While business was hurt by unseasonably warm weather across much of the US, Canada and the UK, they believe that there are areas of their off-price buying strategies in which better execution would benefit them.
That said, they maintained healthy merchandise margins during the quarter, through disciplined inventory management, and expenses were well controlled.
As they enter the holiday selling season, they remain focused on profitably growing sales across all of their businesses.'
During the third quarter, the Company spent a total of $125 million, retiring 5.8 million shares of TJX stock.
Year-to-date, the Company has spent a total of $515 million in repurchases of TJX stock and has retired a total of 22.2 million shares.
As previously announced, during the third quarter, the Company's Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to $1 billion of TJX common stock from time to time.
At current prices, this would represent approximately 10 percent of the Company's outstanding common shares.
It remains the Company's plan to repurchase a total of $600 million of TJX stock in fiscal 2006.
The Company's third quarter results were negatively impacted by Hurricanes Katrina, Rita and Wilma.
Combined, these hurricanes negatively impacted earnings per share by approximately $.01, including lost sales, the self-insured portion of property damage, and costs incurred to assist the Company's employees.
marketing@alchempro.com
