The TJX Companies, Inc. reported sales for the four-week period ended April 30, were $1.7 billion, up 9 percent over the $1.6 billion achieved during the four-week period ended May 1, 2010. Same-store sales increased 5 percent.
For the 13-week period ended April 30, 2011, sales reached $5.2 billion, a 4 percent increase over the $5.0 billion achieved in the same period last year. For the 13-week, year-to-date period, consolidated comparable store sales increased 2 percent on top of a strong 9 percent increase in the same period last year.
Carol Meyrowitz, chief executive officer of The TJX Companies, Inc., stated, “We are pleased that our April consolidated comparable store sales increase of 5% exceeded our expectations which reflected the timing of a later Easter this year than last. It’s worth noting that these results were achieved despite unfavorable weather in many U.S. and Canadian regions. We are particularly pleased that April comp sales at The Marmaxx Group far exceeded our expectations. Further, the tone of business was strong toward the end of the month which bodes well as we enter the second quarter. We continue to be extremely well positioned to offer great value on current fashions in an exciting, ever-changing merchandise assortment.”
The company expects first quarter earnings per share to be solidly within the anticipated range that it provided on February 23, 2011, both on a GAAP and adjusted basis (excluding A.J. Wright consolidation). This guidance now includes a $.03 per share negative impact from foreign currency exchange due to an expected mark-to-market adjustment on the company’s inventory-related hedges, which was not contemplated in its original guidance and the impact of which will effectively reverse in the second quarter.
