The TJX Companies' Management Host March 2012 Sales Call (Transcript)

TJX Companies Inc. (TJX)

April 05, 2012 12:00 am ET


Sherry Lang - Senior Vice President of Global Communications


Sherry Lang

Good morning. This is Sherry Lang, Senior Vice President of Global Communications for the TJX Companies. Today is April 5, 2012, and I would like to welcome you to our investor call to discuss our March 2012 sales.

Before I begin, please note that the forward-looking statements I make today about the company's results, expectations and plans are subject to risks and uncertainties that could cause actual results and actions to vary materially. These risks and the uncertainties are discussed in the company's SEC filings, including, without limitation, the Form 10-K filed March 27, 2012. Further, these comments are copyrighted by The TJX Companies. Any recording, rebroadcast, reproduction or other use of these comments for profit or otherwise without prior consent of TJX is prohibited and a violation of United States copyright laws. [Operator Instructions]

Now to recap the numbers. Sales for the 5-week period ended March 31, 2012, were $2.3 billion, up 14% over the $2 billion achieved during the 5-week period ended April 2, 2011. For the 9 weeks ended March 31, 2012, sales reached $4 billion, a 13% increase over last year's $3.5 billion. Consolidated comparable store sales for March 2012 increased 10%, well above our plan. For the 9-week year-to-date period, consolidated comp store sales also increased 10% over the same period last year.

It is great to see our strong momentum continue in March and be so broad-based with all divisions doing so well in the U.S., Canada and Europe. Both consolidated and Marmaxx comp store sales were up 10%, well ahead of our expectations and driven by significant increases in customer traffic. We have continued to offer the right fashion at the right price and the right time and believe that our mix has attracted customers to us. While warm weather was a positive for sales of spring apparel, sales were strong throughout the U.S., underscoring our view that the consumer wants value and is responding to the exciting shopping experience that we are offering.

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