William Blair & Company Initiates Coverage of The TJX Companies, Inc. With an Outperform Rating

Business Wire, Oct 14, 2008

CHICAGO -- William Blair & Company initiated research coverage of The TJX Companies, Inc. (NYSE:TJX), the leading operator of off-price apparel and home goods retail stores in the United States, Canada, and Europe, with an Outperform rating and an Established Growth company profile.

Associate Analyst Daniel Hofkin and Analyst Mark Miller estimated the company would earn $2.22 per share in fiscal 2008 (fiscal year ends the following January) and $2.30 per share in fiscal 2009.

"TJX's most important advantage is its buying scale and prowess," Hofkin said. "TJX has sourcing relationships with more than 10,000 vendors in over 60 countries. Moreover, TJX employs a network of over 600 merchants who are constantly in the marketplace aggressively looking for opportunistic buys on midrange and premium apparel and home furnishings brands found in department stores and specialty retailers."

In addition to its "strong focus on financial returns and buying discipline," Hofkin noted that "TJX is able to attract incremental shoppers during challenging economic periods, owing to the significant savings its stores offer on midrange and premium apparel and home furnishings brands relative to department stores and specialty retailers. Importantly, TJX has also been able to retain a significant portion of these customers in stronger economic periods, as the company's brand offerings and the treasure hunt nature of the shopping experience have a sustainable appeal."

William Blair & Company, L.L.C. intends to seek or expects to receive compensation for investment banking services from this company in the next 3 months.

William Blair & Company, L.L.C. is a market maker in the security of this company and may have a long or short position.

William Blair & Company, L.L.C. (www.williamblair.com) is a global investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost.

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