Home / Knowledge / News / Apparel/Garments / TJX consolidated comparable store sales decline
TJX consolidated comparable store sales decline
14
Oct '08
The TJX Companies Inc reported September 2008 sales results. Sales for the five-week period ended October 4, 2008, were $1.83 billion, up 3% over the $1.78 billion achieved during the five-week period ended October 6, 2007. For the 35 weeks ended October 4, 2008, sales reached $12.2 billion, up 6% over the $11.5 billion achieved during the 35 weeks ended October 6, 2007.

Consolidated comparable store sales for the five-week period ended October 4, 2008, decreased 1% compared to last year. Foreign currency exchange rates negatively impacted September comparable store sales by two percentage points, which was unanticipated in the Company's prior guidance.

Excluding the impact of foreign currency exchange rates, consolidated comparable store sales increased 1% for the month. For the 35-week period ended October 4, 2008, consolidated comparable store sales increased 3% over last year, with a neutral impact from foreign currency exchange rates.

Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Although September consolidated comparable store sales were below plan, customer transactions were up across virtually all divisions. Also, despite economic concerns internationally, our divisions in these markets had strong performance.

With the volatile economic environment in the U.S. and a generally warmer September than last year, we were pleased to see sales trends in the U.S. dramatically improve at the end of the month as the weather turned more seasonable in key regions. While we believe that consumers are worried, we also believe that with the right execution of our resilient business model, our financial strength, extremely well controlled inventories, strong merchandise margins, and the excellent values we offer our customers, we are in an excellent position going into the holiday season.”

Updated Guidance:
The Company is lowering its guidance for third quarter earnings per share from continuing operations to the range of $.55 to $.58 primarily to reflect lower-than-expected sales. This range is based upon estimated consolidated comparable store sales growth for the quarter of approximately flat to 1%. It assumes a negative impact from foreign exchange rates of $.01 per share and represents a 2% to 7% increase over the $.54 in diluted earnings per share in the prior year.

Reflecting this updated guidance, the Company now expects full year Fiscal 2009 diluted earnings per share from continuing operations to be in the range of $2.26 to $2.31 with consolidated comparable store sales growth of approximately 2%. This guidance includes an expected $.09 per share benefit from the 53rd week in the Company's Fiscal 2009 fourth quarter and the $.02 per share benefit from unanticipated tax-related adjustments in the first quarter of Fiscal 2009.

Last year's results included a charge of $.25 per share related to the previously announced computer intrusion(s). Excluding these items, full year Fiscal 2009 adjusted diluted earnings per share from continuing operations are estimated to be in the range of $2.15 to $2.20, an increase of 11% to 14% over the prior year's adjusted $1.93.

Must ReadView All

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search