Meyrowitz continued, “We have terrific opportunities for the holiday selling season and fourth quarter: we will be shipping fresh gift selections to our stores continuously throughout the holiday season; our marketing campaigns will be seen by more people; we have fantastic in-store initiatives planned; and of course, we will be offering consumers great fashions and brands at extreme values! In addition to our excitement about our business for the near term, we are very excited about our long-term opportunities. We are leveraging our four powerful divisions and have deep confidence in our ability to continue delivering profitable growth and high financial returns for many, many years.”
Sales by Business Segment
The Company’s comparable store sales and net sales by division, in the third quarter, were as follows:
|Third Quarter||Third Quarter|
|Comparable Store Sales 1||Net Sales ($ in millions) 2,3|
|In the U.S.:|
1Comparable store sales outside the U.S. calculated on a constant currency basis, which removes the effect of changes in currency exchange rates. 2Sales in Canada and Europe include the impact of foreign currency exchange rates. See below. 3Figures may not foot due to rounding. 4Combination of T.J. Maxx and Marshalls.Impact of Foreign Currency Exchange Rates Changes in foreign currency exchange rates affect the translation of sales and earnings of the Company’s international businesses into U.S. dollars for financial reporting purposes. In addition, ordinary-course inventory-related hedging instruments are marked to market at the end of each quarter. Changes in currency exchange rates affect the magnitude of these translations and adjustments, and can have a material impact when there is significant volatility in currency exchange rates.