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The TJX Companies, Inc. Reports Strong 18% Increase In Q2 FY14 EPS; Raises Full-Year Guidance

The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced sales and earnings results for the second quarter ended August 3, 2013. Net sales for the second quarter of Fiscal 2014 increased 8% to $6.4 billion. Consolidated comparable store sales for the quarter increased 4% over last year’s reported 7% increase. Net income for the second quarter was $480 million. Second quarter diluted earnings per share were $.66, an 18% increase over last year’s $.56, which represented a 24% increase over the prior year’s EPS.

For the first half of Fiscal 2014, net sales were $12.6 billion, an 8% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2014 increased 3% over last year’s reported 8% increase. Net income for the first half of Fiscal 2014 was $932 million. First half Fiscal 2014 diluted earnings per share were $1.28, a 15% increase over last year’s $1.11, which represented a 32% increase over the prior year’s adjusted EPS.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated, “We are very pleased with our above-plan second quarter results which were achieved over high year-over-year comparisons for quarterly comp sales and EPS growth. Consolidated comparable store sales increased 4% over a 7% reported increase last year and earnings per share grew 18% over last year’s 24% increase. With our above-plan second quarter results, we are raising our full-year guidance. The third quarter is off to a solid start and we see many opportunities for the second half of the year and beyond. We are in an excellent inventory position, which gives us the flexibility to capitalize on the great brands and fashions available to us in the marketplace. We have exciting marketing and in-store initiatives planned, and above all, as always, we will be offering consumers amazing values! Further, we see great growth opportunities in our brick-and-mortar business and are excited about the long-term potential of e-commerce as another avenue to bring our values to even more consumers. We remain confident that our strong top- and bottom-line growth will continue and we will grow TJX to be a $40 billion-plus company!”

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