The TJX Companies, Inc. said sales for the four-week period ended Nov. 29, 2008, were $1.6 billion, a 9% decrease from the $1.8 billion achieved during the four-week period ended Dec. 1, 2007.
Consolidated comparable store sales for the four-week period decreased 6% compared to last year on a constant currency basis, excluding the six percentage-point negative impact of dramatically declining foreign currency exchange rates versus the U.S. dollar. Including this negative impact, consolidated comparable store sales decreased 12% for the month.
For the 43 weeks ended Nov. 29, 2008, sales reached $15.3 billion, up 3% over the $14.8 billion achieved during the 43 weeks ended Dec. 1, 2007. Consolidated comparable store sales for the period on a constant currency basis increased 1% from last year, and were flat including the effect of foreign currency exchange rates.
“On a consolidated basis, November comparable store sales were at the low end of our anticipated range,” said Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc. “We continue to be extremely focused on inventory levels with a marketplace that is full of great buying opportunities.”
Still, given the “unprecedented volatility in the retail environment,” Meyrowitz declined to foecast December sales.
With the majority of the fourth quarter still in front of us, we are waiting until we report December sales to update our earnings per share guidance for the fourth quarter.
