Exhibit 99.1
CONTACT: | ||
| Sherry Lang | ||
| Vice President | ||
| Investor and Public Relations | FOR IMMEDIATE RELEASE | |
| (508) 390-2323 | Thursday, February 2, 2006 | |
THE TJX COMPANIES, INC. REPORTS STRONG JANUARY 2006 SALES AND
UPDATES VIEW OF FOURTH QUARTER EARNINGS;
ANNOUNCES TAX BENEFIT FROM REPATRIATION OF FOREIGN EARNINGS AND
EARLY ADOPTION OF STOCK OPTION EXPENSING
UPDATES VIEW OF FOURTH QUARTER EARNINGS;
ANNOUNCES TAX BENEFIT FROM REPATRIATION OF FOREIGN EARNINGS AND
EARLY ADOPTION OF STOCK OPTION EXPENSING
Framingham, MA — The TJX Companies, Inc. (NYSE:TJX) today reported strong January sales and, as a result, now estimates that its earnings per share for the fourth quarter ended January 28, 2006, will exceed its previously disclosed range. In addition, the Company announced a one-time tax benefit from the repatriation of foreign earnings, as well as its decision to early-adopt stock option expensing, both of which will impact its fourth quarter ended January 28, 2006. Details on January sales as well as the impact of the one-time tax benefit and stock option expensing are provided below.
January 2006 Sales
Consolidated net sales for the four-week period ended January 28, 2006, were $946 million, up 11% over $853 million achieved during the four-week period ended January 29, 2005. For the 52 weeks ended January 28, 2006, sales reached $16.1 billion, an increase of 8% over $14.9 billion achieved last year. Consolidated comparable store sales for the four-week period ended January 28, 2006, were up 5% over the same period last year. For the 13-week fourth quarter, consolidated comparable store sales increased 3% above last year’s fourth quarter. For the 52-week, year-to-date period, consolidated comparable store sales increased 2% over last year.
Ben Cammarata, Chairman and Acting Chief Executive Officer of The TJX Companies, Inc., stated, “Our comparable store sales increase of 5% in January exceeded our expectations and came on top of a 5% comparable store sales increase in January last year. Solid execution of off-price fundamentals, namely maintaining liquid inventories, making the right buys late in the season, and flowing fresh product at compelling values, led to a strong finish to the year. Inventories are in excellent shape as we enter the new year and we remain focused on driving profitable sales across all divisions of the Company.”
Fourth Quarter Outlook
The Company expects that fourth quarter earnings per share will exceed its previously disclosed range of $.41 — $.43, before the net positive impact of the one-time tax benefit and stock option expensing described below.
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THE TJX COMPANIES, INC. REPORTS STRONG JANUARY 2006 SALES AND
UPDATES VIEW OF FOURTH QUARTER EARNINGS;
ANNOUNCES TAX BENEFIT FROM REPATRIATION OF FOREIGN EARNINGS AND
EARLY ADOPTION OF STOCK OPTION EXPENSING
Thursday, February 2, 2006
Page 2
UPDATES VIEW OF FOURTH QUARTER EARNINGS;
ANNOUNCES TAX BENEFIT FROM REPATRIATION OF FOREIGN EARNINGS AND
EARLY ADOPTION OF STOCK OPTION EXPENSING
Thursday, February 2, 2006
Page 2
Repatriation of Foreign Earnings
The Company also today announced that it expects to realize a one-time tax benefit from the repatriation of foreign earnings in the fourth quarter and the fiscal year ended January 28, 2006. The TJX Board of Directors approved the repatriation of approximately US$260 million of accumulated earnings from its Canadian subsidiary, Winners, which was completed during January 2006. Recent U.S. tax legislation allows multinationals a one-time opportunity to repatriate accumulated earnings from foreign subsidiaries at a significantly reduced income tax rate. As a result, TJX’s repatriation of foreign earnings will result in a one-time tax benefit to net income of approximately $47 million, or $.10 per share, which the Company will recognize in the fourth quarter of the current fiscal year, ended January 28, 2006.
Early Adoption of Stock Option Expensing
Separately, The TJX Companies announced its early adoption of the Statement of Financial Accounting Standards (SFAS) No. 123R relating to accounting for stock based compensation in the fourth quarter of the current fiscal year, which the Company expects will reduce earnings per share by $.03 in the fourth quarter of fiscal 2006 and by $.12 for the full fiscal 2006 year. The Company has elected the modified retrospective transition method. Accordingly, prior period financial statements will be adjusted to reflect the effect of stock option expense on a consolidated basis, as previously disclosed in the pro forma footnote to the TJX financial statements. Additionally, segment data will be adjusted to reflect the related stock option expense. (See attached schedules.)
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 799 T.J. Maxx, 715 Marshalls, 251 HomeGoods and 152 A.J. Wright stores, as well as 35 Bob’s Stores, in the United States. In Canada, the Company operates 174 Winners and 58 HomeSense stores, and in Europe, 197 T.K. Maxx stores. TJX’s press releases and financial information are also available on the Internet atwww.tjx.com.
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THE TJX COMPANIES, INC. REPORTS STRONG JANUARY 2006 SALES AND
UPDATES VIEW OF FOURTH QUARTER EARNINGS;
ANNOUNCES TAX BENEFIT FROM REPATRIATION OF FOREIGN EARNINGS AND
EARLY ADOPTION OF STOCK OPTION EXPENSING
Thursday, February 2, 2006
Page 3
UPDATES VIEW OF FOURTH QUARTER EARNINGS;
ANNOUNCES TAX BENEFIT FROM REPATRIATION OF FOREIGN EARNINGS AND
EARLY ADOPTION OF STOCK OPTION EXPENSING
Thursday, February 2, 2006
Page 3
January and February 2006 Sales Recorded Calls
A recorded message with more detailed information regarding TJX’s January 2006 sales results, operations and business trends will be available via the Internet atwww.tjx.com, or by calling (703) 736-7248 through Thursday, February 9, 2006. Additionally, the Company expects to release its February 2006 sales on Thursday, March 2, 2006, at approximately 8:15 a.m. ET. Concurrent with that press release, a recorded message with more detailed information regarding TJX’s February sales results, operations and business trends will be available via the Internet atwww.tjx.com, or by calling (703) 736-7248 through Thursday, March 9, 2006.
Fourth Quarter and Fiscal Year 2006 Conference Call
The Company expects to release fourth quarter and fiscal 2006 year-end earnings on Wednesday, February 22, 2006, before 9:30 a.m. ET. At 11:00 a.m. ET that day, Ben Cammarata, Chairman and Acting Chief Executive Officer, and Carol Meyrowitz, President of TJX, will hold a conference call with stock analysts to discuss the Company’s fiscal 2006 results, operations and business trends, as well as expectations for fiscal 2007. A real-time webcast of the call will be available atwww.tjx.com. A replay of the call will also be available atwww.tjx.com or by dialing (800) 216-3035 through Wednesday, March 1, 2006.
Archived versions of the Company’s recorded messages and conference calls are available atwww.tjx.com after they are no longer available by telephone.
SAFE HARBOR STATEMENTS 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, including projections of earnings per share and same store sales, are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: our ability to continue successful expansion of our store base; risks of expansion; our ability to successfully implement our opportunistic inventory strategies and to effectively manage our inventories; consumer confidence, demand, spending habits and buying preferences; effects of unseasonable weather; competitive factors; factors affecting availability of store and distribution center locations on suitable terms; factors affecting our recruitment and employment of associates; factors affecting expenses; success of our acquisition and divestiture activities; our ability to successfully implement technologies and systems and protect data; our ability to continue to generate adequate cash flows; availability and cost of financing; general economic conditions, including gasoline prices; potential disruptions due to wars, natural disasters and other events beyond our control; changes in currency and exchange rates; import risks; adverse outcomes for any significant litigation; changes in laws and regulations and accounting rules and principles; effectiveness of internal controls; 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.
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The TJX Companies, Inc
Financial Summary — As Reported and as Adjusted for 123R
Three Fiscal Years Ended January 2003 through January 2005
Financial Summary — As Reported and as Adjusted for 123R
Three Fiscal Years Ended January 2003 through January 2005
| AS REPORTED | As Reported for the Fiscal Year Ended | |||||||||||
| January 29, | January 31, | January 25, | ||||||||||
| 2005 | 2004 | 2003 | ||||||||||
| 53 Weeks | ||||||||||||
| Net Sales | $ | 14,913,483 | $ | 13,327,938 | $ | 11,981,207 | ||||||
| Income before provision for income taxes | 1,079,693 | 1,068,326 | 937,724 | |||||||||
| Provision for income taxes | 415,549 | 409,961 | 359,336 | |||||||||
| Net Income | $ | 664,144 | $ | 658,365 | $ | 578,388 | ||||||
| Net income per share: | ||||||||||||
| Basic | $ | 1.36 | $ | 1.30 | $ | 1.09 | ||||||
| Diluted | $ | 1.30 | $ | 1.25 | $ | 1.05 | ||||||
| AS ADJUSTED FOR 123R | As Adjusted for the Fiscal Year Ended | |||||||||||
| January 29, | January 31, | January 25, | ||||||||||
| 2005 | 2004 | 2003 | ||||||||||
| 53 Weeks | ||||||||||||
| Net Sales | $ | 14,913,483 | $ | 13,327,938 | $ | 11,981,207 | ||||||
| Income before provision for income taxes | 988,951 | 986,738 | 871,514 | |||||||||
| Provision for income taxes | 379,252 | 377,326 | 332,852 | |||||||||
| Net Income | $ | 609,699 | $ | 609,412 | $ | 538,662 | ||||||
| Net income per share: | ||||||||||||
| Basic | $ | 1.25 | $ | 1.20 | $ | 1.01 | ||||||
| Diluted | $ | 1.21 | $ | 1.16 | $ | 0.98 | ||||||
| IMPACT OF STOCK COMPENSATION ADJUSTMENT ON: | ||||||||||||
| Income before provision for income taxes | $ | 90,742 | $ | 81,588 | $ | 66,210 | ||||||
| Net Income | $ | 54,445 | $ | 48,953 | $ | 39,726 | ||||||
| Net income per share: | ||||||||||||
| Basic | $ | 0.11 | $ | 0.10 | $ | 0.08 | ||||||
| Diluted | $ | 0.09 | $ | 0.09 | $ | 0.07 | ||||||
The TJX Companies, Inc
Segment Information — As Reported and as Adjusted for 123R
Three Fiscal Years Ended January 2003 through January 2005
Segment Information — As Reported and as Adjusted for 123R
Three Fiscal Years Ended January 2003 through January 2005
| AS REPORTED | As Reported for the Fiscal Year Ended | |||||||||||
| January 29, | January 31, | January 25, | ||||||||||
| 2005 | 2004 | 2003 | ||||||||||
| 53 Weeks | ||||||||||||
| Segment Profit (loss) | ||||||||||||
| Marmaxx | $ | 1,023,524 | $ | 961,632 | $ | 887,944 | ||||||
| Winners and HomeSense | 108,884 | 106,745 | 85,301 | |||||||||
| T.K. Maxx | 70,724 | 59,059 | 43,044 | |||||||||
| HomeGoods | 23,132 | 49,836 | 32,128 | |||||||||
| A.J. Wright | (15,032 | ) | 1,692 | (12,566 | ) | |||||||
| Bob’s Stores | (17,269 | ) | (4,970 | ) | 0 | |||||||
| 1,193,963 | 1,173,994 | 1,035,851 | ||||||||||
| General corporate expense | 88,513 | 78,416 | 72,754 | |||||||||
| Interest expense, net | 25,757 | 27,252 | 25,373 | |||||||||
| Income before provision for income taxes | $ | 1,079,693 | $ | 1,068,326 | $ | 937,724 | ||||||
| AS ADJUSTED FOR 123R | As Adjusted for the Fiscal Year Ended | |||||||||||
| January 29, | January 31, | January 25, | ||||||||||
| 2005 | 2004 | 2003 | ||||||||||
| 53 Weeks | ||||||||||||
| Segment Profit (loss) | ||||||||||||
| Marmaxx | $ | 982,082 | $ | 922,907 | $ | 856,514 | ||||||
| Winners and HomeSense | 99,701 | 98,928 | 79,573 | |||||||||
| T.K. Maxx | 63,975 | 53,655 | 39,205 | |||||||||
| HomeGoods | 18,148 | 45,388 | 28,607 | |||||||||
| A.J. Wright | (19,626 | ) | (2,125 | ) | (15,363 | ) | ||||||
| Bob’s Stores | (18,512 | ) | (5,025 | ) | 0 | |||||||
| 1,125,768 | 1,113,728 | 988,536 | ||||||||||
| General corporate expense | 111,060 | 99,738 | 91,649 | |||||||||
| Interest expense, net | 25,757 | 27,252 | 25,373 | |||||||||
| Income before provision for income taxes | $ | 988,951 | $ | 986,738 | $ | 871,514 | ||||||
| ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT | ||||||||||||
| Marmaxx | $ | 41,442 | $ | 38,725 | $ | 31,430 | ||||||
| Winners and HomeSense | 9,183 | 7,817 | 5,728 | |||||||||
| T.K. Maxx | 6,749 | 5,404 | 3,839 | |||||||||
| HomeGoods | 4,984 | 4,448 | 3,521 | |||||||||
| A.J. Wright | 4,594 | 3,817 | 2,797 | |||||||||
| Bob’s Stores | 1,243 | 55 | 0 | |||||||||
| General Corporate expense | 22,547 | 21,322 | 18,895 | |||||||||
| Total adjustment | $ | 90,742 | $ | 81,588 | $ | 66,210 | ||||||
The TJX Companies, Inc
Financial Summary — As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 28, 2006
Financial Summary — As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 28, 2006
| AS REPORTED | Quarterly results as reported for the Fiscal Year Ended January 28, 2006 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | ||||||||||||||
| Ended | Ended | Ended | ||||||||||||||
| April 30, 2005 | July 30, 2005 | October 29, 2005 | ||||||||||||||
| Net Sales | $ | 3,651,830 | $ | 3,647,866 | $ | 4,041,912 | ||||||||||
| Income before provision for income taxes | 242,718 | 200,491 | 279,344 | |||||||||||||
| Provision for income taxes | 93,374 | 77,350 | 108,181 | |||||||||||||
| Net Income | $ | 149,344 | $ | 123,141 | $ | 171,163 | ||||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.31 | $ | 0.26 | $ | 0.37 | ||||||||||
| Diluted | $ | 0.30 | $ | 0.25 | $ | 0.36 | ||||||||||
| AS ADJUSTED FOR 123R | Quarterly results as adjusted for the Fiscal Year Ended January 28, 2006 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | ||||||||||||||
| Ended | Ended | Ended | ||||||||||||||
| April 30, 2005 | July 30, 2005 | October 29, 2005 | ||||||||||||||
| Net Sales | $ | 3,651,830 | $ | 3,647,866 | $ | 4,041,912 | ||||||||||
| Income before provision for income taxes | 219,780 | 179,945 | 257,316 | |||||||||||||
| Provision for income taxes | 84,199 | 69,131 | 101,991 | |||||||||||||
| Net Income | $ | 135,581 | $ | 110,814 | $ | 155,325 | ||||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.28 | $ | 0.24 | $ | 0.34 | ||||||||||
| Diluted | $ | 0.28 | $ | 0.23 | $ | 0.32 | ||||||||||
| IMPACT OF STOCK COMPENSATION ADJUSTMENT ON: | ||||||||||||||||
| Income before provision for income taxes | $ | 22,938 | $ | 20,546 | $ | 22,028 | ||||||||||
| Net Income | $ | 13,763 | $ | 12,327 | $ | 15,838 | ||||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.03 | $ | 0.02 | $ | 0.03 | ||||||||||
| Diluted | $ | 0.02 | $ | 0.02 | $ | 0.04 | ||||||||||
The TJX Companies, Inc
Segment Information — As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 28, 2006
Segment Information — As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 28, 2006
| AS REPORTED | Quarterly results as reported for the Fiscal Year Ended January 28, 2006 | |||||||||||
| First Quarter | Second Quarter | Third Quarter | ||||||||||
| Ended | Ended | Ended | ||||||||||
| April 30, 2005 | July 30, 2005 | October 29, 2005 | ||||||||||
| Segment Profit (loss) | ||||||||||||
| Marmaxx | $ | 267,660 | $ | 211,581 | $ | 251,104 | ||||||
| Winners and HomeSense | 12,344 | 20,567 | 52,237 | |||||||||
| T.K. Maxx | (341 | ) | 10,484 | 22,679 | ||||||||
| HomeGoods | 623 | (3,700 | ) | 8,053 | ||||||||
| A.J. Wright | (2,960 | ) | (1,587 | ) | (2,466 | ) | ||||||
| Bob’s Stores | (6,523 | ) | (8,743 | ) | (6,736 | ) | ||||||
| 270,803 | 228,602 | 324,871 | ||||||||||
| General corporate expense | 22,049 | 20,194 | 35,408 | |||||||||
| Interest expense, net | 6,036 | 7,917 | 10,119 | |||||||||
| Income before provision for income taxes | $ | 242,718 | $ | 200,491 | $ | 279,344 | ||||||
| AS ADJUSTED FOR 123R | Quarterly results as adjusted for the Fiscal Year Ended January 28, 2006 | |||||||||||
| First Quarter | Second Quarter | Third Quarter | ||||||||||
| Ended | Ended | Ended | ||||||||||
| April 30, 2005 | July 30, 2005 | October 29, 2005 | ||||||||||
| Segment Profit (loss) | ||||||||||||
| Marmaxx | $ | 257,485 | $ | 202,295 | $ | 242,514 | ||||||
| Winners and HomeSense | 9,892 | 18,563 | 50,036 | |||||||||
| T.K. Maxx | (2,236 | ) | 9,023 | 20,924 | ||||||||
| HomeGoods | (666 | ) | (4,739 | ) | 6,921 | |||||||
| A.J. Wright | (4,173 | ) | (2,709 | ) | (3,561 | ) | ||||||
| Bob’s Stores | (6,986 | ) | (9,155 | ) | (7,249 | ) | ||||||
| 253,316 | 213,278 | 309,585 | ||||||||||
| General corporate expense | 27,500 | 25,416 | 42,150 | |||||||||
| Interest expense, net | 6,036 | 7,917 | 10,119 | |||||||||
| Income before provision for income taxes | $ | 219,780 | $ | 179,945 | $ | 257,316 | ||||||
| ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT | ||||||||||||
| Marmaxx | $ | 10,175 | $ | 9,286 | $ | 8,590 | ||||||
| Winners and HomeSense | 2,452 | 2,004 | 2,201 | |||||||||
| T.K. Maxx | 1,895 | 1,461 | 1,755 | |||||||||
| HomeGoods | 1,289 | 1,039 | 1,132 | |||||||||
| A.J. Wright | 1,213 | 1,122 | 1,095 | |||||||||
| Bob’s Stores | 463 | 412 | 513 | |||||||||
| General Corporate expense | 5,451 | 5,222 | 6,742 | |||||||||
| Total adjustment | $ | 22,938 | $ | 20,546 | $ | 22,028 | ||||||
The TJX Companies, Inc
Financial Summary — As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 29, 2005
Financial Summary — As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 29, 2005
| AS REPORTED | Quarterly results as reported for the Fiscal Year Ended January 29, 2005 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| May 1, 2004 | July 31, 2004 | October 30, 2004 | January 29, 2005 | |||||||||||||
| Net Sales | $ | 3,352,737 | $ | 3,414,287 | $ | 3,817,350 | $ | 4,329,109 | ||||||||
| Income before provision for income taxes | 274,334 | 193,336 | 327,124 | 284,899 | ||||||||||||
| Provision for income taxes | 106,222 | 75,094 | 126,269 | 107,964 | ||||||||||||
| Net Income | $ | 168,112 | $ | 118,242 | $ | 200,855 | $ | 176,935 | ||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.34 | $ | 0.24 | $ | 0.41 | $ | 0.37 | ||||||||
| Diluted | $ | 0.32 | $ | 0.23 | $ | 0.40 | $ | 0.35 | ||||||||
| AS ADJUSTED FOR 123R | Quarterly results as adjusted for the Fiscal Year Ended January 29, 2005 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| May 1, 2004 | July 31, 2004 | October 30, 2004 | January 29, 2005 | |||||||||||||
| Net Sales | $ | 3,352,737 | $ | 3,414,287 | $ | 3,817,350 | $ | 4,329,109 | ||||||||
| Income before provision for income taxes | 252,355 | 172,351 | 300,300 | 263,945 | ||||||||||||
| Provision for income taxes | 97,431 | 66,998 | 115,858 | 98,965 | ||||||||||||
| Net Income | $ | 154,924 | $ | 105,353 | $ | 184,442 | $ | 164,980 | ||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.31 | $ | 0.21 | $ | 0.38 | $ | 0.34 | ||||||||
| Diluted | $ | 0.30 | $ | 0.21 | $ | 0.37 | $ | 0.33 | ||||||||
| IMPACT OF STOCK COMPENSATION ADJUSTMENT ON: | ||||||||||||||||
| Income before provision for income taxes | $ | 21,979 | $ | 20,985 | $ | 26,824 | $ | 20,954 | ||||||||
| Net Income | $ | 13,188 | $ | 12,889 | $ | 16,413 | $ | 11,955 | ||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.03 | $ | 0.03 | $ | 0.03 | $ | 0.03 | ||||||||
| Diluted | $ | 0.02 | $ | 0.02 | $ | 0.03 | $ | 0.02 | ||||||||
The TJX Companies, Inc
Segment Information — As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 29, 2005
Segment Information — As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 29, 2005
| AS REPORTED | Quarterly results as reported for the Fiscal Year Ended January 29, 2005 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| May 1, 2004 | July 31, 2004 | October 30, 2004 | January 29, 2005 | |||||||||||||
| Segment Profit (loss) | ||||||||||||||||
| Marmaxx | $ | 271,914 | $ | 202,582 | $ | 284,329 | $ | 264,699 | ||||||||
| Winners and HomeSense | 24,393 | 21,101 | 39,002 | 24,388 | ||||||||||||
| T.K. Maxx | 1,943 | 9,533 | 29,828 | 29,420 | ||||||||||||
| HomeGoods | 5,161 | (626 | ) | 11,753 | 6,844 | |||||||||||
| A.J. Wright | (2,953 | ) | (3,239 | ) | (5,773 | ) | (3,067 | ) | ||||||||
| Bob’s Stores | 1,250 | (8,231 | ) | (2,392 | ) | (7,896 | ) | |||||||||
| 301,708 | 221,120 | 356,747 | 314,388 | |||||||||||||
| General corporate expense | 20,791 | 20,791 | 22,489 | 24,442 | ||||||||||||
| Interest expense, net | 6,583 | 6,993 | 7,134 | 5,047 | ||||||||||||
| Income before provision for income taxes | $ | 274,334 | $ | 193,336 | $ | 327,124 | $ | 284,899 | ||||||||
| AS ADJUSTED FOR 123R | Quarterly results as adjusted for the Fiscal Year Ended January 29, 2005 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| May 1, 2004 | July 31, 2004 | October 30, 2004 | January 29, 2005 | |||||||||||||
| Segment Profit (loss) | ||||||||||||||||
| Marmaxx | $ | 261,695 | $ | 192,798 | $ | 272,260 | $ | 255,329 | ||||||||
| Winners and HomeSense | 22,158 | 19,045 | 36,277 | 22,221 | ||||||||||||
| T.K. Maxx | 313 | 8,079 | 27,802 | 27,781 | ||||||||||||
| HomeGoods | 3,937 | (1,758 | ) | 10,275 | 5,694 | |||||||||||
| A.J. Wright | (4,020 | ) | (4,271 | ) | (7,148 | ) | (4,187 | ) | ||||||||
| Bob’s Stores | 1,046 | (8,435 | ) | (2,822 | ) | (8,301 | ) | |||||||||
| 285,129 | 205,458 | 336,644 | 298,537 | |||||||||||||
| General corporate expense | 26,191 | 26,114 | 29,210 | 29,545 | ||||||||||||
| Interest expense, net | 6,583 | 6,993 | 7,134 | 5,047 | ||||||||||||
| Income before provision for income taxes | $ | 252,355 | $ | 172,351 | $ | 300,300 | $ | 263,945 | ||||||||
| ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT | ||||||||||||||||
| Marmaxx | $ | 10,219 | $ | 9,784 | $ | 12,069 | $ | 9,370 | ||||||||
| Winners and HomeSense | 2,235 | 2,056 | 2,725 | 2,167 | ||||||||||||
| T.K. Maxx | 1,630 | 1,454 | 2,026 | 1,639 | ||||||||||||
| HomeGoods | 1,224 | 1,132 | 1,478 | 1,150 | ||||||||||||
| A.J. Wright | 1,067 | 1,032 | 1,375 | 1,120 | ||||||||||||
| Bob’s Stores | 204 | 204 | 430 | 405 | ||||||||||||
| General Corporate expense | 5,400 | 5,323 | 6,721 | 5,103 | ||||||||||||
| Total adjustment | $ | 21,979 | $ | 20,985 | $ | 26,824 | $ | 20,954 | ||||||||
The TJX Companies, Inc
Financial Summary — As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 31, 2004
Financial Summary — As Reported and as Adjusted for 123R
Quarterly results for the Fiscal Year Ended January 31, 2004
| AS REPORTED | Quarterly results as reported for the Fiscal Year Ended January 31, 2004 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| April 26, 2003 | July 26, 2003 | October 25, 2003 | January 31, 2004 | |||||||||||||
| (14 Weeks) | ||||||||||||||||
| Net Sales | $ | 2,788,705 | $ | 3,046,184 | $ | 3,387,452 | $ | 4,105,597 | ||||||||
| Income before provision for income taxes | 185,206 | 201,080 | 300,031 | 382,009 | ||||||||||||
| Provision for income taxes | 71,675 | 77,818 | 117,198 | 143,270 | ||||||||||||
| Net Income | $ | 113,531 | $ | 123,262 | $ | 182,833 | $ | 238,739 | ||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.22 | $ | 0.24 | $ | 0.36 | $ | 0.48 | ||||||||
| Diluted | $ | 0.21 | $ | 0.23 | $ | 0.35 | $ | 0.46 | ||||||||
| AS ADJUSTED FOR 123R | Quarterly results as adjusted for the Fiscal Year Ended January 31, 2004 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| April 26, 2003 | July 26, 2003 | October 25, 2003 | January 31, 2004 | |||||||||||||
| (14 Weeks) | ||||||||||||||||
| Net Sales | $ | 2,788,705 | $ | 3,046,184 | $ | 3,387,452 | $ | 4,105,597 | ||||||||
| Income before provision for income taxes | 165,573 | 181,463 | 278,326 | 361,376 | ||||||||||||
| Provision for income taxes | 63,821 | 69,972 | 108,516 | 135,017 | ||||||||||||
| Net Income | $ | 101,752 | $ | 111,491 | $ | 169,810 | $ | 226,359 | ||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.20 | $ | 0.22 | $ | 0.34 | $ | 0.45 | ||||||||
| Diluted (A) | $ | 0.19 | $ | 0.21 | $ | 0.32 | $ | 0.43 | ||||||||
| IMPACT OF STOCK COMPENSATION ADJUSTMENT ON: | ||||||||||||||||
| Income before provision for income taxes | $ | 19,633 | $ | 19,617 | $ | 21,705 | $ | 20,633 | ||||||||
| Net Income | $ | 11,779 | $ | 11,771 | $ | 13,023 | $ | 12,380 | ||||||||
| Net Income per share: | ||||||||||||||||
| Basic | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.03 | ||||||||
| Diluted | $ | 0.02 | $ | 0.02 | $ | 0.03 | $ | 0.03 | ||||||||
| (A) | In accordance with EITF No. 04-08, the pro forma diluted earnings per share for the fiscal year ended January 31, 2004 have been adjusted for the impact of the shares associated with TJX’s contingently convertible debentures. |
The TJX Companies, Inc
Segment Information — As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 31, 2004
Segment Information — As Reported and as Adjusted for 123R
By Quarter for the Fiscal Year Ended January 31, 2004
| AS REPORTED | Quarterly results as reported for the Fiscal Year Ended January 31, 2004 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| April 26, 2003 | July 26, 2003 | October 25, 2003 | January 31, 2004 | |||||||||||||
| (14 Weeks) | ||||||||||||||||
| Segment Profit (loss) | ||||||||||||||||
| Marmaxx | $ | 193,885 | $ | 191,800 | $ | 264,878 | $ | 311,069 | ||||||||
| Winners and HomeSense | 11,793 | 18,138 | 36,295 | 40,519 | ||||||||||||
| T.K. Maxx | 916 | 8,184 | 17,507 | 32,452 | ||||||||||||
| HomeGoods | 4,532 | 6,114 | 16,438 | 22,752 | ||||||||||||
| A.J. Wright | (2,345 | ) | 1,839 | (1,913 | ) | 4,111 | ||||||||||
| Bob’s Stores | 0 | 0 | 0 | (4,970 | ) | |||||||||||
| 208,781 | 226,075 | 333,205 | 405,933 | |||||||||||||
| General corporate expense | 16,597 | 17,767 | 25,944 | 18,108 | ||||||||||||
| Interest expense, net | 6,978 | 7,228 | 7,230 | 5,816 | ||||||||||||
| Income before provision for income taxes | $ | 185,206 | $ | 201,080 | $ | 300,031 | $ | 382,009 | ||||||||
| AS ADJUSTED FOR 123R | Quarterly results as adjusted for the Fiscal Year Ended January 31, 2004 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| April 26, 2003 | July 26, 2003 | October 25, 2003 | January 31, 2004 | |||||||||||||
| (14 Weeks) | ||||||||||||||||
| Segment Profit (loss) | ||||||||||||||||
| Marmaxx | $ | 184,475 | $ | 182,390 | $ | 254,596 | $ | 301,446 | ||||||||
| Winners and HomeSense | 9,926 | 16,271 | 34,088 | 38,643 | ||||||||||||
| T.K. Maxx | (387 | ) | 6,881 | 15,898 | 31,263 | |||||||||||
| HomeGoods | 3,446 | 5,028 | 15,206 | 21,708 | ||||||||||||
| A.J. Wright | (3,212 | ) | 972 | (2,924 | ) | 3,039 | ||||||||||
| Bob’s Stores | 0 | 0 | 0 | (5,025 | ) | |||||||||||
| 194,248 | 211,542 | 316,864 | 391,074 | |||||||||||||
| General corporate expense | 21,697 | 22,851 | 31,308 | 23,882 | ||||||||||||
| Interest expense, net | 6,978 | 7,228 | 7,230 | 5,816 | ||||||||||||
| Income before provision for income taxes | $ | 165,573 | $ | 181,463 | $ | 278,326 | $ | 361,376 | ||||||||
| ALLOCATION OF PRE-TAX STOCK COMPENSATION ADJUSTMENT | ||||||||||||||||
| Marmaxx | $ | 9,410 | $ | 9,410 | $ | 10,282 | $ | 9,623 | ||||||||
| Winners and HomeSense | 1,867 | 1,867 | 2,207 | 1,876 | ||||||||||||
| T.K. Maxx | 1,303 | 1,303 | 1,609 | 1,189 | ||||||||||||
| HomeGoods | 1,086 | 1,086 | 1,232 | 1,044 | ||||||||||||
| A.J. Wright | 867 | 867 | 1,011 | 1,072 | ||||||||||||
| Bob’s Stores | 0 | 0 | 0 | 55 | ||||||||||||
| General Corporate expense | 5,100 | 5,084 | 5,364 | 5,774 | ||||||||||||
| Total adjustment | $ | 19,633 | $ | 19,617 | $ | 21,705 | $ | 20,633 | ||||||||