The TJX Companies, Inc. said sales for the four-week period ended Nov. 1, 2008, were $1.48 billion, a 2% decrease from the $1.52 billion achieved during the four-week period ended Nov. 3, 2007. For the 39 weeks ended Nov. 1, 2008, sales reached $13.7 billion, up 5% over the $13.0 billion achieved during the 39 weeks ended Nov. 3, 2007.

 
Consolidated comparable store sales for the four-week period ended Nov. 1, 2008, decreased 6% compared to last year, driven by the precipitous drop in foreign currency exchange rates versus the U.S. dollar which was not anticipated by the company. Excluding the negative five percentage point impact from this rate swing, consolidated comparable store sales decreased 1% for the month.
 
“Our buyers are buying very close to need to make even better buys, offering customers excellent values on great brand name merchandise,” said Carol Meyrowitz, president and CEO. “In this challenging environment, consolidated comparable store sales were down 1% excluding the impact of foreign exchange.”
 
While the company believes that its reported third quarter earnings per share from continuing operations will be near the high end of its previously estimated range of 55 to 58 cemts, this forecast now includes factors not contemplated in the prior guidance which help offset the negative impact of lower-than-expected sales in October. These factors include an estimated net 3 cents per share favorable impact of foreign currency exchange rates as well as an expected benefit due to a reduction in the reserve related to the previously announced computer intrusion. Excluding these factors, the company expects adjusted earnings per share from continuing operations to be slightly below the previously estimated range of 55 to 58 cents.