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The TJX Companies, Inc. Sees Strong Momentum Continue; Reports Above-Plan Third Quarter EPS Growth; Raises Full-Year Guidance

Stocks in this article: TJX

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 activities; 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   Thirty-Nine Weeks Ended

October 27,2012

 

October 29,2011

 

October 27,2012

 

October 29,2011

   
Net sales $ 6,410,913 $ 5,793,128 $ 18,154,558 $ 16,481,697
 
Cost of sales, including buying and occupancy costs 4,566,073 4,166,587 13,006,874 11,969,880
Selling, general and administrative expenses 1,090,282 954,238 3,010,922 2,832,405
Interest expense, net   6,089   8,551   24,098   26,577
 
Income before provision for income taxes 748,469 663,752 2,112,664 1,652,835
Provision for income taxes   286,918   257,265   810,821   632,059
 
Net income $ 461,551 $ 406,487 $ 1,301,843 $ 1,020,776
 
Diluted earnings per share $ 0.62 $ 0.53 $ 1.73 $ 1.31
 
Cash dividends declared per share $ 0.115 $ 0.095 $ 0.345 $ 0.285
 
Weighted average common shares – diluted 745,741 766,052 751,034 776,978
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Balance Sheets

(Unaudited)

(In Millions)

 
 

October 27,2012

 

October 29,2011

 
ASSETS
Current assets:
Cash and cash equivalents $ 1,641.9 $ 956.9
Short-term investments 201.0 71.7
Accounts receivable and other current assets 470.0 602.3
Current deferred income taxes, net 84.6 81.2
Merchandise inventories   3,297.1   3,706.0
 
Total current assets   5,694.6   5,418.1
 
Property and capital leases, net of depreciation 3,055.7 2,708.3
Other assets 241.8 224.6
Goodwill and tradename, net of amortization   180.0   180.0
 
TOTAL ASSETS $ 9,172.1 $ 8,531.0
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,059.2 $ 2,048.4
Accrued expenses and other current liabilities   1,539.8   1,331.1
 
Total current liabilities   3,599.0   3,379.5
 
Other long-term liabilities 920.9 731.3
Non-current deferred income taxes, net 411.3 462.4
Long-term debt 774.5 774.5
 
Shareholders’ equity   3,466.4   3,183.3
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,172.1 $ 8,531.0
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Condensed Statements of Cash Flows

(Unaudited)

(In Millions)

 
  Thirty-Nine Weeks Ended

October 27,2012

 

October 29,2011

 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,301.8 $ 1,020.8
Depreciation and amortization 372.4 356.9
Deferred income tax provision 62.1 197.3
Share-based compensation 49.6 49.8
Decrease (increase) in accounts receivable and other assets 14.0 (142.5 )
(Increase) in merchandise inventories (337.0 ) (931.5 )
Increase in accounts payable 407.0 358.9
Increase (decrease) in accrued expenses and other liabilities 253.9 (46.7 )
Other   (43.8 )   (32.2 )
 
Net cash provided by operating activities   2,080.0     830.8  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (775.6 ) (661.4 )
Purchases of short-term investments (262.5 ) (112.8 )
Sales and maturities of short-term investments 155.5 117.7
Other   34.4     11.4  
Net cash (used in) investing activities   (848.2 )   (645.1 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for repurchase of common stock (1,004.4 ) (974.8 )
Proceeds from issuance of common stock 100.9 168.0
Cash dividends paid (240.3 ) (203.5 )
Other   41.1     29.7  
Net cash (used in) financing activities   (1,102.7 )   (980.6 )
 
Effect of exchange rate changes on cash   5.7     10.0  
 
Net increase (decrease) in cash and cash equivalents 134.8 (784.9 )
Cash and cash equivalents at beginning of year   1,507.1     1,741.8  
 
Cash and cash equivalents at end of period $ 1,641.9   $ 956.9  
 

 

The TJX Companies, Inc. and Consolidated Subsidiaries

Selected Information by Major Business Segment

(Unaudited)

(In Thousands)

 
  Thirteen Weeks Ended   Thirty-Nine Weeks Ended

October 27,2012

  October 29,2011 October 27,2012   October 29,2011
Net sales:    
U.S. segments:

Marmaxx

$ 4,161,409 $ 3,790,340 $ 12,026,518 $ 10,969,135
HomeGoods 637,514 551,066 1,830,950 1,569,658
A.J. Wright - - - 9,229
International segments:
TJX Canada 768,967 705,061 2,069,879 1,934,821
TJX Europe   843,023   746,661   2,227,211   1,998,854  
Total net sales $ 6,410,913 $ 5,793,128 $ 18,154,558 $ 16,481,697  
 
Segment profit (loss):
U.S. segments:
Marmaxx $ 576,505 $ 501,559 $ 1,762,512 $ 1,471,462
HomeGoods 76,790 63,128 206,754 146,059
A.J. Wright - - -

(49,291

)

International segments:
TJX Canada 127,212 125,936 290,938 254,328
TJX Europe   76,840   42,391   113,293   18,398  
Total segment profit 857,347 733,014 2,373,497 1,840,956
 
General corporate expenses 102,789 60,711 236,735 161,544
Interest expense, net   6,089   8,551   24,098   26,577  
Income before provision for income taxes $ 748,469 $ 663,752 $ 2,112,664 $ 1,652,835  
 




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