The TJX Companies, Inc. reported that sales for the five-week period ended April 5, 2008 rose 2% to $1.73 billion from $1.70 billion achieved during the period ended April 7, 2007.
Consolidated comparable store sales for the five-week period ended April 5, 2008, were flat versus last year.
For the nine weeks ended April 5, 2008, sales reached $3.0 billion, up 4% over the $2.9 billion achieved during the nine weeks ended April 7, 2007. Consolidated comparable store sales for the period increased 1% over last year.
“This year, the challenge of the early Easter, coupled with unseasonably cold weather, resulted in our below-plan March consolidated comparable store sales,” said Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc. “Also, we were up against a strong 6% increase last year. That said, inventories are in excellent shape, mitigating our markdown exposure as we enter April.”
“Our very liquid inventory position continues to enable us to buy right and at great values and keep our merchandise margins strong. We have begun to see a pick-up in sales trends in certain areas where the weather has become more seasonable and believe that our compelling values will continue to attract customers and drive our business.”
The company now expects earnings per share from continuing operations for the first quarter to be at or slightly below the low end of its previously expected range of $.40 – $.41.
