TJ Maxx 1999 Annual Report Download - page 29

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S E L E C T E D Q U A R T E R L Y F I N A N C I A L D A T A ( U N A U D I T E D )
Earnings per share amounts in the following table reflect the effect of the two-for-one stock split distributed in
June 1998.
Fi r s t S e c o n d Th i r d F o u r t h
I n Th o u san d s E x ce p t Pe r S h a re A m o u n t s Q u a r t e r Q u a r t e r Q u a r t e r Q u a r t e r
Fiscal year ended January 29, 2000
Net sales $1,930,506 $2,102,851 $2,235,054 $2,526,936
Gross earnings* 511,714 517,603 588,784 597,846
Income before cumulative effect of
accounting change 122,274 115,881 151,717 136,950
Diluted earnings per share .38 .36 .48 .44
Net income 117,120 115,881 151,717 136,950
Diluted earnings per share .36 .36 .48 .44
Fiscal year ended Ja n u a ry 30, 1999 – Pro Fo r m a
Net sales $1,753,748 $1,867,668 $2,003,503 $2,323,952
Gross earnings* 436,715 447,286 537,223 569,962
Income from continuing operations 82,427 85,803 128,337 136,335
Diluted earnings per share .24 .25 .39 .41
Net income 82,427 85,803 119,289 136,335
Diluted earnings per share .24 .25 .36 .41
Fiscal year ended Ja n u a ry 30, 1999 – As Reported
Net sales $1,775,847 $1,864,236 $2,026,578 $2,282,440
Gross earnings* 445,586 445,746 546,077 554,277
Income from continuing operations 87,767 84,876 133,667 126,892
Diluted earnings per share .26 .25 .40 .39
Net income 87,767 84,876 124,619 126,892
Diluted earnings per share .26 .25 .38 .39
*Gross earnings equal net sales less cost of sales,including buying and occupancy costs.
Net income for the third quarter of fiscal 1999 includes an after-tax charge of $9.0 million as a loss from discon-
tinued operations relating to lease obligations, primarily for the Company's Hit or Miss stores.
During the fourth quarter of fiscal 2000, the Company changed its method of accounting for layaway sales.
(See Note A to the financial statements.) Quarterly results for fiscal 2000 in the table above have been restated
to reflect the change in accounting. The cumulative effect of this change for periods prior to January 31, 1999 of
$5.2 million, net of income taxes of $3.4 million, is included in net income of the first quarter.The year-to-date
effect of this change on fiscal 2000 was immaterial.The effect of this change on quarterly net income and related
earnings per share in fiscal 2000 follows (in thousands except per share amounts):
E f f e ct o f C han ge
in Fisca l 2 0 0 0
N e t I n co m e
Q u a r t e r N e t I n co m e Pe r S h a re
First $(5,388) $(.01)
Second 1,202 –
Third (5,257) (.02)
Fourth 9,261 .03
Full Year $ (182) $ –
T h e T J X C o m p a n i e s , I n c .