TJX reports quarterly sales gain

FRAMINGHAM, Mass. The TJX Companies today announced net sales from continuing operations for the second quarter ended July 28 increased 9% to $4.3 billion, and consolidated comparable-store sales increased 5% over last year. Income from continuing operations for the second quarter was $59 million, and diluted earnings per share from continuing operations were 13 cents. The company estimated its potential liability from the computer intrusion(s) and recorded an after-tax charge of $118 million, or 25 cents per share. Excluding this charge, adjusted diluted earnings per share from continuing operations for the second quarter were 38 cents versus 29 cents for the prior year, a 31% increase.

For the first half of fiscal 2008, net sales from continuing operations were $8.4 billion, a 7% increase over last year, and year-to-date consolidated comparable-store sales increased 4% over the prior year. Income from continuing operations was $221 million, and diluted earnings per share from continuing operations were 47 cents. These earnings results include after-tax charges of $130 million, or 27 cents per share, related to the unauthorized computer intrusion(s). Excluding these charges, adjusted diluted earnings per share from continuing operations for the first half of fiscal 2008 were 74 cents versus 63 cents for the prior year, a 17% increase.