FRAMINGHAM, Mass.--(BUSINESS WIRE)--Jan. 5, 2012--
The TJX Companies, Inc. (NYSE: TJX) today reported strong December 2011
sales results and updated its outlook for the fourth quarter. The
Company also announced that its Board of Directors approved a
two-for-one stock split of the Company’s common stock in the form of a
stock dividend. One additional share will be paid for each share held by
holders of record at the close of business on January 17, 2012. The
shares will be distributed on February 2, 2012.
Sales for the five-week period ended December 31, 2011, were $3.3
billion, up 8% over the $3.0 billion achieved during the five-week
period ended January 1, 2011. For the 48 weeks ended December 31, 2011,
sales reached $21.8 billion, up 6% over the $20.6 billion achieved
during the 48-week period last year. Consolidated comparable store sales
increased 8% compared to last year for the five-week period ended
December 31, 2011. For the 48-week, year-to-date period, consolidated
comparable store sales increased 4% compared to last year.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc.,
stated, “I am extremely pleased with our December comp sales increase of
8%, which significantly exceeded our expectations. We believe that value
remains critically important to consumers, and that our great values,
brands, and gift-giving selections drove large increases in customer
traffic during the month. Further, we made a strategic decision to price
aggressively in order to reinforce our value position in a very
promotional retail environment, and to clear cold weather apparel in
this unseasonably warm winter. We believe that driving customers to our
stores in this important holiday period will benefit our business next
year and in the longer term. I am also delighted that sales were strong
at every division and that both of our international businesses
performed very well. We enter January with very lean inventories and the
flexibility to ship fresh merchandise with great values to our stores.
As we look further out into next year, we believe we are very well
positioned to continue to post strong sales and margins.”
Regarding the two-for-one stock split, Meyrowitz commented, “Over the
past three years, we have driven strong comparable store sales and
earnings increases and have seen our stock price grow significantly. In
addition, TJX has substantial growth opportunities in the U.S. and
internationally, and continues to deliver superior financial returns.
The two-for-one stock split announced today underscores our confidence
in our ability to continue to significantly increase sales, earnings and
cash flow. Since our last stock split in 2002, our share price has
approximately tripled.”
Updated Fourth Quarter Fiscal 2012 Guidance
With its aggressive stance on pricing and clearance of cold weather
apparel in December, the Company continues to expect fourth quarter
Fiscal 2012 earnings per share to be in the range of $1.19 - $1.23.
While this guidance remains unchanged, it now includes an estimated $.03
per share negative impact from several items that impact the
comparability of results and were not anticipated in the Company’s
original guidance provided on November 15, 2011. These items include
costs related to closing the Company’s StyleSense stores in Canada, an
early retirement program at the Company’s home office, the closure of an
office facility in Europe, and a separation agreement. This guidance
reflects the Company’s expectation that consolidated pretax margins for
the fourth quarter of Fiscal 2012 will be flat to up 20 basis points
over the prior year.
The prior year’s fourth quarter fully diluted earnings per share of $.83
includes $.22 per share in costs related to the closing and
consolidation of the Company’s A.J. Wright division. Excluding these
costs from prior year comparisons, the Company’s current year fourth
quarter earnings per share guidance of $1.19 to $1.23 per share
represents a 13% to 17% increase over the prior year’s adjusted $1.05.
More detailed information on the Company's guidance for the Fiscal 2012
fourth quarter is available in the investor information section of www.tjx.com.
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 986 T.J.
Maxx, 891 Marshalls, and 375 HomeGoods stores in the United States; 216
Winners, 86 HomeSense, and 6 Marshalls stores in Canada (the Company
currently operates 3 STYLESENSE stores in Canada which it plans to close
in January 2012); and 333 T.K. Maxx and 24 HomeSense stores in Europe.
TJX’s press releases and financial information are also available at www.tjx.com.
December and January Fiscal 2012 Sales Recorded
Calls
A recorded message with more detailed information regarding TJX’s
December 2011 sales, operations and business trends is available at www.tjx.com,
or by calling (703) 736-7248 through Thursday, January 12, 2012. The
Company expects to release its January 2012 sales on Thursday, February
2, 2012, at approximately 8:15 a.m. ET. Concurrent with that press
release, a recorded message with more detailed information regarding
TJX’s January sales, operations and business trends will be available at www.tjx.com,
or by calling (703) 736-7248 through Thursday, February 9, 2012.
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.
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: global economies and credit and
financial markets; foreign currency exchange rates; buying and inventory
management; market, geographic and category expansion; customer trends
and preferences; quarterly operating results; marketing, advertising and
promotional programs; data security; seasonal influences; large size and
scale; unseasonable weather; serious disruptions and catastrophic
events; competition; personnel recruitment and retention; acquisitions
and divestitures; information systems and technology; cash flows;
consumer spending; merchandise quality and safety; merchandise
importing; international operations; commodity prices; compliance with
laws, regulations and orders; changes in laws and regulations; outcomes
of litigation and proceedings; real estate leasing; market expectations;
tax matters 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
Global
Communications
(508) 390-2323