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TJX Companies reports August 2008 sales

Sep '08
The TJX Companies Inc reported August 2008 sales results. Sales for the four-week period ended August 30, 2008, were $1.5 billion, up 4% over the $1.4 billion achieved during the four-week period ended September 1, 2007. For the 30 weeks ended August 30, 2008, sales reached $10.4 billion, up 6% over the $9.7 billion achieved during the 30 weeks ended September 1, 2007.

Consolidated comparable store sales for the four-week period ended August 30, 2008, were flat compared to last year. Foreign currency exchange rates negatively impacted August comparable store sales by approximately one percentage point, which was unanticipated.

For the 30-week period ended August 30, 2008, consolidated comparable store sales increased 3% over last year. As a result of the sale of Bob's Stores on August 19, 2008, sales from Bob's Stores have been reclassified as a discontinued operation and therefore are not included in these sales results.

Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies Inc, stated, “Our August consolidated comparable store sales results were slightly below plan, driven by the unanticipated negative impact of foreign exchange rates.

Additionally, as we have previously mentioned, we entered August with leaner clearance merchandise and have geared our back-to-school marketing and merchandising toward September. Margins remain strong and with great liquidity in our inventories, we are in an excellent position to pursue our opportunistic buying strategies.”

TJX Companies Inc

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