Earnings Call Excerpt
The TJX Companies, Inc. (TJX)
May 2008 Sales Call
June 5, 2008 8:15 am ET
Executives
Sherry Lang - Senior Vice President, Investor and Public Relations
Presentation
Sherry Lang
Good morning I’m Sherry Lang, Senior Vice President of Investor and Public Relations for The TJX Companies. Today is June 5, 2008, and I would like to welcome you to our investor call to discuss our May 2008 Sales. Before I begin please note that the forward looking statements I make today about the companies results and plans are subject to risks and uncertainties that could cause these results and plans to vary materially.
These risks are discussed in the company’s SEC filings including, without limitation the Form 10-K filed March 26, 2008. Further, these comments are copyrighted by the TJX Companies. Any recording, rebroadcast, reproduction or other use of these comments for profit or otherwise without prior consent of TJX is prohibited and a violation of the United States Copyright Laws. If at any time during this message you would like to return to the beginning please press the one key.
To recap the numbers, sales for the four week period ended May 31, 2008, were $1.45 billion up 6% over the $1.37 billion achieved during the comparable four week period ended June 2, 2007. For the 17 weeks ended May 31, 2008, sales reached $5.9 billion a 6% increase over last years $5.5 billion. Consolidated comparable store sales for May 2008 increased 2% over a strong 5% increase last year. Foreign currency exchange rates benefited comp store sales by about one percentage point which was about what we had expected.
Our 2% consolidated comp sales increase in May was at the high end of our expectations. All of our off price divisions either met or exceeded our plans for comp sales increases for the month and where weather was seasonable we did particularly well. We flowed compelling assortments to our stores and our value proposition which combines great fashion, quality brand, and price continue to resonate with customers in a challenging retail environment.
Divisional comp store sales for May were as follows: at the Marmaxx Group comp store sales increased by 1% in May over a solid 4% increase last year which was at the high end of our plan. I will go into more detail on this division in a moment. At Winners and HomeSense in Canada comp store sales in US Dollars increased 13% in May. In local currency, which we believe more closely reflects our operating performance comp store sales in Canada increased by 3% in May over a 4% increase last year.
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