The TJX Companies, Inc. Reports June 2001 Sales and Revises Earnings Estimates

Business Wire, July 12, 2001

Business Editors

FRAMINGHAM, Mass.--(BUSINESS WIRE)--July 12, 2001

The TJX Companies, Inc. (NYSE:TJX) today reported June 2001 sales results. Sales for the five week period ended July 7, 2001 were $957 million, up 10% over $867 million achieved during the five week period ended July 8, 2000. For the 22 weeks ended July 7, 2001, sales reached $4,067 million, an increase of 8% over last year's $3,751 million. Consolidated comparable store sales for the five week period ended July 7, 2001 were 2% above last year. For the 22 week year-to-date period, consolidated comparable store sales increased 1% over last year.

Edmond English, President and Chief Executive Officer of The TJX Companies, Inc. stated, "While June sales came in slightly below plan, we saw significant acceleration toward the end of the month. We continued our focus on maintaining liquidity in our inventory position which enables us to offer great values to our customers. Based on performance to date, we now expect to earn $.40 per share in the second quarter, just above the $.39 per share we earned last year. Further, we are taking a somewhat more conservative view of the second half of the year and have adjusted our projected earnings per share to $2.00 for the current year versus the $1.86 per share we earned last year. Again, we continue to be in a very liquid inventory position. Additionally, we are encouraged by the good performance we saw in June in virtually all apparel categories which bodes well as we move toward the back-to-school season."

The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 661 T.J. Maxx, 552 Marshalls, 99 HomeGoods and 31 A.J. Wright stores in the United States. In Canada, the Company operates 123 Winners and 6 HomeSense stores, and in Europe, 82 T.K. Maxx stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.

A recorded message with more detailed information regarding TJX's June 2001 sales results and its business is available by calling (703) 736-7248 or via the Internet at www.tjx.com. The recording will remain available via the phone and Internet through Thursday, July 19, 2001. TJX expects to release its July 2001 sales results on August 9, 2001 at approximately 8:15 a.m. EST. Concurrent with the press release, a recorded message with more detailed information regarding TJX's July sales results and its business will be available by calling (703) 736-7248 or via the Internet at www.tjx.com. That recording will remain available via the phone and Internet through Thursday, August 16, 2001. Additionally, the Company expects to release its second quarter fiscal 2002 earnings on Tuesday, August 14, 2001 before 9:30 a.m. EST. At 11:00 a.m. EST that day, Edmond English, President and Chief Executive Officer of The TJX Companies, will hold a conference call with stock analysts to discuss the Company's second quarter results. A real time webcast of the call will be available at www.tjx.com. A replay of the call will also be available at www.tjx.com and at (888) 446-2545 through August 21, 2001.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

Certain statements contained in this release 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 preferences; weather patterns in areas where the Company has concentrations of stores; competitive factors, including pressure from pricing and promotional activities of competitors; the impact of excess retail capacity and the availability of desirable store and distribution center locations on suitable terms; recruiting quality sales associates; the availability, selection and purchasing of attractive merchandise on favorable terms; potential disruptions in supply and duties, tariffs and quotas on imported merchandise, as well as economic and political problems in countries from which merchandise is imported; currency and exchange rate factors in foreign operations; expansion of the Company's store base, development of new businesses and application of the Company's off-price strategies in foreign countries; the Company's acquisition and divestiture activities; and other factors that are or 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.