This excerpt taken from the TJX 8-K filed May 13, 2008.
For the first quarter of Fiscal 2009, the Company’s consolidated pretax profit margin was 6.6%. This compares to 6.4% in the prior year, which included the negative impact (0.5 percentage points) of a charge related to the previously announced computer intrusion(s). Excluding the intrusion(s) charge, this year’s first quarter consolidated pretax profit margin was 0.3 percentage points below the adjusted 6.9% last year and slightly below the Company's plan, due to slightly lower gross profit margin and reduced interest income versus prior year. The gross profit margin for the Fiscal 2009 first quarter was 24.0%, 0.1 percentage points below the prior year, due to investments in growing the Company’s European businesses and deleverage from buying and occupancy costs. These costs were mostly offset by improvement in merchandise margins, which were achieved despite higher fuel costs. Selling, general and administrative costs as a percent of sales was 17.3%, flat to prior year and better than the Company expected, due to solid expense control.
This excerpt taken from the TJX 8-K filed Feb 20, 2008.
For the full year Fiscal 2008, consolidated pretax profit margin from continuing operations was 6.7% compared to 7.2% in the prior year, reflecting the negative impact (1.0 percentage points) of charges related to the previously announced computer intrusion(s). Excluding these charges, pretax margins increased 0.5 percentage points to 7.7%. Gross margin from continuing operations increased 0.4 percentage points to 24.5%, driven by improved merchandise margins. Selling, general and administrative costs as a percent of sales were 16.8%, which were flat with prior year, due to the Company’s continued focus on cost containment, partially offset by a planned increase in marketing expense.
During the fourth quarter of Fiscal 2008, the Company’s consolidated pretax profit margin from continuing operations was 8.9%, a 1.4 percentage point improvement over prior year. The reduction to the intrusion(s) reserve, referenced above, positively impacted consolidated pretax profit margin by 0.4 percentage points in the fourth quarter. The gross profit margin from continuing operations was 24.5%, up 1.5 percentage points over prior year, primarily due to a 1.3 percentage point increase in merchandise margins, as well as buying and occupancy cost leverage. The gross profit margin benefited by 0.3 percentage points due to the foreign currency impact of inventory-related hedges, primarily in Canada. Selling, general and administrative costs as a percent of sales was 16.0%, up 0.5 percentage points versus the prior year. This increase primarily reflects a planned increase in marketing expense, the Bob’s Stores impairment charge, as well as the timing of certain corporate expense items.