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TJX Companies reports July 2008 sales

09
Aug '08
The TJX Companies Inc reported July 2008 sales results. Sales for the four-week period ended August 2, 2008, were $1.4 billion, up 6% over the $1.3 billion achieved during the four-week period ended August 4, 2007. For the 26 weeks ended August 2, 2008, sales reached $9.0 billion, up 7% over the $8.5 billion achieved during the 26 weeks ended August 4, 2007. Consolidated comparable store sales for the four-week period ended August 2, 2008, increased 3% over last year.

Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc., stated, “Our consolidated comparable store sales increase of 3% in July was in line with our expectations. With robust sales in the month of June, our clearance levels were very lean, which drove the bottom line.

With solid sales and margin performance over the last three months, we look forward to reporting strong second quarter results next week. As we transition into the fall selling season, our stores look extremely fresh. We have great liquidity in our inventories and the marketplace continues to present exciting opportunities, which puts us in an excellent position to continue to offer our customers great fashions at great values.”

Second Quarter Fiscal 2009 Outlook:
The Company is updating its second quarter earnings per share guidance to the range of $.44 to $.45 to reflect its strong margin performance and to include the negative impact of an anticipated impairment charge of approximately $.02 per share after tax, related to Bob's Stores, which was not contemplated in the Company's prior guidance for the period.

This range compares to the reported $.13 in diluted earnings per share in the prior year, which includes a $.25 per share charge related to the previously announced computer intrusion(s). Excluding these charges, the Company now expects adjusted second quarter earnings per share of $.46 to $.47, which is higher than its previously anticipated range, and represents a 21% - 24% increase over the very strong adjusted $.38 earnings per share last year.

TJX Companies Inc


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