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The TJX Companies, Inc.
Earnings per share amounts in the following table are presented in accordance with SFAS No. 128 and reflect the effect of the two-for-one stock split distributed in June 1997.
| First | Second | Third | Fourth | |
| In Thousands Except Per Share Amounts | Quarter | Quarter | Quarter | Quarter |
| F i s c a l y e a r e n d e d J a n u a r y 3 1 , 1 9 9 8 | ||||
| ( 5 3 w e e k s ) | ||||
| Net sales | $1,560,150 | $1,698,372 | $1,887,698 | $2,242,849 |
| Gross earnings * | 357,531 | 375,111 | 473,362 | 506,524 |
| Income from continuing operations | ||||
| before extraordinary item | 48,461 | 52,578 | 106,942 | 98,611 |
| Diluted earnings per share | .27 | .30 | .62 | .58 |
| Net income | 48,461 | 52,578 | 105,165 | 98,611 |
| Diluted earnings per share | .27 | .30 | .61 | .58 |
| F i s c a l y e a r e n d e d J a n u a r y 2 5 , 1 9 9 7 | ||||
| Net sales | $1,472,247 | $1,548,259 | $1,722,429 | $1,946,475 |
| Gross earnings * | 304,888 | 326,069 | 417,158 | 442,512 |
| Income from continuing operations | ||||
| before extraordinary item | 23,024 | 33,690 | 81,590 | 75,522 |
| Diluted earnings per share | .13 | .19 | .46 | .43 |
| Net income | 30,086 | 36,054 | 87,510 | 209,473 |
| Diluted earnings per share | .17 | .21 | .50 | 1.19 |
| * | Gross earnings equal net sales less cost of sales, including buying and occupancy costs. |
Net income for the third quarter of fiscal 1998 includes an after-tax extraordinary charge of $1.8 million for the write-off of deferred financing costs associated with the early termination of a revolving credit facility.
Net income for the fourth quarter of fiscal 1997 includes an after-tax gain on the sale of Chadwick's of $125.6 million, or $.72 per share. The operating results for Chadwick's for fiscal 1997 have been reflected as discontinued operations. Net income for fiscal 1997 includes after-tax extraordinary charges of $2.9 million and $2.7 million for the third and fourth quarters, respectively, for the early retirement of debt.
Certain statements contained in this Annual Report are forward-looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: general economic conditions and consumer demand and consumer preferences and weather patterns in the U.S., Canada and Europe, particularly the United Kingdom; competitive factors, including continuing pressure from pricing and promotional activities of major competitors; impact of excess retail capacity and the availability of desirable store locations on suitable terms; the availability, selection and purchasing of attractive merchandise on favorable terms; import risks, including potential disruptions and duties, tariffs and quotas on imported merchandise, including economic and political problems in countries from which merchandise is imported; currency and exchange rate factors in the Company's foreign operations; risks in the development of new businesses and application of the Company's off-price strategies in foreign countries; acquisition and divestment activities; and other factors that may be described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
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