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The TJX Companies, Inc.
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The TJX Companies, Inc.
The following selected information by major business segment reflects the results of Marshalls in the off-price family apparel segment for the periods following its acquisition on November 17, 1995.
Fiscal Year Ended
January 31,
January 25,
January 27,
In Thousands
1998
1997
1996
(53 weeks)
Net sales:
Off-price family apparel stores
$7,290,959
$6,602,391
$3,896,710
Off-price home fashion stores
98,110
87,019
78,405
$7,389,069
$6,689,410
$3,975,115
Operating income (loss):
Off-price family apparel stores (1)
$ 596,908
$ 463,419
$ 187,974
Off-price home fashion stores (2)
(8,615)
(14,018)
(13,375)
588,293
449,401
174,599
General corporate expense (3)
58,906
43,297
45,003
Goodwill amortization
2,614
2,614
2,614
Interest expense, net
4,502
37,350
38,186
Income from continuing operations
before income taxes and extraordinary item
$ 522,271
$ 366,140
$ 88,796
Identifiable assets:
Off-price family apparel stores
$2,033,945
$1,801,779
$2,116,127
Off-price home fashion stores
39,074
36,493
46,861
Corporate, primarily cash and goodwill (4)
536,613
668,489
382,137
$2,609,632
$2,506,761
$2,545,125
Capital expenditures:
Off-price family apparel stores
$ 190,720
$ 104,955
$ 87,037
Off-price home fashion stores
1,662
731
7,932
Corporate (4)
-
13,467
10,895
$ 192,382
$ 119,153
$ 105,864
Depreciation and amortization:
Off-price family apparel stores
$ 115,967
$ 113,479
$ 69,596
Off-price home fashion stores
3,186
2,104
1,777
Corporate, including goodwill (4)
5,738
11,247
7,859
$ 124,891
$ 126,830
$ 79,232
(1)
The period ended January 27, 1996 includes a charge of $35 million relating to the closing of certain T.J. Maxx stores.
(2)
The periods ended January 31, 1998, January 25, 1997 and January 27, 1996 include a charge of $1.5 million, $3.1 million and $3.8 million, respectively, for certain store closings and other restructuring costs relating to HomeGoods.
(3)
General corporate expense for the fiscal year ended January 31, 1998, includes a pre-tax charge of $15.2 million for costs associated with a deferred compensation arrangement with the Company's Chief Executive Officer and a pre-tax gain of $6 million for the sale of Brylane, Inc. common stock. General corporate expense for the fiscal years ended January 25, 1997 and January 27, 1996 include the net operating results of T.K. Maxx. Fiscal year 1998 includes T.K. Maxx results in off-price family apparel stores.
(4)
Periods prior to January 31, 1998 include assets and activity of T.K. Maxx. Fiscal year 1998 includes T.K. Maxx in off-price family apparel stores.
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