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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