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The TJX raises second quarter & full year fiscal 2011 outlook
09
Jul '10
The TJX Companies, Inc. reported June 2010 sales results. Sales for the five-week period ended July 3, 2010, were $2.0 billion, up 7% over the $1.8 billion achieved during the five-week period ended July 4, 2009. For the 22-week period ended July 3, 2010, sales reached $8.6 billion, a 12% increase over the $7.7 billion achieved in the same period last year. Consolidated comparable store sales for the five-week period ended July 3, 2010, increased 3% over last year. For the 22-week, year-to-date period, consolidated comparable store sales increased 7% over last year.

Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Consolidated comparable store sales were solidly within our estimated range and The Marmaxx Group reported a comp sales increase at the high end of our forecast. It is important to note that these comp sales increases were achieved on top of our strong increases last year when many other retailers had sharp comp sales declines. Further, business continued to be driven by increases in customer traffic which led to the sustained strength that our June sales represent. With strong sales and margins, we are raising our previous outlook for this year's second quarter earnings per share over exceptionally strong second quarter results last year and for the several years prior. We are also raising our estimate for the full year. We continue to believe that we are extremely well positioned to capitalize on the value-conscious mindset of consumers in the U.S. and abroad, as well as the quantity of great quality goods in the marketplace.”

For the second quarter of Fiscal 2011, the Company's raised guidance of $.70 - $.73 in earnings per share would represent an increase of 15% - 20% over $.61 per share last year. With this updated outlook for the second quarter, the Company is raising its guidance for full year Fiscal 2011 earnings per share to the range of $3.24 - $3.33, up an estimated 14% - 17% over $2.84 in Fiscal 2010.

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 903 T.J. Maxx, 819 Marshalls, 328 HomeGoods, and 154 A.J. Wright stores in the United States. In Canada, the Company operates 208 Winners, 79 HomeSense and 3 STYLESENSE stores, and in Europe, 281 T.K. Maxx and 19 HomeSense stores.

TJX Companies Inc

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