortization   180.0   180.0
 
TOTAL ASSETS $ 8,636.6 $ 8,097.1
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,863.1 $ 1,922.3
Accrued expenses and other current liabilities   1,362.4   1,269.0
 
Total current liabilities   3,225.5   3,191.3
 
Other long-term liabilities 860.1 730.4
Non-current deferred income taxes, net 386.5 296.0
Long-term debt 774.5 774.4
 
Shareholders’ equity   3,390.0   3,105.0
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,636.6 $ 8,097.1
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Statements of Cash Flows

(Unaudited)

(In Millions)

   
26 Weeks Ended

July 28,2012

July 30,2011

 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 840.3 $ 614.3
Depreciation and amortization 246.5 236.4
Deferred income tax provision 30.8 46.5
Share-based compensation 29.9 31.7
Decrease (increase) in accounts receivable and other assets 32.6 (76.7 )
(Increase) in merchandise inventories (59.7 ) (571.9 )
Increase in accounts payable 218.6 220.3
(Decrease) in accrued expenses and other liabilities (10.7 ) (156.8 )
Other   (20.6 )   (18.1 )
 
Net cash provided by operating activities   1,307.7     325.7  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (438.9 ) (439.2 )
Purchases of short-term investments (136.6 ) (56.2 )
Sales and maturities of short-term investments 54.0 53.8
Other   0.5     0.5  
Net cash (used in) investing activities   (521.0 )   (441.1 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for repurchase of common stock (597.0 ) (671.3 )
Proceeds from issuance of common stock 61.3 110.8
Cash dividends paid (155.7 ) (131.6 )
Other   24.5     21.1  
Net cash (used in) financing activities   (666.9 )   (671.0 )
 
Effect of exchange rate changes on cash   (6.5 )   22.4  
 
Net increase (decrease) in cash and cash equivalents 113.3 (764.0 )
Cash and cash equivalents at beginning of year   1,507.1     1,741.8  
 
Cash and cash equivalents at end of period $ 1,620.4   $ 977.8  
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Selected Information by Major Business Segment

(Unaudited)

(In Thousands)

       
Thirteen Weeks Ended Twenty-Six Weeks Ended  

July 28,2012

 

July 30,2011

July 28,2012

 

July 30,2011

Net sales:
U.S. segments:
Marmaxx $ 3,976,051 $ 3,653,586 $ 7,865,109 $ 7,178,795
HomeGoods 597,714 515,309 1,193,436 1,018,592
A.J. Wright - - - 9,229
International segments:
TJX Canada 660,703 637,691 1,300,912 1,229,760
TJX Europe   711,091   661,688 1,384,188   1,252,193
Total net sales $ 5,945,559 $ 5,468,274 $ 11,743,645 $ 10,688,569
 
Segment profit (loss):
U.S. segments:
Marmaxx $ 581,379 $ 478,922

$ 1,186,007

$ 969,903
HomeGoods 60,531 37,472 129,964

82,931

A.J. Wright - - -

(49,291

)
International segments:
TJX Canada 92,661 92,309 163,726

128,392

TJX Europe   24,724   7,322 36,453  

(23,993

)
Total segment profit 759,295 616,025 1,516,150

1,107,942

 
General corporate expenses 67,323 47,479 133,946

100,833

Interest expense, net   9,182   9,109 18,009  

18,026

Income before provision for income taxes $ 682,790 $ 559,437 $ 1,364,195 $

989,083

 




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