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Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, "Our consolidated comparable store sales increase of 7% significantly exceeded our expectations. We saw strong trends continue in September and customer traffic counts accelerated beyond their already high levels. We believe our great values on great brands are resonating with our loyal customer base and attracting new customers. Seasonably cool temperatures in parts of the U.S. during the month likely helped drive customers to shop for fall merchandise. With above-plan sales in August and September, strong momentum in our business and greater visibility into future trends, we are raising our outlook for the third and fourth quarters. We continue to see an abundance of exciting brands and merchandise in the marketplace, which will enable us to flow fresh, exciting assortments of gift merchandise throughout the holiday season."
Updated Third Quarter Fiscal 2010 Guidance
The Company now expects third quarter Fiscal 2010 diluted earnings per share from continuing operations to be in the range of $.71 to $.74, compared with $.58 in reported earnings per share from continuing operations in the prior year. This range is based upon a raised expectation for October consolidated comparable store sales to an increase of 5% to 6%. It is important to note that comparisons of projected third quarter results to prior year are impacted by a non-operating item last year and foreign currency exchange rates. Please go to the Reconciliation of Financials section of the Company's website at www.tjx.com for details on the comparability of these items.
Updated Fourth Quarter Fiscal 2010 Guidance
The Company now expects fourth quarter Fiscal 2010 diluted earnings per share from continuing operations to be in the range of $.60 to $.66, compared with $.58 in reported earnings per share from continuing operations in the prior year. This range is based upon a raised expectation for fourth quarter consolidated comparable store sales to an increase of 3% to 5%. It is important to note that comparisons of projected fourth quarter results to prior year are impacted by the benefit from the extra week in the Company's Fiscal 2009 calendar, a non-operating item, and foreign currency exchange rates. Please go to the Reconciliation of Financials section of the Company's website at www.tjx.com for details on the comparability of these items.
September and October Fiscal 2010 Sales Recorded Calls
A recorded message with more detailed information regarding TJX's September 2009 sales results, operations and business trends is available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, October 15, 2009. The Company expects to release its October 2009 sales results on Thursday, November 5, 2009, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX's October sales results, operations and business trends will be available via the Internet at www.tjx.com, or by calling (703) 736-7248 through Thursday, November 12, 2009.
Third Quarter Fiscal 2010 Conference Call
Additionally, the Company expects to release its third quarter earnings on Tuesday, November 17, 2009, before 9:30 a.m. ET. At 11:00 a.m. ET that day, Carol Meyrowitz, TJX's President and Chief Executive Officer, will hold a conference call with stock analysts to discuss the Company's third quarter Fiscal 2010 results, operations and business trends. A real-time webcast of the call will be available at www.tjx.com. A replay of the call will also be available at www.tjx.com or by dialing (866) 367-5577 through Tuesday, November 24, 2009.
Important Information at Website
Archived versions of the Company's recorded messages and conference calls are available at www.tjx.com after they are no longer available by telephone. 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.
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 885 T.J. Maxx, 816 Marshalls, 323 HomeGoods, and 147 A.J. Wright stores in the United States. In Canada, the Company operates 207 Winners, 77 HomeSense and 3 STYLESENSE stores, and in Europe, 249 T.K. Maxx and 12 HomeSense stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.
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: conditions of global economies and credit and financial markets; foreign currency exchange rates; execution of buying and inventory management; expansion of operations; identification of customer trends and preferences; fluctuation in results; risks of new market/category expansion; implementation of marketing, advertising and promotional programs; losses from and consequences of computer intrusion(s); seasonal influences; risks of operating a large, multi-division, multi-national business; unseasonable weather; competition; retention of personnel; acquisitions and divestitures; operation and implementation of information systems and technology; protection of data; level of cash flows generated; factors affecting consumer spending; merchandise quality and safety; import risks; risks of foreign operations; changes in laws and regulations; outcomes of litigation and proceedings; risks of real estate ownership and leasing; stock price fluctuations 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.
SOURCE: The TJX Companies, Inc.
The TJX Companies, Inc. Sherry Lang Senior Vice President Investor and Public Relations (508) 390-2323
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