Leading off-price retailer of apparel and home fashions in the US and worldwide, TJX Companies Inc announced sales and earnings results for the third quarter ended October 29, 2005.
Net sales for the third quarter were $4.0 billion, a 6 percent increase over last year and consolidated comparable store sales were flat versus last year.
Net income was $171 million and diluted earnings per share were $.36, compared with $.40 per share in the prior year.
For the first nine months of fiscal 2006, net sales were $11.3 billion, a 7 percent increase over last year, and year-to-date consolidated comparable store sales increased 1 percent over the prior year.
Net income was $444 million and diluted earnings per share were $.91, versus $.95 per share in the prior year.
Results for the third quarter and year-to-date periods include a one-time gain of approximately $9 million pre-tax, or $.01 per share, from the Company's portion of the recent Visa/Mastercard antitrust litigation settlement.
Additionally, results for both periods reflect the negative impact of one-time items previously disclosed: approximately $.01 per share related to the recent hurricanes exit costs and operating losses of approximately $.015 per share associated with the Company's e-commerce business, and costs of $.01 per share associated with the resignation agreement between TJX and its former CEO.
Ben Cammarata, Chairman and Acting Chief Executive Officer of The TJX Companies Inc, stated, 'They were disappointed with their sales and earnings results in the third quarter, particularly with the performance of women's sportswear across all divisions.
marketing@alchempro.com
