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The TJX Companies, Inc. Reports Strong 6% September 2012 Comp Sales Increase; Updates Third Quarter FY13 Outlook

The TJX Companies, Inc. (NYSE: TJX) today reported September 2012 sales results. Sales for the five-week period ended September 29, 2012, were $2.5 billion, up 10% over the $2.2 billion achieved during the five-week period ended October 1, 2011. For the 35-week period ended September 29, 2012, sales reached $16.1 billion, a 10% increase over the $14.6 billion achieved in the same period last year. Consolidated comparable store sales for the five-week period ended September 29, 2012, increased 6% over a 4% increase last year. For the 35-week, year-to-date period, consolidated comparable store sales increased 8% over the same period last year.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are extremely pleased with our well-above-plan 6% consolidated comp store sales increase in September as it demonstrates our continued ability to post strong comp sales increases on top of strong increases in the previous year. Customer traffic continued as the driver of our comp sales increases at every division, a good indication that our value proposition of great brands and fashions at amazing prices continues to resonate with consumers. Marmaxx also achieved a strong 6% comp sales increase and all divisions delivered excellent performance. We are particularly happy with business at TJX Europe, where comp sales increased 13%. Our results in Europe represent consistently good performance and an increasingly strong trend, which underscore our confidence in our European growth opportunity. It’s important to note that we ended the month with great momentum across the board, which bodes well for the rest of the fall as well as the 2012 holiday selling season, which we believe will be terrific for TJX!”

With above-plan sales in September, the Company would have raised its EPS outlook for the third quarter. However, the Company also announced that it now estimates that it will record a $.02 per share non-cash, one-time charge in its Fiscal 2013 third quarter for the cumulative impact of a correction to its pension accrual for prior fiscal years. As a result of this previously unanticipated charge, the Company is maintaining its previous guidance for third quarter earnings per share to be near the high end of the range of $.56 - $.59.

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