The TJX Companies, Inc. welcomes Jackwyn Nemerov to its Board of Directors

The TJX Companies, Inc. Elects Jackwyn Nemerov to Board of Directors

FRAMINGHAM, Mass., 2016-Dec-01 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, announced today (Nov. 29, 2016) that Jackwyn Nemerov has been elected to its Board of Directors.

Ms. Nemerov, 65, is the former President and Chief Operating Officer of Ralph Lauren Corporation, a position she held from November 2013 to November 2015, and previously served as its Executive Vice President. During her 12-year tenure with Ralph Lauren, from 2004 through her retirement in 2015, Ms. Nemerov led the Wholesale, Retail, Worldwide Licensing, and International businesses along with the full scope of company operations across Design, Merchandising, Marketing, Sourcing, Manufacturing, Supply Chain, and E-commerce. She also served on the Ralph Lauren Board of Directors from 2007 to 2015. Ms. Nemerov’s longstanding relationship with Ralph Lauren began during her 17-year executive career at Jones Apparel Group. At that company, she served as the President and Chief Operating Officer from 1998 to 2002, and earlier as a divisional President leading the Jones New York, Jones New York Sport, licensed Lauren by Ralph Lauren, and Gloria Vanderbilt for Murjani Group businesses. Prior to joining Jones Apparel Group, Ms. Nemerov held multiple roles within the retail industry.

Carol Meyrowitz, Executive Chairman of the Board of The TJX Companies, Inc., stated, “We could not be more pleased to welcome Jacki to our Board of Directors. With her deep retail experience, spanning 40 years, she has led premium, growing brands and operated profitable businesses in a highly competitive marketplace. We see Jacki’s expertise in brand building, marketing, supply chain, and e-commerce as an excellent complement to our Board. We very much look forward to working with her as we continue to grow TJX to become a $40 billion company and beyond.”

About The TJX Companies, Inc.

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. As of October 29, 2016, the end of the Company’s third quarter, the Company operated a total of 3,785 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,179 T.J. Maxx, 1,027 Marshalls, 568 HomeGoods, and 11 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 255 Winners, 106 HomeSense, and 57 Marshalls stores in Canada; 503 T.K. Maxx and 44 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

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: execution of buying strategy and inventory management; operational and business expansion and management of large size and scale; customer trends and preferences; various marketing efforts; competition; personnel recruitment, training and retention; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; serious disruptions or catastrophic events; disruptions in the second half of the fiscal year; corporate and retail banner reputation; quality, safety and other issues with merchandise; expanding international operations; merchandise importing; commodity availability and pricing; fluctuations in currency exchange rates; fluctuations in quarterly operating results and market expectations; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; compliance with laws, regulations and orders and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; tax matters; real estate activities; cash flow 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.

Contact:

Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. announces sales and earnings results for Q3 ended October 31, 2015

FRAMINGHAM, Mass., 2015-11-18 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced sales and earnings results for the third quarter ended October 31, 2015. Net sales for the third quarter of Fiscal 2016 increased 5% to $7.8 billion and consolidated comparable store sales increased 5% over last year’s 2% increase. Net income for the third quarter was $587 million and diluted earnings per share were $.86 versus last year’s $.85.

For the first nine months of Fiscal 2016, net sales were $22.0 billion, a 6% increase over last year, and consolidated comparable store sales increased 5%. Net income for the first nine months of Fiscal 2016 was $1.6 billion. Diluted earnings per share were $2.35, a 5% increase over the prior year’s adjusted $2.23, which excluded a $.01 per share debt extinguishment charge from reported earnings per share of $2.22.

Carol Meyrowitz, Chairman and Chief Executive Officer of The TJX Companies, Inc., stated, “I am extremely pleased with our third quarter performance as our momentum continued. Our 5% consolidated comparable store sales growth, over a 2% increase last year, continued our excellent trend from the first two quarters and significantly exceeded our plans. Our $.86 in earnings per share was also well above our expectations. We are delighted that strong customer traffic drove our entire consolidated comp and was the primary driver of our comp increases at every division. Our excellent traffic gains and strong performance across our apparel, accessories and home categories, demonstrate that our brands globally are offering the right values and merchandise mix. Again this quarter, we saw strong sales at every division. I am particularly pleased with our ability to simultaneously deliver exceptional value to consumers while maintaining strong merchandise margins, which speaks to the flexibility of our off-price business model. Our goal is to keep serving consumers and growing our market share around the world. To that end, we continue to balance growth with investments in our future to establish a strong foundation in the U.S. and internationally. Further, we were happy to add Trade Secret, an Australian off-price retailer, to our family of companies in October. As to the fourth quarter, we are pleased to see that traffic continues to be up and we could not be more excited about the holiday selling season. I am convinced that our gift-giving selections are better than ever this year and that our holiday marketing campaigns will resonate with consumers and attract more shoppers to our stores. With our clear vision for global growth, a differentiated apparel and home fashions business, and world-class organization, I am very confident we will grow TJX to a $40 billion-plus company!”

Sales by Business Segment

The Company’s comparable store sales and net sales by division, in the third quarter, were as follows:

Third Quarter
Comparable Store Sales1,2
Third Quarter
Net Sales ($ in millions)3,4
FY2016 FY2015 FY2016 FY2015
In the U.S.:
Marmaxx5,6 +3% +1% $4,927 $4,674
HomeGoods +6% +7% $960 $851
International:
TJX Canada +10% +3% $754 $792
TJX Europe +7% -1% $1,114 $1,050
TJX +5% +2% $7,753 $7,366

1Comparable store sales outside the U.S. calculated on a constant currency basis, which removes the effect of changes in currency exchange rates.
2Comparable store sales exclude Sierra Trading Post, tjmaxx.com and tkmaxx.com sales.
3Sales in Canada and Europe include the impact of foreign currency exchange rates. See below.
4Figures may not foot due to rounding.
5Combination of T.J. Maxx and Marshalls.
6Net sales include Sierra Trading Post.

Impact of Foreign Currency Exchange Rates

Changes in foreign currency exchange rates affect the translation of sales and earnings of the Company’s international businesses into U.S. dollars for financial reporting purposes. In addition, ordinary course, inventory-related hedging instruments are marked to market at the end of each quarter. Changes in currency exchange rates can have a material effect on the magnitude of these translations and adjustments when there is significant volatility in currency exchange rates.

The movement in foreign currency exchange rates had a three percentage point negative impact on consolidated net sales growth in the third quarter of Fiscal 2016 versus the prior year. The overall net impact of foreign currency exchange rates had a $.04 negative impact on third quarter Fiscal 2016 earnings per share, compared with a $.01 positive impact last year.

For the first nine months of Fiscal 2016, the movement in foreign currency exchange rates had a three percentage point negative impact on consolidated net sales growth. The overall net impact of foreign currency exchange rates had an $.08 negative impact on earnings per share in the first nine months of Fiscal 2016, compared with a neutral impact last year.

A table detailing the impact of foreign currency on TJX pretax earnings and margins, as well as those of its international businesses, can be found in the Investor Information section of the Company’s website, tjx.com.

The foreign currency exchange rate impact to earnings per share does not include the impact currency exchange rates have on various transactions, which we refer to as “transactional foreign exchange.”

Margins

For the third quarter of Fiscal 2016, the Company’s consolidated pretax profit margin was 12.1%, a 0.9 percentage point decrease compared with the prior year.

Gross profit margin for the third quarter of Fiscal 2016 was 29.0%, down 0.4 percentage points versus the prior year. The decrease was primarily due to transactional foreign exchange at the Company’s international divisions and increased supply chain costs related to a substantial increase in units sold during the quarter. Merchandise margins remained strong.

Selling, general and administrative costs as a percent of sales were 16.7%, up 0.5 percentage points versus the prior year’s ratio, primarily due to the Company’s wage initiative and increased supply chain costs, as the Company had anticipated.

Inventory

Total inventories as of October 31, 2015, were $4.4 billion, compared with $4.0 billion at the end of the third quarter last year. Consolidated inventories on a per-store basis as of October 31, 2015, including the distribution centers, but excluding inventory in transit and the Company’s e-commerce businesses, were up 4% on a reported basis (up 6% on a constant currency basis). The Company is very comfortable with its inventory position, which it strategically increased ahead of the fourth quarter to provide more flexibility to flow fresh merchandise to its stores with greater precision throughout the holiday season. The Company enters the fourth quarter in an excellent position to take advantage of the plentiful buying opportunities for branded, quality merchandise it is seeing in the marketplace.

Shareholder Distributions

During the third quarter, the Company repurchased a total of $459 million of TJX stock, retiring 6.4 million shares. For the first nine months of Fiscal 2016, the Company spent a total of $1.3 billion in repurchases of TJX stock, retiring 19.1 million shares. The Company continues to expect to repurchase approximately $1.8 to $1.9 billion of TJX stock in Fiscal 2016. The Company may adjust this amount up or down depending on various factors.

Fourth Quarter and Full Year Fiscal 2016 Outlook

For the fourth quarter of Fiscal 2016, the Company expects diluted earnings per share to be in the range of $.91 to $.93 compared to $.93 last year. This guidance reflects an assumption that the combination of foreign currency, transactional foreign exchange, the Company’s wage initiative, incremental investments to support growth, and pension costs would have a 9% negative impact on EPS growth. This guidance also reflects a negative impact to EPS from the acquisition of Trade Secret that was not contemplated in the Company’s prior guidance. This EPS outlook is based upon estimated consolidated comparable store sales growth of 2% to 3%.

For the fiscal year ending January 30, 2016, the Company continues to expect diluted earnings per share to be in the range of $3.26 to $3.28 versus $3.15 in Fiscal 2015. Excluding a $.01 debt extinguishment charge in Fiscal 2015, this guidance would represent a 3% to 4% increase over the adjusted $3.16 in Fiscal 2015. This guidance for EPS growth reflects a 9% negative impact from the same factors affecting estimated EPS growth in the fourth quarter, detailed above. This guidance also now reflects a $.02 to $.03 negative impact to EPS from the acquisition of Trade Secret, which was not contemplated in the Company’s prior guidance. This EPS outlook is now based upon a raised estimate of consolidated comparable store sales growth of 4% to 5%.

The Company’s earnings guidance for the fourth quarter and full year Fiscal 2016 assumes that currency exchange rates will remain unchanged from the levels at the beginning of the fourth quarter.

Stores by Concept

During the third quarter ended October 31, 2015, the Company increased its store count by a net of 133 stores to a total of 3,594 stores. The Company increased square footage by 5% over the same period last year.

About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. As of October 31, 2015, the end of the Company’s third quarter, the Company operated a total of 3,594 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,149 T.J. Maxx, 1,001 Marshalls, 522 HomeGoods and 7 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 245 Winners, 101 HomeSense, and 41 Marshalls stores in Canada; 454 T.K. Maxx and 39 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 Trade Secret stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Fiscal 2016 Third Quarter Earnings Conference Call

At 11:00 a.m. ET today, Carol Meyrowitz, Chairman and Chief Executive Officer of TJX, will hold a conference call with stock analysts to discuss the Company’s third quarter Fiscal 2016 results, operations and business trends. A real-time webcast of the call will be available to the public at tjx.com. A replay of the call will also be available by dialing (866) 367-5577 through Tuesday, November 24, 2015, or at tjx.com.

Non-GAAP Financial Information

The Company has used non-GAAP financial measures in this press release. Adjusted financial measures refer to financial information adjusted to exclude from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP) items identified in this press release. The Company believes that the presentation of adjusted financial results provides additional information on comparisons between periods including underlying trends of its business by excluding certain items that affect overall comparability. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

Important Information at Website

Archived versions of the Company’s conference calls are available in the Investor Information section of tjx.comafter they are no longer available by telephone as are reconciliations of non-GAAP financial measures to GAAP financial measures and other financial information. The Company routinely posts information that may be important to investors in the Investor Information section at 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: execution of buying strategy and inventory management; operational and business expansion and management of large size and scale; customer trends and preferences; marketing, advertising and promotional programs; competition; personnel recruitment, training and retention; labor costs and workforce challenges; economic conditions and consumer spending; data security; information systems and new technology; adverse or unseasonable weather; serious disruptions or catastrophic events; seasonal influences; corporate and retail banner reputation; merchandise quality and safety; expanding international operations; merchandise importing; commodity pricing; fluctuations in currency exchange rates; fluctuations in quarterly operating results and market expectations; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation, legal matters and proceedings; tax matters; real estate activities; cash flow 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.

Source: The TJX Companies, Inc.

The TJX Companies, Inc.
Debra McConnell
Global Communications
(508) 390-2323

The TJX Companies Board of Directors to elect Ernie Herrman CEO

The TJX Companies, Inc. Announces CEO Succession Plan; Ernie Herrman to Be Named CEO; Carol Meyrowitz to Become Executive Chairman

FRAMINGHAM, Mass., 2015-10-12 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced that its Board of Directors has approved a CEO succession plan. The Board intends to elect Ernie Herrman (54) to the position of Chief Executive Officer, effective at the beginning of the Company’s next fiscal year, January 31, 2016. Mr. Herrman will also retain his current title as President of the Company. Carol Meyrowitz, current Chairman and CEO (61), will become Executive Chairman of the Board at the time of the CEO transition. The Board also elected Mr. Herrman a Director of the Company, effective immediately.

Carol Meyrowitz commented, “Ernie Herrman’s proven, successful track record, leadership abilities, strategic vision, discipline and focus are all qualities that make him absolutely the right choice for CEO. Ernie has decades of experience as an off-price merchant. He has been instrumental to our Company’s success, including our continued international growth with our expansion into continental Europe, bringing Marshalls to Canada, and intent to acquire Trade Secret in Australia, in addition to developing our deep bench of off-price leaders and senior management. He will be a tremendous leader as we continue to drive the profitable growth of this Company in the near and long term.”

Meyrowitz continued, “I am grateful to have led TJX over the past nine years as CEO and for the hard work and dedication of our talented Associates around the world. I look forward to continuing to work with the TJX leadership team in the role of Executive Chairman as we keep growing TJX as a global, value retailer. I am excited to work with Ernie Herrman in his new role and continuing our 20-plus years of working together at the Company. The Board and I could not be more convinced that Ernie is the right person to lead TJX into the future. As a nearly $30 billion company, we are confident that this structure allows us to continue to support and maximize the growth potential of TJX.”

Ernie Herrman commented, “I am truly honored by the opportunity to lead TJX forward. TJX is a world-class retailer, with a long track record of success and enormous global growth potential. I am convinced that we are in an excellent position to grow to be a $40 billion company and beyond. The succession plan that the Board has established gives me great confidence that we will have a seamless transition. I look forward to continuing to work with Carol Meyrowitz, and am pleased that the Company will continue to benefit from her expertise. We have a highly talented management team and an organization that I believe is the best in the business. TJX is a great company, with Associates across the globe dedicated to our value mission, and, most importantly, a culture anchored by our integrity. I am excited and energized about the future as we continue to bring value around the world.”

Ernie Herrman has been President of The TJX Companies since January 2011. He has extensive leadership and off-price experience, having been with TJX since 1989. He was named Senior Executive Vice President, Group President, in August 2008, with responsibilities for The Marmaxx Group, the Company’s largest division, HomeGoods and TJX Canada. Earlier in his career at TJX, Mr. Herrman succeeded Ms. Meyrowitz as President of The Marmaxx Group, serving in that role from January 2005 to August 2008. Mr. Herrman has also held various senior merchandising positions with TJX.

Under her new three-year agreement, in her role as Executive Chairman, Ms. Meyrowitz will remain an active executive and an integral part of TJX’s executive management team as well as advise Mr. Herrman on the Company’s long-term growth initiatives and strategy.

About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. As of August 1, 2015, the end of the Company’s second quarter, the Company operated a total of 3,461 stores in seven countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, and Austria, and three e-commerce sites. These include 1,130 T.J. Maxx, 990 Marshalls, 503 HomeGoods and 6 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 240 Winners, 97 HomeSense, and 39 Marshalls stores in Canada; and 423 T.K. Maxx and 33 HomeSense stores, as well as tkmaxx.com, in Europe. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

The Company routinely posts information that may be important to investors in the Investor Information section at 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: execution of buying strategy and inventory management; operational and business expansion and management of large size and scale; customer trends and preferences; marketing, advertising and promotional programs; competition; personnel recruitment, training and retention; labor costs and workforce challenges; economic conditions and consumer spending; data security; information systems and new technology; adverse or unseasonable weather; serious disruptions or catastrophic events; seasonal influences; corporate and retail banner reputation; merchandise quality and safety; expanding international operations; merchandise importing; commodity pricing; fluctuations in currency exchange rates; fluctuations in quarterly operating results and market expectations; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation, legal matters and proceedings; tax matters; real estate activities; cash flow 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.

Source: The TJX Companies, Inc.

The TJX Companies, Inc.
Debra McConnell
Global Communications
(508) 390-2323