TJX TJX Companies Inc

The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, will focus on the Company’s short- and long-term significant growth opportunities and key strengths at its Investor Event tomorrow, October 26. Ahead of the event, the Company also commented on expected near-term results.

Investor Event Focus

Confidence in Long-Term Model for Annual EPS Growth of 10% to 13%

The Company will confirm its confidence in its ability to grow earnings per share by 10% to 13% annually for each of the next three years. The underlying assumptions in this plan are as follows: The Company expects its sales to grow by 5% to 7%, with 2% growth coming from comparable store sales and 4% to 5% from square footage growth. Additionally, 1% to 2% of this projected growth is attributed to expected improvement in segment profit margin. Finally, the Company anticipates that share repurchases will contribute 4% to its EPS growth model.

Company Provides Store Growth Plans for Fiscal 2013

The Company will provide its store growth expectations for Fiscal 2013 which, in the aggregate, will add 130 to 145 stores, net of 5-10 closings. This is in keeping with the Company’s long-range growth model (see above), adding about 5% of square footage growth in the year. By division in Fiscal 2013, the Company expects to add 75 to 80 stores at The Marmaxx Group, 35 to 40 stores at HomeGoods, 15 to 20 stores at TJX Canada and 10 to 15 stores at TJX Europe. As previously stated, the Company is expecting to end Fiscal 2012 with 2,913 stores. (See About the Company for current store counts.)

Company Raises View of Profitability/Potential Size for HomeGoods Chain

The Company will raise its view of HomeGoods’ long-term segment profit margin as well as the potential size of its HomeGoods chain in the U.S. Previously, the Company had modeled HomeGoods as operating with a 9% to 10% segment profit margin and now believes the division can operate at a 10%-plus profit margin. Further, the Company previously stated its belief that the long-term potential size of the HomeGoods chain was about 600 stores in the U.S. The Company now believes that over time, HomeGoods can grow to approximately 750 stores in the U.S. The Company expects HomeGoods to end Fiscal 2012 with 374 stores.

Comments on Near-Term Expected Results

October 2011 Comparable Store Sales Outlook

The Company remains comfortable with its previous guidance for October 2011 comparable store sales to increase by 2% to 3% on a consolidated basis and at The Marmaxx Group. While comparable sales for the month are in line, unseasonably warm weather throughout several key regions of the U.S. and Canada has negatively impacted sales of cold weather apparel. However, sales in regions and merchandise categories that are less weather-sensitive, including home fashions, have continued to be strong. At HomeGoods, the Company’s U.S. chain of home fashions stores, comparable store sales are expected to increase by 6% to 7%. At TJX Canada, comparable store sales are expected to decline about 2%. At TJX Europe, the Company is expecting October 2011 comparable store sales to increase by 3% to 4%. The Company plans to report its October sales results on November 3, 2011.

Third Quarter and Full Year Fiscal 2012 Outlook

With third quarter sales expected near the middle of its previously anticipated range and an unfavorable tax rate relative to its previous guidance, the Company now expects diluted earnings per share on a GAAP basis to be solidly in the middle of its previously anticipated range of $1.03 to $1.07. This range would represent a 12% to 16% increase over $.92 per share last year. This outlook is based upon estimated consolidated comparable store sales growth of 2% to 3%. The Company plans to report third quarter results on Tuesday, November 15, 2011.

For the full year Fiscal 2012, the Company remains comfortable with its previous guidance for earnings per share, on a GAAP basis, to be in the range of $3.78 to $3.86, compared with $3.30 in earnings per share from continuing operations in Fiscal 2011. On an adjusted basis, diluted earnings per share for the full year are expected to be in the range of $3.89 to $3.97, which represents an 11% to 14% increase over the prior year’s adjusted earnings per share from continuing operations of $3.49, excluding the $.11 per share impact of the A.J. Wright consolidation in Fiscal 2012 and $.21 per share in Fiscal 2011 as well as the benefit in Fiscal 2011 of a $.02 per share reduction in the provision related to the computer intrusion(s) which took place over four years ago. This outlook is based upon consolidated comparable store sales growth in the range of 2% to 3%.

About the Company

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 977 T.J. Maxx, 881 Marshalls, and 371 HomeGoods stores in the United States, 215 Winners, 85 HomeSense, 6 Marshalls, and 3 STYLESENSE stores in Canada, and 330 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s press releases and financial information are also available at www.tjx.com.

Important Information at Website

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. The Company routinely posts information that may be important to investors in the Investor Information section at www.tjx.com. The Company encourages investors to consult that section of its website regularly.

Forward-looking Statement

SAFE HARBOR STATEMENT 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 are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: global economies and credit and financial markets; foreign currency exchange rates; buying and inventory management; market, geographic and category expansion; customer trends and preferences; quarterly operating results; marketing, advertising and promotional programs; data security; seasonal influences; large size and scale; unseasonable weather; serious disruptions and catastrophic events; competition; personnel recruitment and retention; acquisitions and divestitures; information systems and technology; cash flows; consumer spending; merchandise quality and safety; merchandise importing; international operations; commodity prices; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation and proceedings; real estate leasing; market expectations; tax matters 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.

TJX Companies (NYSE:TJX)
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TJX Companies (NYSE:TJX)
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