The TJX Companies, Inc. Reports 28% Adjusted EPS Growth On $25.9 Billion In Sales In Fiscal 2013; Announces New $1.5 Billion Stock Repurchase Program; Plans 26% Increase In Dividend

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 and the success of transitions; 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)
		14 WeeksEnded			13 WeeksEnded			53 WeeksEnded			52 WeeksEnded
		February 2,2013			January 28,2012			February 2,2013			January 28,2012
Net sales		$	7,723,814		$	6,709,758		$	25,878,372		$	23,191,455
Cost of sales, including buying and occupancy costs			5,514,526			4,884,369			18,521,400			16,854,249
Selling, general and administrative expenses			1,239,524			1,057,739			4,250,446			3,890,144
Interest expense, net			5,077			9,071			29,175			35,648
Income before provision for income taxes			964,687			758,579			3,077,351			2,411,414
Provision for income taxes			359,843			283,265			1,170,664			915,324
Net income		$	604,844		$	475,314		$	1,906,687		$	1,496,090
Diluted earnings per share		$	0.82		$	0.62		$	2.55		$	1.93
Cash dividends declared per share		$	0.115		$	0.095		$	0.46		$	0.38
Weighted average common shares – diluted			737,912			762,819			747,555			773,772

The TJX Companies, Inc. and Consolidated Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)
		February 2,2013			January 28,2012
ASSETS
Current assets:
Cash and cash equivalents		$	1,812.0		$	1,507.1
Short-term investments			235.8			94.7
Accounts receivable and other current assets			553.3			474.4
Current deferred income taxes, net			96.2			105.9
Merchandise inventories			3,014.2			2,950.5
Total current assets			5,711.5			5,132.6
Property and capital leases, net of depreciation			3,223.3			2,715.2
Other assets			260.8			253.9
Goodwill and tradename, net of amortization			316.3			179.9
TOTAL ASSETS		$	9 ,511.9		$	8,281.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,930.6		$	1,645.3
Accrued expenses and other current liabilities			1,830.0			1,418.1
Total current liabilities			3,760.6			3,063.4
Other long-term liabilities			961.3			871.9
Non-current deferred income taxes, net			349.5			362.5
Long-term debt			774.6			774.5
Shareholders’ equity			3,665.9			3,209.3
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	9,511.9		$	8,281.6

The TJX Companies, Inc. and Consolidated Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)
		53 WeeksEnded				52 WeeksEnded
		February 2,2013				January 28,2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	1,906.7			$	1,496.1
Depreciation and amortization			508.9				485.7
Deferred income tax provision			13.3				144.8
Share-based compensation			64.4				64.2
(Increase) in accounts receivable and other assets			(72.1	)			(25.1	)
Decrease (increase) in merchandise inventories			27.2				(187.2	)
Increase (decrease) in accounts payable			211.7				(36.6	)
Increase in accrued expenses and other liabilities			444.9				10.7
Other			(59.4	)			(36.6	)
Net cash provided by operating activities			3,045.6				1,916.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions			(978.2	)			(803.3	)
Purchases of short-term investments			(355.7	)			(152.0	)
Sales and maturities of short-term investments			213.0				132.7
Acquisition of Sierra Trading Post, less cash acquired			(190.4	)			-
Other			34.5				11.5
Net cash (used in) investing activities			(1,276.8	)			(811.1	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for repurchase of common stock			(1,345.1	)			(1,320.8	)
Proceeds from issuance of common stock			133.8				219.0
Cash dividends paid			(323.9	)			(275.0	)
Other			59.6				41.1
Net cash (used in) financing activities			(1,475.6	)			(1,335.7	)
Effect of exchange rate changes on cash			11.7				(3.9	)
Net increase (decrease) in cash and cash equivalents			304.9				(234.7	)
Cash and cash equivalents at beginning of year			1,507.1				1,741.8
Cash and cash equivalents at end of year		$	1,812.0			$	1,507.1

The TJX Companies, Inc. and Consolidated Subsidiaries
Selected Information by Major Business Segment
(Unaudited)
(In Thousands)
		14 WeeksEnded			13 WeeksEnded			53 WeeksEnded			52 WeeksEnded
		February 2,2013			January 28,2012			February 2,2013			January 28,2012
Net sales:
U.S. segments:
Marmaxx		$	4,984,891		$	4,398,384		$	17,011,409		$	15,367,519
HomeGoods			826,161			674,328			2,657,111			2,243,986
A.J. Wright			-			-			-			9,229
International segments:
TJX Canada			856,112			745,250			2,925,991			2,680,071
TJX Europe			1,056,650			891,796			3,283,861			2,890,650
Total net sales		$	7,723,814		$	6,709,758		$	25,878,372		$	23,191,455
Segment profit (loss):
U.S. segments:
Marmaxx		$	723,762		$	601,968		$	2,486,274		$	2,073,430
HomeGoods			117,869			88,386			324,623			234,445
A.J. Wright			-			-			-			(49,291	)
International segments:
TJX Canada			123,976			93,700			414,914			348,028
TJX Europe			102,420			50,341			215,713			68,739
Total segment profit			1,068,027			834,395			3,441,524			2,675,351
General corporate expenses			98,263			66,745			334,998			228,289
Interest expense, net			5,077			9,071			29,175			35,648
Income before provision for income taxes		$	964,687		$	758,579		$	3,077,351		$	2,411,414

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