The TJX Companies, Inc. Q2 FY 2018 results: Net sales increased 6% to $8.4 billion

  • Net sales increased 6% to $8.4 billion over last year’s 7% increase
  • Consolidated comp store sales increased 3% over last year’s 4% increase
  • Diluted EPS of $.85 compared with $.84 in the prior year
  • EPS results include a $.04 negative impact from foreign currency exchange rates this year, compared with a $.03 positive impact last year
  • The Company now estimates Fiscal 2018 diluted GAAP EPS to be in the range of $3.89 to $3.93 and adjusted EPS to be in the range of $3.78 to $3.82, which excludes an expected benefit of $.11 per share from the 53rd week in the Company’s Fiscal 2018 calendar
  • Returned $751 million to shareholders in the second quarter through share repurchases and dividends

FRAMINGHAM, Mass., 2017-Aug-16 — /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 (Aug. 15, 2017) announced sales and earnings results for the second quarter ended July 29, 2017. Net sales for the second quarter of Fiscal 2018 increased 6% to $8.4 billion and consolidated comparable store sales increased 3% over last year’s 4% increase. Net income for the second quarter was $553 million and diluted earnings per share were $.85, versus the prior year’s $.84.

For the first half of Fiscal 2018, net sales were $16.1 billion, a 5% increase over last year. Consolidated comparable store sales for the first half of Fiscal 2018 increased 2%. Net income for the first half of Fiscal 2018 was $1.1 billion. Diluted earnings per share were $1.67, a 4% increase over the prior year’s $1.60.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am very pleased with our strong second quarter results. Consolidated comparable store sales were up 3% over a 4% increase last year and above our plan. Earnings per share were $.85, also above our plan, and, it’s important to note, included significant headwinds from foreign currency exchange rates. Customer traffic was up and was the primary driver of our comp store sales growth at every division and overall merchandise margin was up, which we see as excellent indicators of the fundamental strength, consistency and flexibility of our business. In addition, we are confident that we are gaining market share at each of our four major divisions. Looking ahead, we see exciting opportunities for our business in the second half of the year. We believe we are set up extremely well to take advantage of the abundant buying opportunities in the marketplace. We have great liquidity in our inventories and we continue to grow our global sourcing universe of over 18,000 vendors, as we constantly open new vendor relationships and strengthen our existing ones. Above all, we are focused on giving consumers compelling reasons to shop us by offering an ever-changing, eclectic mix of brands and fashions at excellent values and making our shopping experience entertaining and inspiring. As always, we will strive to surpass our goals and we have great confidence in the continued, successful growth of TJX!”

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.

For the second quarter of Fiscal 2018, the movement in foreign currency exchange rates had a one percentage point negative impact on consolidated net sales growth. The overall net impact of foreign currency exchange rates had a $.04 negative impact on second quarter Fiscal 2018 earnings per share, compared with a $.03 positive impact last year.

For the first six months of Fiscal 2018, the movement in foreign currency exchange rates had a one percentage point negative impact on consolidated net sales growth. The overall net impact of foreign currency exchange rates had a $.03 negative impact on earnings per share in the first six months of Fiscal 2018, compared with a $.01 negative 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 Investors section of 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 second quarter of Fiscal 2018, the Company’s consolidated pretax profit margin was 10.7%, a 0.9 percentage point decrease compared with the prior year.

Gross profit margin for the second quarter of Fiscal 2018 was 28.5%, down 0.9 percentage points versus the prior year. This was primarily due to losses related to the Company’s inventory hedges. Importantly, merchandise margin increased again this quarter.

Selling, general and administrative costs as a percent of sales were 17.8%, up 0.1 percentage points versus the prior year’s ratio, primarily due to wage increases, as the Company had anticipated.

Inventory

Total inventories as of July 29, 2017, were $3.9 billion, flat compared to the end of the second quarter last year. Consolidated inventories on a per-store basis as of July 29, 2017, including the distribution centers, but excluding inventory in transit and the Company’s e-commerce businesses, were down 6% on both a reported basis and constant currency basis. The Company enters the third quarter in an excellent inventory position and has plenty of liquidity to take advantage of the abundant buying opportunities in the marketplace for quality, branded merchandise.

Shareholder Distributions

During the second quarter, the Company repurchased a total of $550 million of TJX stock, retiring 7.5 million shares. During the first half of the year, the Company repurchased a total of $900 million of TJX stock, retiring 12 million shares. The Company now expects to repurchase approximately $1.5 to $1.8 billion of TJX stock in Fiscal 2018. The Company may adjust this amount up or down depending on various factors. Through its dividend program, under which the current dividend represents a 20% increase versus last year, the Company returned to shareholders $201 million in the second quarter and $369 million in the first half of the year.

Third Quarter and Full Year Fiscal 2018 Outlook

For the third quarter of Fiscal 2018, the Company expects diluted earnings per share to be in the range of $.98 to $1.00. This would represent an 18% to 20% increase over the prior year’s EPS of $.83 and an 8% to 10% increase over the prior year’s adjusted $.91, which excludes the combined $.08 impact of last year’s debt extinguishment charge and pension settlement charge. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 1%. The Company also anticipates that the combination of foreign currency and transactional foreign exchange will positively impact EPS growth by 3% and that the change in accounting rules for share-based compensation will positively impact EPS growth by an additional 2%. This EPS outlook is based upon estimated consolidated comparable store sales growth of 1% to 2%.

For the 53-week fiscal year ending February 3, 2018, the Company now expects diluted earnings per share in the range of $3.89 to $3.93. This represents a 12% to 14% increase over the prior year’s EPS of $3.46. The Company’s full-year guidance includes an expected benefit of approximately $.11 per share from the 53rd week in the Company’s Fiscal 2018 calendar. Excluding this benefit, the Company expects adjusted diluted earnings per share to be in the range of $3.78 to $3.82. This would represent a 7% to 8% increase over the prior year’s adjusted $3.53, which excludes the combined $.07 impact of last year’s debt extinguishment charge and pension settlement charge from GAAP EPS of $3.46. This guidance reflects an assumption that wage increases will negatively impact EPS growth by 2%. The Company also anticipates that the change in accounting rules for share-based compensation will positively impact EPS growth by 2%. This EPS outlook is based upon estimated consolidated comparable store sales growth of 1% to 2%.

The Company’s earnings guidance for the third quarter and full year Fiscal 2018 assumes that currency exchange rates will remain unchanged from the levels at the beginning of the third quarter.

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 July 29, 2017, the end of the Company’s second quarter, the Company operated a total of 3,913 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 1,194 TJ Maxx, 1,043 Marshalls, 619 HomeGoods and 16 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 258 Winners, 112 HomeSense, and 63 Marshalls stores in Canada; 522 TK Maxx and 51 Homesense stores, as well as tkmaxx.com, in Europe; and 35 TK Maxx stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Fiscal 2018 Second Quarter Earnings Conference Call

At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer and President of TJX, will hold a conference call to discuss the Company’s second quarter Fiscal 2018 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, August 22, 2017, 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 Investors section of tjx.com after 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 Investors 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; 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. to release Q2 Fiscal 2018 financial results on Tuesday, August 15, 2017

FRAMINGHAM, Mass., 2017-Aug-02 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today (Aug. 1, 2017) announced that it plans to release its second quarter Fiscal 2018 sales and earnings results on Tuesday, August 15, 2017, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call to discuss the Company’s second quarter Fiscal 2018 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, August 22, 2017, or at tjx.com.

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 April 29, 2017, the end of the Company’s first quarter, the Company operated a total of 3,862 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 1,191 T.J. Maxx, 1,039 Marshalls, 596 HomeGoods and 12 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 258 Winners, 109 HomeSense, and 61 Marshalls stores in Canada; 515 T.K. Maxx and 46 HomeSense stores, as well as tkmaxx.com, in Europe; and 35 T.K. Maxx stores in Australia. TJX’s press releases and financial information are also available at tjx.com.

Important Information at Website

Archived versions of the Company’s conference calls are available in the Investors section of tjx.com after 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 Investors section at tjx.com. The Company encourages investors to consult that section of its website regularly.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. declares regular quarterly dividend of $.3125 per share

FRAMINGHAM, Mass., 2017-Apr-06 — /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 (Apr. 4, 2017) announced that its Board of Directors has raised the amount of its quarterly dividend by 20% from the last dividend paid. The Board declared a regular quarterly dividend in the amount of $.3125 per share, payable June 1, 2017, to shareholders of record on May 11, 2017.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am pleased to report that our Board of Directors has approved a 20% increase in our quarterly dividend. This marks our 21st consecutive year of dividend increases. Over this period, the Company’s dividend has grown at a compound annual rate of 23%. In addition, we plan to continue our significant share buyback program, with approximately $1.3 to $1.8 billion of repurchases planned for Fiscal 2018. With our tremendous cash flow and financial strength, we remain committed to returning cash to shareholders while simultaneously reinvesting in the business to support our growth goals. These actions underscore our confidence in our ability to continue to deliver strong, profitable sales and cash flow, and generate superior financial returns.”

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 January 28, 2017, the end of the Company’s fiscal year, the Company operated a total of 3,812 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 1,186 T.J. Maxx, 1,035 Marshalls, 579 HomeGoods and 12 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 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; consumer trends and preferences; various marketing efforts; competition; quality and availability of personnel; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; disruptions in the second half of the fiscal year; serious disruptions or catastrophic events; corporate and retail banner reputation; quality, safety and other issues with merchandise; compliance with laws, regulations and orders and changes in laws, regulations and applicable accounting principles and interpretations; expanding international operations; sourcing and moving merchandise internationally; commodity availability and pricing or increases in utility, transportation or logistics costs; fluctuations in currency exchange rates; fluctuations in quarterly operating results and market expectations; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; 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:
Media:
Doreen Thompson
(508) 390-2323

Investors:
Jeff Botte
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. to release its third quarter FY2017 sales and earnings results on November 15, 2016

FRAMINGHAM, Mass., 2016-Nov-04 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today (Nov. 1, 201) announced that it plans to release its third quarter Fiscal 2017 sales and earnings results on Tuesday, November 15, 2016, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call with stock analysts to discuss the Company’s third quarter Fiscal 2017 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 22, 2016, or at tjx.com.

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 July 30, 2016, the end of the Company’s second quarter, the Company operated a total of 3,675 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 1,165 T.J. Maxx, 1,013 Marshalls, 538 HomeGoods and 9 Sierra Trading Post stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 250 Winners, 104 HomeSense, and 45 Marshalls stores in Canada; 473 T.K. Maxx and 43 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

Archived versions of the Company’s conference calls are available in the Investor Information section of tjx.com after 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.

Contact:
Debra McConnell
Global Communications
(508) 390-2323

Source: The TJX Companies, Inc.

The TJX Companies, Inc. to release its first quarter Fiscal 2017 sales and earnings results on Tuesday, May 17, 2016

FRAMINGHAM, Mass., 2016-May-04 — /EPR Retail News/ — The TJX Companies, Inc. (NYSE: TJX) today announced that it plans to release its first quarter Fiscal 2017 sales and earnings results on Tuesday, May 17, 2016, before 9:30 a.m. ET.

At 11:00 a.m. ET that day, Ernie Herrman, TJX’s Chief Executive Officer and President, will hold a conference call with stock analysts to discuss the Company’s first quarter Fiscal 2017 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, May 24, 2016, or at tjx.com.

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 January 30, 2016, the end of the Company’s fiscal year, the Company operated a total of 3,614 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 1,156 T.J. Maxx, 1,007 Marshalls, 526 HomeGoods and 8 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; 456 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.

Important Information at Website

Archived versions of the Company’s conference calls are available in the Investor Information section of tjx.com after 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.

Source: The TJX Companies, Inc.

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

TJX Companies, Inc’s Board of Directors has raised the amount of its quarterly dividend by 24% from the last dividend paid

FRAMINGHAM, Mass., 2016-Apr-04 — /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 raised the amount of its quarterly dividend by 24% from the last dividend paid. The Board declared a regular quarterly dividend in the amount of $.26 per share, payable June 2, 2016, to shareholders of record on May 12, 2016.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am very pleased to report that our Board of Directors has approved a 24% increase in our quarterly dividend. This marks our 20th consecutive year of dividend increases. Over these two decades, the Company’s dividend has grown at a compound annual rate of 23%. Further, we plan to continue our significant share buyback program, with approximately $1.5 to $2.0 billion of repurchases planned for Fiscal 2017. With our tremendous cash flow and excellent financial returns, we remain committed to returning cash to shareholders while simultaneously reinvesting in the business to support our near- and long-term growth goals. All of these actions speak to our confidence in continuing to deliver strong, profitable sales and cash flow, and generate superior financial returns.”

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 January 30, 2016, the end of the Company’s fiscal year, the Company operated a total of 3,614 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 1,156 T.J. Maxx, 1,007 Marshalls, 526 HomeGoods and 8 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; 456 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.

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; 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.

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