SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):      February 2, 2006     

 

THE TJX COMPANIES, INC.
(Exact name of Registrant as specified in charter)

DELAWARE		1-4908		04-2207613
(State or other jurisdiction of incorporation)		(Common File Number)		(I.R.S. employer identification No.)

770 Cochituate Road, Framingham, MA 01701
(Address of Principal Executive Offices) (Zip Code)

(508) 390-1000
Registrant’s Telephone Number (including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 2.02      RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

     On February 2, 2006, The TJX Companies, Inc., or TJX, 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 fiscal year ended January 28, 2006, which TJX expects will reduce earnings per share by $.03 in the fourth quarter of fiscal 2006 and by $.12 for the full fiscal 2006 year. TJX 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. A copy of TJX’s press release announcing this information, which includes schedules showing the impact of SFAS 123R on several prior periods, is furnished as Exhibit 99.1 hereto.

ITEM 8.01      OTHER EVENTS.

     TJX has also 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 Merchants International L.P., 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 TJX will recognize in the fourth quarter of the fiscal year ended January 28, 2006. A copy of TJX’s press release announcing this information is furnished as Exhibit 99.1 hereto.

ITEM 9.01      FINANCIAL STATEMENTS AND EXHIBITS.

(c)

EXHIBITS

Exhibit Number		Title
99.1		Press Release dated February 2, 2006 of The TJX Companies, Inc.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: February 2, 2006

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated February 2, 2006 of The TJX Companies, Inc.

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
 

     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.

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
 

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 at www.tjx.com.

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
 

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 at www.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 at www.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 at www.tjx.com. A replay of the call will also be available at www.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 at www.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.

-MORE-

The TJX Companies, Inc
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

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

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

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

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

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

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

The TJX Companies, Inc
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