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The TJX Companies, Inc. Reports 28% Adjusted EPS Growth on $25.9 Billion in Sales in Fiscal 2013; Announces New $1.5 Billion

  The TJX Companies, Inc. Reports 28% Adjusted EPS Growth on $25.9 Billion in
  Sales in Fiscal 2013; Announces New $1.5 Billion Stock Repurchase Program;
  Plans 26% Increase in Dividend

Business Wire

FRAMINGHAM, Mass. -- February 27, 2013

The TJX Companies, Inc. (NYSE: TJX), the leading off-price retailer of apparel
and home fashions in the U.S. and worldwide, today announced sales and
earnings results for the fiscal year and fourth quarter ended February 2,
2013.

Net sales for the 53-week fiscal year were $25.9 billion, a 12% increase over
last year. Consolidated comparable store sales for the year on a 52-week basis
increased 7% over the prior year’s 4% increase. Net income for the 53-week
fiscal year was $1.9 billion and diluted earnings per share were $2.55
compared to $1.93 last year.  Last year’s results include a number of items
(detailed under “Items Impacting Comparability” below) that impacted the
comparability of earnings per share. Excluding these items, diluted earnings
per share for the fiscal year increased 28% over the adjusted $1.99 last year.

For the 14-week fourth quarter ended February 2, 2013, net sales were $7.7
billion, a 15% increase over the prior year. Consolidated comparable store
sales for the quarter on a 13-week basis increased 4% over the prior year’s 7%
increase. Net income for the 14-week fourth quarter was $605 million and
diluted earnings per share were $.82, a 32% increase over last year’s $.62.

Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc., stated,
“The year 2012 was another great year for TJX on top of many great years! We
achieved adjusted EPS growth of 28% on sales of nearly $26 billion and
consolidated comp store sales growth of 7%, marking the fourth consecutive
year of very strong sales and double-digit EPS increases. Customer traffic was
up across all of our divisions as our off-price shopping experience continued
to resonate with customers, even with the growth in online shopping in the
retail industry. Marmaxx, our largest division, continues to be very powerful
with excellent performance of new T.J. Maxx and Marshalls stores as we expand
into more rural markets as well as major cities. HomeGoods has taken hold as a
shopping destination for exciting, quality product from around the world. TJX
Canada delivered very strong results with Marshalls in Canada outperforming
our expectations, and TJX Europe has regained its momentum and opens up
enormous growth opportunity. We believe this all speaks to the staying power
of our value proposition of extreme values on exciting fashions and brands. As
large as we are, we have enormous store growth potential and are excited about
the opportunity to leverage the success of our brick-and-mortar business with
e-commerce over time. Our management team is focused on our four powerful
divisions, and I am as confident as ever in our ability to continue driving
profitable sales growth for many years to come. We are well on the road to
being a $40 billion-plus company!”

Increase in Shareholder Distributions

The Company also announced today its plan to repurchase approximately $1.3
billion to $1.4 billion of TJX stock during the fiscal year ending February 1,
2014. With $925 million remaining at Fiscal 2013 year end under the Company’s
existing stock repurchase program, the Company’s Board of Directors approved a
new stock repurchase program that authorizes the repurchase of up to an
additional $1.5 billion of TJX common stock from time to time. The new
authorization represents approximately 5% of the Company’s outstanding shares
at current prices. The new stock repurchase program marks the 14^th program
approved by the Board since 1997. Over this period, the Company has spent
approximately $11.3 billion on the repurchase of TJX stock. In Fiscal 2013,
the Company spent a total of $1.3 billion to repurchase TJX stock, retiring
30.6 million shares. During the fourth quarter, the Company spent a total of
$350 million to repurchase TJX stock, retiring 8.1 million shares. Under the
Company’s repurchase plans, share repurchases may be made from time to time in
market or private transactions and may include derivative transactions. The
repurchase program announced today has no time limit and may be suspended or
discontinued at any time.

The Company also intends to increase the regular quarterly dividend on its
common stock to be declared in April 2013 and payable in June 2013 to $.145
per share, subject to the approval of the Company’s Board of Directors. This
increase would represent a 26% increase in the current per share dividend and
mark the 17^th consecutive year that the Company has raised the dividend. Over
this period of time, the Company’s dividend has grown at a compound annual
rate of 23%.

Carol Meyrowitz commented, “Our business continues to generate enormous
amounts of excess cash and deliver superior financial returns for
shareholders. In Fiscal 2014, we plan to continue to make investments to
support our growth while returning excess cash to shareholders. Our capital
spending plan includes investments in our supply chain and infrastructure, new
stores, store remodels and e-commerce initiatives. Simultaneously, we plan to
continue our large share buyback program, with $1.3 billion to $1.4 billion of
repurchases planned for Fiscal 2014, and to significantly increase our regular
quarterly dividend. All of this underscores our confidence in our ability to
continue to deliver significant increases in sales, earnings, and cash flow,
and generate superior financial returns.”

Discontinuing Monthly Sales Reporting

The Company also announced today that beginning with the Fiscal 2014 second
quarter, it will no longer report monthly sales, consistent with the retail
industry trend. The Company will continue its current practices through the
end of the Fiscal 2014 first quarter, reporting sales for February, March and
April, and move to a quarterly reporting schedule thereafter. The Company
believes that this is the right practice for TJX and its shareholders,
reflecting the long-term approach it takes in planning and running its
business as it continues on the path to becoming a $40 billion-plus company.

Sales by Business Segment

The Company’s comparable store sales and net sales by division for the full
year were as follows:

                                         
                 Full Year                 Full Year
                 Comparable Store Sales^1  Net Sales ($ in millions)^2,3
               FY2013       FY2012      FY2013           FY2012
                 (52 weeks)    (52 weeks)   (53 weeks)        (52 weeks)
In the U.S.:                                           
Marmaxx^4       +6%          +5%         $17,011          $15,368
HomeGoods       +7%          +6%         $2,657           $2,244
International:                                         
TJX Canada      +5%          -1%         $2,926           $2,680
TJX Europe      +10%         +2%         $3,284           $2,891
                                                      
TJX^5           +7%          +4%         $25,878          $23,191

^1Comparable store sales outside the U.S. calculated on a constant currency
basis, which removes the effect of changes in currency exchange rates. For
FY2013, comparable store sales are for the 52-week period ended January 26,
2013 versus the same period in FY2012. ^2Sales in Canada and Europe include
the impact of foreign currency exchange rates. See below. ^3Figures may not
foot due to rounding. ^4Combination of T.J. Maxx and Marshalls. ^5FY2012
includes $9 million of net sales from the former A.J. Wright segment.

The Company’s comparable store sales and net sales by division, in the fourth
quarter, were as follows:

                                         
                 Fourth Quarter            Fourth Quarter
                 Comparable Store Sales^1  Net Sales ($ in millions)^2,3
               FY2013       FY2012      FY2013           FY2012
                 (13 weeks)    (13 weeks)   (14 weeks)        (13 weeks)
In the U.S.:                                           
Marmaxx^4       +4%          +6%         $4,985           $4,398
HomeGoods       +5%          +10%        $826             $674
International:                                         
TJX Canada      +3%          +3%         $856             $745
TJX Europe      +7%          +10%        $1,057           $892
                                                      
TJX             +4%          +7%         $7,724           $6,710

^1Comparable store sales outside the U.S. calculated on a constant currency
basis, which removes the effect of changes in currency exchange rates. For the
Fiscal 2013 fourth quarter, comparable store sales are for the 13-week period
ended January 26, 2013 versus the same period in Fiscal 2012. ^2Sales in
Canada and Europe include the impact of foreign currency exchange rates. See
below. ^3Figures may not foot due to rounding. ^4Combination of T.J. Maxx and
Marshalls.

Impact of Foreign Currency Exchange Rates

Changes in foreign currency exchange rates affect the translation of sales and
earnings of the Company’s international businesses into U.S. dollars for
financial reporting purposes. In addition, ordinary-course, inventory-related
hedging instruments are marked to market at the end of each quarter. Changes
in currency exchange rates affect the magnitude of these translations and
adjustments, and can have a material impact when there is significant
volatility in currency exchange rates.

The movement in foreign currency exchange rates had a neutral impact on
consolidated net sales growth for the full Fiscal 2013 year versus the prior
year. The movement in foreign currency exchange rates had a 1 percentage point
positive impact on consolidated net sales growth in the fourth quarter of
Fiscal 2013 versus the prior year’s fourth quarter. The impact of foreign
currency exchange rates on earnings per share is discussed below under “Items
Impacting Comparability.”

A table detailing the impact of foreign currency on TJX pretax earnings and
margins, as well as those of its international businesses, can be found in the
Investor Information section of the Company’s website, www.tjx.com.

Items Impacting Comparability

Certain items that impact the comparability of the full year to the prior year
are detailed in the table below.

                                         
                                           Full Year
                                         FY2013      FY2012
                                           (53 weeks)   (52 weeks)
Reported EPS from continuing operations    $2.55       $1.93
Impact of A.J. Wright Store Closings       -            $.04
Store Conversion/Grand Re-Openings Costs   -            $.02
Adjusted EPS from continuing operations    $2.55        $1.99
                                                        

Fiscal 2012 included first quarter costs associated with the A.J. Wright
consolidation, primarily additional lease obligations for store closings and
additional operating losses as well as the costs related to the conversion and
grand re-opening of certain former A.J. Wright stores to T.J. Maxx, Marshalls
and HomeGoods banners. (Reconciliations of Fiscal 2012 adjusted measures which
exclude the A.J. Wright consolidation to GAAP measures are shown in the
attached schedules.)

On a reported basis, diluted earnings per share for the full Fiscal 2013 year
were $2.55 compared to $1.93 last year. On an adjusted basis, excluding the
items detailed above, diluted earnings per share for the 53-week fiscal year
represented a 28% increase over last year’s adjusted $1.99. The 53^rd week in
Fiscal 2013 also impacted the comparability of results. Excluding the
approximately $.08 benefit from the 53^rd week and the items above, adjusted
earnings per share on a 52-week basis were $2.47, a 24% increase over the
prior year’s adjusted $1.99.

For the full Fiscal 2013 year, foreign currency exchange rates had a neutral
impact on earnings per share, compared with a neutral impact last year.

The 53^rd week in Fiscal 2013 also impacted the comparability of results in
the fourth quarter. On a reported basis, diluted earnings per share for the
14-week fourth quarter were $.82, a 32% increase over $.62 per share last
year. Excluding the approximately $.08 benefit from the extra week, adjusted
earnings per share on a 13-week basis were $.74, a 19% increase over last
year. Foreign currency exchange rates had a $.01 positive impact on earnings
per share in the fourth quarter, compared with a neutral impact last year.

Margins

For the full year Fiscal 2013, the Company’s consolidated pretax profit margin
was 11.9%, up 1.2 percentage points over the prior year’s adjusted margin. The
increase was primarily driven by merchandise margin improvement, as well as
expense leverage on the above-plan sales. The 53^rd week in the Fiscal 2013
calendar positively impacted pretax margins by approximately 0.2 percentage
points.

The gross profit margin for Fiscal 2013 was 28.4%, 1.0 percentage points above
the adjusted margin in the prior year primarily driven by improved merchandise
margins across all divisions coupled with buying and occupancy leverage.
Selling, general and administrative costs as a percent of sales were 16.4%, a
0.1 percentage point improvement over the prior year’s adjusted ratio. A
number of items impacted SG&A costs during the year which partially offset the
expense leverage on above-plan sales, including the Company’s contribution to
The TJX Foundation as well as two items recorded in the Fiscal 2013 third
quarter: a non-cash charge for the cumulative impact of a correction to the
Company’s pension accrual for prior years and a non-operating charge due to
the adjustment in the Company’s reserve for former operations relating to
closed stores.

For the fourth quarter of Fiscal 2013, the Company’s consolidated pretax
profit margin was 12.5%, up 1.2 percentage points over the prior year’s pretax
profit margin. This increase was primarily driven by improved merchandise
margins with some expense leverage on the above-plan sales. The 53^rd week in
Fiscal 2013 positively impacted fourth quarter pretax margins by approximately
0.6 percentage points.

The gross profit margin for the fourth quarter of Fiscal 2013 was 28.6%, 1.4
percentage points above the prior year. The increase was primarily driven by
merchandise margin improvement as well as expense leverage on the above-plan
sales. Selling, general and administrative costs as a percent of sales were
16.0% in the fourth quarter, a 0.2 percentage point increase over the prior
year’s ratio of 15.8% largely due to the Company’s contribution to The TJX
Foundation, higher incentive compensation accruals with the Company’s
above-plan results and transaction expenses related to the Company's
acquisition of Sierra Trading Post.

Inventory

Total inventories as of February 2, 2013, were $3.0 billion, compared with
$3.0 billion at the end of the prior fiscal year. Consolidated inventories on
a per-store basis, including the distribution centers, at February 2, 2013,
were down 6% on both a reported and constant currency basis. The Company
begins the new fiscal year with excellent inventory levels and is very well
positioned to buy into the plentiful opportunities it sees in the marketplace
and continue shipping fresh spring merchandise to its stores.

Full Year and First Quarter Fiscal 2014 Outlook

For the fiscal year ending February 1, 2014, the Company expects diluted
earnings per share to be in the range of $2.66 to $2.78 versus $2.55 in Fiscal
2013. Excluding the approximately $.08 benefit from the 53^rd week in the
Company’s Fiscal 2013 calendar, this guidance would represent an 8% to 13%
increase over the adjusted $2.47 in Fiscal 2013. This outlook is based upon
estimated consolidated comparable store sales growth of 1% to 2%.

For the first quarter of Fiscal 2014, the Company expects diluted earnings per
share to be in the range of $.59 to $.62, which would represent a 7% to 13%
increase over last year’s $.55 per share. This outlook is based upon estimated
consolidated comparable store sales growth of 0% to 2%.

The Company’s earnings guidance for the first quarter and full year Fiscal
2014 assumes that currency exchange rates will remain unchanged from current
levels.

Stores by Concept

During the fiscal year ended February 2, 2013, the Company increased its store
count by a net of 145 stores to end the year with 3,050 stores. The Company
increased square footage by 4% over the same period last year.

                                         
                        Store Locations    Gross Square Feet*
                        FY2013              FY2013
                                        (in millions)
                      Beginning  End    Beginning    End
In the U.S.:                                       
T.J. Maxx              983        1,036  28.7         30.2
Marshalls              884        904    27.6         28.0
HomeGoods              374        415    9.3          10.4
Sierra Trading Post**  NA         4      NA           0.1
TJX Canada:                                        
Winners                216        222    6.3          6.5
HomeSense              86         88     2.1          2.1
Marshalls              6          14     0.2          0.5
TJX Europe:                                        
T.K. Maxx              332        343    10.5         10.8
HomeSense              24         24     0.5          0.5
                                                  
TJX                    2,905      3,050  85.3         89.1

*Square feet figures may not foot due to rounding. **TJX acquired Sierra
Trading Post on December 21, 2012.

About The TJX Companies, Inc.

The TJX Companies, Inc. is the leading off-price retailer of apparel and home
fashions in the U.S. and worldwide. The Company operates 1,036 T.J. Maxx, 904
Marshalls, 415 HomeGoods and 4 Sierra Trading Post stores as well as
SierraTradingPost.com in the United States; 222 Winners, 88 HomeSense, and 14
Marshalls stores in Canada; and 343 T.K. Maxx and 24 HomeSense stores in
Europe. TJX’s press releases and financial information are also available at
www.tjx.com.

Fiscal Year and Fourth Quarter 2013 Earnings Conference Call

At 11:00 a.m. ET today, Carol Meyrowitz, Chief Executive Officer of TJX, will
hold a conference call with stock analysts to discuss the Company’s full year
and fourth quarter Fiscal 2013 results, operations and business trends and
plans for Fiscal 2014. A real-time webcast of the call will be available at
www.tjx.com. A replay of the call will also be available by dialing (866)
367-5577 through Wednesday, March 6, 2013 or at www.tjx.com.

February Fiscal 2014 Sales Recorded Call

Additionally, the Company expects to release its February 2013 sales results
on Thursday, March 7, 2013, at approximately 8:15 a.m. ET. Concurrent with
that press release, a recorded message with more detailed information
regarding TJX’s February sales results, operations and business trends will be
available at www.tjx.com, or by calling (703) 736-7248 through Thursday, March
14, 2013.

Non-GAAP Financial Information

The Company has used non-GAAP financial measures in this press release. The
Company uses the term “reported” to refer to financial measures prepared in
accordance with accounting principles generally accepted in the United States
(GAAP) and the term “adjusted” to refer to non-GAAP financial information
adjusted to exclude a number of identified items. The Company believes that
the presentation of adjusted financial results provides additional information
on comparisons between periods including underlying trends of its business by
excluding certain items that affect overall comparability. Non-GAAP financial
measures should be considered in addition to, and not as an alternative for,
the Company’s reported results prepared in accordance with GAAP.

Important Information at Website

Archived versions of the Company’s recorded messages and conference calls are
available at the Investor Information section of www.tjx.com after they are no
longer available by telephone as well as reconciliations of non-GAAP financial
measures to GAAP financial measures, and other financial information. The
Company routinely posts information that may be important to investors in the
Investor Information section at www.tjx.com. The Company encourages investors
to consult that section of its website regularly.

Forward-looking Statement

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: Various statements made in this release are forward-looking and involve
a number of risks and uncertainties. All statements that address activities,
events or developments that we intend, expect or believe may occur in the
future are forward-looking statements. The following are some of the factors
that could cause actual results to differ materially from the forward-looking
statements: buying and inventory management; operational expansion and
management of large size and scale; customer trends and preferences; market,
banner, geographic and category expansion; marketing, advertising and
promotional programs; competition; personnel recruitment and retention; global
economic conditions and consumer spending; data security; information systems
and technology; seasonal influences; adverse or unseasonable weather; serious
disruptions and catastrophic events; corporate and banner reputation;
merchandise quality and safety; international operations; merchandise
importing; commodity pricing; foreign currency exchange rates; fluctuations in
quarterly operating results; market expectations; acquisitions and
divestitures and the success of transitions; compliance with laws, regulations
and orders; changes in laws and regulations; outcomes of litigation, legal
matters and proceedings; tax matters; real estate activities; cash flow and
other factors that may be described in our filings with the Securities and
Exchange Commission. We do not undertake to publicly update or revise our
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied in such statements will not be
realized.


The TJX Companies, Inc. and Consolidated Subsidiaries
Financial Summary
(Unaudited)
(In Thousands Except Per Share Amounts)

                      14 Weeks     13 Weeks     53 Weeks      52 Weeks
                       Ended         Ended         Ended          Ended
                       February 2,  January 28,  February 2,   January 28,
                       2013          2012          2013           2012
                                                 
Net sales              $ 7,723,814   $ 6,709,758   $ 25,878,372   $ 23,191,455
                                                                  
Cost of sales,
including buying and     5,514,526     4,884,369     18,521,400     16,854,249
occupancy costs
Selling, general and
administrative           1,239,524     1,057,739     4,250,446      3,890,144
expenses
Interest expense,       5,077        9,071        29,175        35,648
net
                                                                  
Income before
provision for income     964,687       758,579       3,077,351      2,411,414
taxes
Provision for income    359,843      283,265      1,170,664     915,324
taxes
                                                                  
Net income             $ 604,844     $ 475,314     $ 1,906,687    $ 1,496,090
                                                                  
Diluted earnings per   $ 0.82        $ 0.62        $ 2.55         $ 1.93
share
                                                                  
Cash dividends         $ 0.115       $ 0.095       $ 0.46         $ 0.38
declared per share
                                                                  
Weighted average
common shares –          737,912       762,819       747,555        773,772
diluted
                                                                    


The TJX Companies, Inc. and Consolidated Subsidiaries
Condensed Balance Sheets
(Unaudited)
(In Millions)

                                                 February 2,  January 28,
                                                   2013          2012
                                                                 
ASSETS
Current assets:
Cash and cash equivalents                          $  1,812.0    $  1,507.1
Short-term investments                                235.8         94.7
Accounts receivable and other current assets          553.3         474.4
Current deferred income taxes, net                    96.2          105.9
Merchandise inventories                              3,014.2      2,950.5
                                                                 
Total current assets                                 5,711.5      5,132.6
                                                                 
Property and capital leases, net of depreciation      3,223.3       2,715.2
Other assets                                          260.8         253.9
Goodwill and tradename, net of amortization          316.3        179.9
                                                                 
TOTAL ASSETS                                       $  9,511.9    $  8,281.6
                                                                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                   $  1,930.6    $  1,645.3
Accrued expenses and other current liabilities       1,830.0      1,418.1
                                                                 
Total current liabilities                            3,760.6      3,063.4
                                                                 
Other long-term liabilities                           961.3         871.9
Non-current deferred income taxes, net                349.5         362.5
Long-term debt                                        774.6         774.5
                                                                 
Shareholders’ equity                                 3,665.9      3,209.3
                                                                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY         $  9,511.9    $  8,281.6
                                                                    


The TJX Companies, Inc. and Consolidated Subsidiaries
Condensed Statements of Cash Flows
(Unaudited)
(In Millions)

                                                  53 Weeks      52 Weeks
                                                   Ended          Ended
                                                   February 2,    January 28,
                                                   2013           2012
                                                                  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                         $ 1,906.7      $ 1,496.1
Depreciation and amortization                        508.9          485.7
Deferred income tax provision                        13.3           144.8
Share-based compensation                             64.4           64.2
(Increase) in accounts receivable and other          (72.1    )     (25.1    )
assets
Decrease (increase) in merchandise inventories       27.2           (187.2   )
Increase (decrease) in accounts payable              211.7          (36.6    )
Increase in accrued expenses and other               444.9          10.7
liabilities
Other                                               (59.4    )    (36.6    )
                                                                  
Net cash provided by operating activities           3,045.6      1,916.0  
                                                                  
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions                                   (978.2   )     (803.3   )
Purchases of short-term investments                  (355.7   )     (152.0   )
Sales and maturities of short-term investments       213.0          132.7
Acquisition of Sierra Trading Post, less cash        (190.4   )     -
acquired
Other                                               34.5         11.5     
Net cash (used in) investing activities             (1,276.8 )    (811.1   )
                                                                  
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for repurchase of common stock              (1,345.1 )     (1,320.8 )
Proceeds from issuance of common stock               133.8          219.0
Cash dividends paid                                  (323.9   )     (275.0   )
Other                                               59.6         41.1     
Net cash (used in) financing activities             (1,475.6 )    (1,335.7 )
                                                                  
Effect of exchange rate changes on cash             11.7         (3.9     )
                                                                  
Net increase (decrease) in cash and cash             304.9          (234.7   )
equivalents
Cash and cash equivalents at beginning of year      1,507.1      1,741.8  
                                                                  
Cash and cash equivalents at end of year           $ 1,812.0     $ 1,507.1  
                                                                             


The TJX Companies, Inc. and Consolidated Subsidiaries
Selected Information by Major Business Segment
(Unaudited)
(In Thousands)

                    14 Weeks     13 Weeks     53 Weeks      52 Weeks
                     Ended         Ended         Ended          Ended
                     February 2,  January 28,   February 2,   January 28,
                     2013          2012          2013           2012
Net sales:
U.S. segments:
Marmaxx              $ 4,984,891   $ 4,398,384   $ 17,011,409   $ 15,367,519
HomeGoods              826,161       674,328       2,657,111      2,243,986
A.J. Wright            -             -             -              9,229
International
segments:
TJX Canada             856,112       745,250       2,925,991      2,680,071
TJX Europe            1,056,650    891,796      3,283,861     2,890,650  
Total net sales      $ 7,723,814   $ 6,709,758   $ 25,878,372   $ 23,191,455 
                                                                
Segment profit
(loss):
U.S. segments:
Marmaxx              $ 723,762     $ 601,968     $ 2,486,274    $ 2,073,430
HomeGoods              117,869       88,386        324,623        234,445
A.J. Wright            -             -             -              (49,291    )
International
segments:
TJX Canada             123,976       93,700        414,914        348,028
TJX Europe            102,420      50,341       215,713       68,739     
Total segment          1,068,027     834,395       3,441,524      2,675,351
profit
                                                                
General corporate      98,263        66,745        334,998        228,289
expenses
Interest expense,     5,077        9,071        29,175        35,648     
net
Income before
provision for        $ 964,687     $ 758,579     $ 3,077,351    $ 2,411,414  
income taxes
                                                                             

            The TJX Companies, Inc. and Consolidated Subsidiaries
                  Notes to Consolidated Condensed Statements

1.During the fourth quarter ended February 2, 2013, TJX repurchased 8.1
    million shares of its common stock at a cost of $350 million. During the
    twelve months ended February 2, 2013, TJX repurchased 30.6 million shares
    of its common stock at a cost of $1.3 billion, with $225 million under the
    $1 billion stock repurchase plan approved in February 2011, completing the
    plan, and $1.1 billion under the $2 billion stock repurchase program
    approved by the Board of Directors early in fiscal 2013. On February 5,
    2013 the Board of Directors approved an additional $1.5 billion stock
    repurchase program. TJX records the repurchase of its stock on a cash
    basis, and the amounts reflected in the financial statements may vary from
    the above amounts due to the timing of settlement of repurchases.
2.On December 21, 2012 TJX purchased Sierra Trading Post (STP), an off-price
    internet retailer, for approximately $200 million, which is subject to
    customary post-closing adjustments. The operating results of STP since the
    date of acquisition are not material and have been included with our
    Marmaxx segment.
3.In the fourth quarter of fiscal 2011, TJX’s Board of Directors approved
    the consolidation of its A.J. Wright division whereby 90 A.J. Wright
    stores were converted into T.J. Maxx, Marshalls or HomeGoods stores and
    the remaining 72 stores, its two distribution centers and home office were
    closed. The majority of the costs to consolidate A.J. Wright were
    recognized in the fourth quarter of fiscal 2011 but due to the timing of
    the store closings the additional closing costs (primarily lease related
    obligations) and additional operating losses were reported as a $49
    million A.J. Wright segment loss in the first quarter of fiscal 2012. In
    addition, the first quarter of fiscal 2012 included costs related to the
    conversion of the 90 A.J. Wright stores to other banners (primarily store
    payroll and occupancy costs during the approximate eight to twelve-week
    period in which the stores were closed) and costs related to grand opening
    events when the stores re-opened. These costs totaled $20 million, with
    $17 million reflected in the Marmaxx segment and $3 million in the
    HomeGoods segment for the fiscal year ended January 28, 2012.

                           The TJX Companies, Inc.
                 Reconciliation of GAAP and Non-GAAP measures

The Company reports its financial results in accordance with accounting
principles generally accepted in the U.S. (GAAP). However, management believes
that certain non-GAAP financial measures used in managing the business may
provide users of this financial information additional meaningful comparisons
between current results and results in prior operating periods and
expectations for future periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of underlying
trends of the business because they provide a comparison of historical
information that excludes certain items that impact overall comparability.
Management also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's performance.
The tables below provide supplemental non-GAAP financial data and
corresponding reconciliations to GAAP financial measures. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative for, the
Company’s reported results prepared in accordance with GAAP.

Results for Full Year FY12 reflect expenses related to the A.J. Wright
consolidation, including closing costs and additional operating losses related
to the closure of A.J. Wright stores not closed in Q4 FY11, the costs related
to the conversion of the former A.J. Wright stores to other TJX banners and
the costs related to grand re-opening events when the stores re-opened. The
Marmaxx and HomeGoods segments reflect costs related to store conversions and
grand re-openings.

The following tables show the reconciliation between Full Year FY12 GAAP
measures and the adjusted non-GAAP measures which exclude these items.


Full Year Fiscal 2013 - Reconciliation of prior year expense ratios and pre-tax
margin
                                                                 
US$ in           Fiscal 2013       Fiscal 2012                     Fiscal 2012
Millions
                 As Reported       As Adjusted                     As Reported
                          % to             % to                           % to
                 $'s      net     $'s      net    Adjustments   $'s      net
                           sales             sales                           sales
                                                                             
Net Sales        $25,878           $23,182           $(9)          $23,191
                                                                             
Cost of sales
including
buying
and occupancy    18,521    71.6%   16,838    72.6%   (16)          16,854    72.7%
costs
Gross Profit               28.4%             27.4%                           27.3%
Margin
                                                                             
Selling,
general and
administrative
expenses         4,250     16.4%   3,828     16.5%   (63)          3,890     16.8%
                                                                             
Interest         29                36                -             36
expense, net
                                                                             
Income before    $3,077   11.9%   $2,481   10.7%   $69           $2,411   10.4%
taxes
                                                                             
                                                                             
Full Year Fiscal 2013 - Reconciliation of prior year Marmaxx and HomeGoods segment
margins
                                                                     
US$ in           Fiscal 2013       Fiscal 2012                     Fiscal 2012
Millions
                 As Reported       As Adjusted                     As Reported
                           % to              % to                            % to
                 $'s      net     $'s      net    Adjustments   $'s      net
                           sales             sales                           sales
                                                                             
Marmaxx
Net Sales        $17,011           $15,368           -             $15,368
Segment Profit   2,486     14.6%   2,090     13.6%   17            2,073     13.5%
                                                                             
HomeGoods
Net Sales        $2,657            $2,244            -             $2,244
Segment Profit   325      12.2%   238      10.6%   3             234      10.4%
                                                                             
Note: Figures may not foot due to rounding.

Contact:

The TJX Companies, Inc.
Sherry Lang
Senior Vice President
Global Communications
(508) 390-2323
 
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