TJ Maxx 2005 Annual Report Download

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T
J
XT
J
X
2005 ANNUAL REPORT
THE TJX COMPANIES, INC.
THE TJX COMPANIES, INC. 2005 ANNUAL REPORT

Table of contents

  • Page 1
    T JX T H E T J X C O M PA N I E S , I N C . 2005 AN N UAL R E P O RT

  • Page 2
    ... by TJX in 1990. At 2005's year-end, Winners operated 174 stores, which average approximately 30,000 square feet. Winners stores feature off-price designer and brand name women's apparel and footwear, fine jewelry, children's apparel, lingerie, accessories, home fashions, and menswear. HomeGoods was...

  • Page 3
    Focu s o n Fu n d am ent als + St r on g Str ategic Ap p roach + Ren ewed En er gy = Pr o fit ab le Sales

  • Page 4
    ... compa- rable store sales in creased 2% over th e prior year. Net in come reach ed $633 million an d diluted earn in gs per sh are were $1.29, on an adjusted basis, both excluding one-time items.1 Results for th e first th ree quarters of th e year 1 FY 06 net income $690 million and EPS $1.41 on...

  • Page 5
    ... 3 Segment profit defined as pre-tax income before general corporate and net interest expense. 4 Q4 FY 06 EPS $.60, up 82% over Q4 FY 05 EPS of $.33 on a GAAP basis. FY 06 EPS includes income from one-time items totaling $.14 per share, while FY 05 EPS includes one-time charges of $.04 per share. 3

  • Page 6
    ... return more frequently to see the excitement in our merchandise assortments, and the merchandise itself is more compelling, which results in more sales. Our flexible store formats support our off-price buying strategies, as we can easily expand and contract departments to feature the best brands...

  • Page 7
    ... full margin and brings newness and excitement to our stores. I N VE N T O R Y M AN AG E M E N T I S KE Y Flowing great merchandise to our stores every week is critical to our off-price mission and is an important part of our inventory management strategy. Our distribution center network supports...

  • Page 8
    ...to growth. At A.J. Wright and HomeGoods, we are now being more strategic in our real estate plans. In general, at these divisions, we spread our stores across too many geographic markets, making it difficult to operate or advertise as efficiently as we could. In 2006, we will open fewer stores, net...

  • Page 9
    ... on ly in busin esses an d markets in wh ich we expect to see sign ifican t return s. We have undertaken many measures to reduce costs as an important way of driving profitable sales growth. We carefully reviewed staffing levels at our corporate and divisional offices, and made the difficult, but...

  • Page 10
    ... dors an d th e real estate commun ity of our fin an cial stren gth an d stability. We began 2005 with a substan tial cash balan ce an d gen erated an additional $1.2 billion from operations. We reinvested $496 million in our business, repurchased $600 million of TJX stock, retirin g 26 million sh...

  • Page 11
    ... a new year, we want to thank our dedicated Associates, who number approximately 119,000, our customers, our ven dors an d oth er busin ess associates, an d our fellow shareholders for their ongoing support. Respectfully, Bernard Cammarata Chairman of the Board and Acting Chief Executive Officer...

  • Page 12
    .... HomeGoods continued to work with the Jimmy Fund supporting cancer research, A.J. Wright worked again with the Boys & Girls Clubs of America, and Bob's Stores continued its relationship with Special Olympics. Winners and HomeSense continued to support Sunshine Dreams for Kids, which helps make...

  • Page 13
    ...06 02 06 * Recessions †Segment profit 96-06 includes stock option expense C O N S O L I D AT E D S T O R E C O U N T IN-STORE INVENTORY TURNS* (FY2006) 2,500 Marmaxx 8X 2,000 Winners 8X 1,500 HomeSense 9X 1,000 T.K. Maxx 9X 500 HomeGoods 9X 0 86 Stores A.J. Wright 91 96 (FYE...

  • Page 14
    F O R M 1 0 -K CO NTENTS Bu sin ess Descrip tion Store Location s Selected Fin an cial Data Man agem en t's Discu ssion an d An alysis Rep ort of In d ep en d en t Registered Pu blic Accou n tin g Firm Con solid ated Fin an cial Statem en ts Notes to Con solid ated Fin an cial ...

  • Page 15
    ...Cochituate Road Framingham, Massachusetts (Address of principal executive offices) 01701 (Zip Code) Registrant's telephone number, including area code (508) 390-1000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered New York Stock Exchange Title...

  • Page 16
    ... off-price business model financial strength and excellent credit rating As an off-price retailer, we offer quality, name brand and designer family apparel and home fashions every day at substantial savings from comparable department and specialty store regular prices. We can offer these everyday...

  • Page 17
    ... 65% of our sales from apparel (including footwear), 24% from home fashions and 11% from jewelry and accessories. We consider each of our operating divisions to be a segment. The T.J. Maxx and Marshalls store chains are managed as one division, referred to as Marmaxx, and are reported as a single...

  • Page 18
    ...and Marshalls sell quality, brand name merchandise at prices generally 20%-60% below department and specialty store regular prices. Both chains offer family apparel, accessories, giftware, and home fashions. Within these broad categories, T.J. Maxx offers a shoe assortment for women and fine jewelry...

  • Page 19
    ... 26,000 square feet. We operated 152 A.J. Wright stores in the United States at fiscal year end. In fiscal 2007, we expect to net 8 A.J.Wright stores, primarily in existing markets to lever advertising and distribution costs. In the long term, we believe that the U.S. could potentially support...

  • Page 20
    We operated stores in the following locations as of January 28, 2006: T.J. Maxx Marshalls HomeGoods* A.J. Wright Bob's Stores Alabama Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland ...

  • Page 21
    ... retail apparel and home fashion business is highly competitive. We compete on the basis of fashion, quality, price, merchandise selection and freshness, brand name recognition and, to a lesser degree, store location. We compete with local, regional, national and international department, specialty...

  • Page 22
    .... TJX has expanded its original off-price model into different product lines, chains, geographic areas and countries. TJX's growth is dependent upon our ability to successfully execute our off-price retail apparel and home fashions concepts in new markets and geographic regions. If the Company is...

  • Page 23
    ...sales and increase markdowns. We operate in highly competitive markets, and we may not be able to compete effectively. The retail business is highly competitive. TJX competes for customers, associates, locations, merchandise, services and other important aspects of its business with many other local...

  • Page 24
    ... and costs and other factors relating to international trade are beyond our control and could affect the availability and the price of our inventory. Our expanding international operations expose us to risks inherent in foreign operations. We have a significant presence in Canada, the United Kingdom...

  • Page 25
    ... facility. Square footage information for office space represents total space occupied: Distribution Centers T.J. Maxx Worcester, Massachusetts Evansville, Indiana Las Vegas, Nevada Charlotte, North Carolina Pittston Township, Pennsylvania Decatur, Georgia Woburn, Massachusetts Bridgewater, Virginia...

  • Page 26
    Office Space TJX, T.J. Maxx, Marshalls, HomeGoods, A.J. Wright Bob's Stores Winners and HomeSense T.K. Maxx Framingham and Westboro, Massachusetts Meriden, Connecticut Mississauga, Ontario Watford, England (1,324,000 s.f. - leased in several buildings) (34,000 s.f. - leased) (138,000 s.f. - leased) ...

  • Page 27
    ...Merchandise Manager of the T.J. Maxx Division from 1993 to 1996; Senior Vice President, Director of Stores, 1984 to 1993; various store operation positions with TJX, 1979 to 1984. Acting Chief Executive Officer of TJX since September 2005 and Chairman of the Board since 1999. Chief Executive Officer...

  • Page 28
    PA R T I I ITEM 5. Market For the Registrant's Common Stock and Related Security Holder Matters, Issuer Repurchases of Equity Securities Price Range of Common Stock TJX's common stock is listed on the New York Stock Exchange (Symbol: TJX). The quarterly high and low trading stock prices for fiscal ...

  • Page 29
    ... financial data: After-tax return on average shareholders' equity Total debt as a percentage of total capitalization(3) Stores in operation at year-end: T.J. Maxx Marshalls Winners T.K. Maxx HomeGoods A.J. Wright HomeSense Bob's Stores Total Selling Square Footage at year-end: T.J. Maxx Marshalls...

  • Page 30
    ... exchange rates on our Winners and T.K. Maxx businesses. We increased our number of stores by 7% in fiscal 2006, ending the fiscal year with 2,381 stores in operation. Our selling square footage grew by 8% in fiscal 2006. Net income for fiscal 2006 was $690.4 million, or $1.41 per share, compared...

  • Page 31
    ...apparel and home fashions. The 5% growth in consolidated same store sales for fiscal 2005 over the prior year was driven by a 4% same store sales increase at Marmaxx, our largest division. Marmaxx ended the year with 303 T.J. Maxx stores with expanded jewelry/accessories departments and 67 Marshalls...

  • Page 32
    ...the Marmaxx division effectively executed its merchandising and inventory management strategies, maintaining a liquid inventory position and buying close to need, all of which led to improved merchandise margin at this division. However, this improved merchandise margin at Marmaxx in fiscal 2005 was...

  • Page 33
    ... cumulative pre-tax, non-cash charge associated with our lease accounting practices. In fiscal 2004, we estimate that the 53rd week added approximately $24 million to net income and $.05 to our earnings per share. Lastly, favorable changes in currency exchange rates during fiscal 2005 and fiscal...

  • Page 34
    ...a 4% increase in same store sales for fiscal 2005. Same store sales growth in fiscal 2006 was driven by strong sales in the jewelry, accessories and footwear categories, while same store sales for home fashions and women's sportswear were below the chain average. Same store sales in fiscal 2005 also...

  • Page 35
    ... profit margin for that year, as the sales volume from this extra week helped to lever certain fixed costs. We added a net of 46 new stores (T.J. Maxx or Marshalls) in fiscal 2006 and increased total selling square footage of the division by 4%. We expect to open 50 new stores (net of closings...

  • Page 36
    ... fiscal 2007. T.K. MAXX: Fiscal Year Ended January U.S. Dollars In Millions 2006 2005 2004 (53 weeks) Net sales Segment profit Segment profit as % of net sales Percent increase (decrease) in same store sales U.S. currency Local currency Stores in operation at end of period Selling square footage at...

  • Page 37
    ... to open an additional 15 T.K. Maxx stores in fiscal 2007, and expand selling square footage by 10%. HOMEGOODS: Fiscal Year Ended January Dollars In Millions 2006 2005 2004 (53 weeks) Net sales Segment profit Segment profit as % of net sales Percent increase in same store sales Stores in operation...

  • Page 38
    ... selling square footage by 17%. In fiscal 2007, we plan to add a net of 8 new stores (10 new stores less 2 closings) and increase selling square footage by 5%, reflecting our plan to slow the pace of new store openings. BOB'S STORES: Fiscal Year Ended January Dollars In Millions 2006 2005 Net sales...

  • Page 39
    ... the costs of the corporate office, including the compensation and benefits (including stock based compensation) for senior corporate management; payroll and operating costs of the corporate departments of accounting and budgeting, internal audit, treasury, investor relations, tax, risk management...

  • Page 40
    ... renovations, expansions and improvements and $54 million for our office and distribution centers. The planned decrease in capital expenditures is attributable to fewer new store openings, primarily at HomeGoods, A.J. Wright and T.K. Maxx, as well as lower capital spending across most other areas...

  • Page 41
    ... in fiscal 2004 from the exercise of employee stock options. We traditionally have funded our seasonal merchandise requirements through cash generated from operations, short-term bank borrowings and the issuance of short-term commercial paper. In May 2005, we entered into a $500 million four-year...

  • Page 42
    ... ACCOUNTING POLICIES TJX must evaluate and select applicable accounting policies. We consider our most critical accounting policies, involving management estimates and judgments, to be those relating to inventory valuation, retirement obligations, casualty insurance, and accounting for taxes...

  • Page 43
    ... company has a net accrual of $34.7 million for the unfunded portion of its casualty insurance program as of January 28, 2006. Accounting for taxes: Like many large corporations, we are regularly under audit by the United States federal, state, local or foreign tax authorities in the areas of income...

  • Page 44
    ..., primarily our distribution centers. The asset retirement obligation and the annual cost reflected in these financials is immaterial. MARKET RISK We are exposed to foreign currency exchange rate risk on our investment in our Canadian (Winners and HomeSense) and European (T.K. Maxx) operations. As...

  • Page 45
    ... position, results of operations or cash flows. Our cash equivalents and short-term investments and certain lines of credit bear variable interest rates. Changes in interest rates affect interest earned and paid by the Company. We occasionally enter into financial instruments to manage our cost...

  • Page 46
    ..., an independent registered public accounting firm, who audited and reported on the consolidated financial statements of The TJX Companies, Inc., has audited management's assessment of our internal control over financial reporting as of January 28, 2006, as stated in their report which is included...

  • Page 47
    ... to our equity compensation plans: Equity Compensation Plan Information (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (b) Weighted-average exercise price of outstanding options, warrants and rights (c) Number of securities remaining available for...

  • Page 48
    ...consolidated financial information included herein, see Index to the Consolidated Financial Statements on page F-1. Schedule II - Valuation and Qualifying Accounts Balance Beginning of Period Amounts Charged to Net Income Write-Offs Against Reserve Balance End of Period (In Thousands) Sales Return...

  • Page 49
    ... New York, Citizens Bank of Massachusetts, Key Bank National Association and Union Bank of California, N.A., as coagents is incorporated herein by reference to Exhibit 10.2 to the Form 8-K filed May 6, 2005. The Employment Agreement dated as of June 3, 2003 between Edmond J. English and the Company...

  • Page 50
    ... Indemnification Agreement between TJX and each of its officers and directors is incorporated herein by reference to Exhibit 10(r) to the Form 10-K filed for the fiscal year ended January 27, 1990. * The Trust Agreement dated as of April 8, 1988 between TJX and State Street Bank and Trust Company is...

  • Page 51
    ... given by the Directors and certain Executive Officers of TJX is filed herewith. 31.1 31.2 32.1 32.2 Certification Statement of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is filed herewith. Certification Statement of Chief Financial Officer pursuant to Section...

  • Page 52
    ...undersigned, thereunto duly authorized. THE TJX COMPANIES, INC. /s/ JEFFREY G. NAYLOR Jeffrey G. Naylor Senior Executive Vice President - Finance Dated: March 29, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on...

  • Page 53
    The TJX Companies, Inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS For Fiscal Years Ended January 28, 2006, January 29, 2005 and January 31, 2004 Report of Independent Registered Public Accounting Firm Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended ...

  • Page 54
    ... Companies, Inc.'s 2006 and 2005 consolidated financial statements and of its internal control over financial reporting as of January 28, 2006, and an audit of its 2004 consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States...

  • Page 55
    ... regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the...

  • Page 56
    The TJX Companies, Inc. Consolidated Statements of Income Fiscal Year Ended Amounts In Thousands Except Per Share Amounts January 28, 2006 January 29, 2005 January 31, 2004 (53 Weeks) Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Interest...

  • Page 57
    The TJX Companies, Inc. Consolidated Balance Sheets In Thousands January 28, 2006 January 29, 2005 Assets Current assets: Cash and cash equivalents Accounts receivable, net Merchandise inventories Prepaid expenses and other current assets Current deferred income taxes, net Total current assets ...

  • Page 58
    ... Increase in accounts payable Increase (decrease) in accrued expenses and other liabilities Increase in income taxes payable Other, net Net cash provided by operating activities Cash flows from investing activities: Property additions Proceeds from sale of property Acquisition of Bob's Stores, net...

  • Page 59
    ... comprehensive income Cash dividends declared on common stock Restricted stock awards granted Amortization of unearned stock compensation Issuance of common stock under stock incentive plans and related tax effect Common stock repurchased Balance, January 29, 2005 Comprehensive Income: Net Income...

  • Page 60
    ... by operating segment (in thousands): Marmaxx Winners and HomeSense T.K. Maxx HomeGoods A.J. Wright Bob's Stores $16,807 3,538 6,473 2,243 1,662 $30,723 Use of Estimates: The preparation of the financial statements, in conformity with accounting principles generally accepted in the United States...

  • Page 61
    ... costs (including real estate taxes, utility and maintenance costs, and fixed asset depreciation); the costs of operating our distribution centers; payroll, benefits and travel costs directly associated with buying inventory; and systems costs related to the buying and tracking of inventory. Selling...

  • Page 62
    ... loss is included in net income. Pre-opening costs, including rent, are expensed as incurred. Impairment of Long-Lived Assets: TJX periodically reviews the value of its property and intangible assets in relation to the current and expected operating results of the related business segments in order...

  • Page 63
    ... 29, 2005; and a loss of $35.0 million, net of related tax effects of $23.3 million as of January 31, 2004. New Accounting Standards: In December 2004, the Financial Accounting Standards Board (''FASB'') issued Statement of Financial Accounting Standards (''SFAS'') No. 123(R), ''Share-Based Payment...

  • Page 64
    ... States. Pursuant to the acquisition agreement, TJX purchased substantially all of the assets of Bob's Stores, including one owned location, and assumed leases for 30 of Bob's Stores locations, its Meriden, Connecticut office and warehouse lease, along with specified operating contracts and customer...

  • Page 65
    ... of the results of operations for the acquired business would not have produced a material impact on the reported sales, net income or earnings per share of the Company. C. Long-Term Debt and Credit Lines The table below presents long-term debt, exclusive of current installments, as of January...

  • Page 66
    ... plus accrued original issue discount. We may pay the purchase price in cash, TJX stock or a combination of the two. If the holders exercise their put option, we expect to fund the payment with cash, financing from our short-term credit facility, new long-term borrowings or a combination thereof. At...

  • Page 67
    ... were no outstanding borrowings on either of these credit lines at January 28, 2006 or January 29, 2005. D. Financial Instruments TJX enters into financial instruments to manage our cost of borrowing and to manage our exposure to changes in foreign currency exchange rates. Interest Rate Contracts...

  • Page 68
    ... million and $1.6 million in fiscal 2005 and 2004, respectively. The value of foreign currency exchange contracts relating to inventory commitments is reported in current earnings as a component of cost of sales, including buying and occupancy costs. The income statement impact of all other foreign...

  • Page 69
    ... short-term debt and related interest Cash flow hedge: Interest rate swap floating to fixed on notional of C$235,000 Intercompany balances, primarily long-term debt and related interest Net investment hedges: Net investment in and between foreign operations Hedge accounting not elected: Merchandise...

  • Page 70
    ...29, 2005. Letters of credit are issued by TJX primarily for the purchase of inventory. F. Stock Compensation Plans In November 2005, we adopted SFAS 123(R), which is a revision of SFAS 123. SFAS 123(R) supersedes Accounting Principles Board Opinion No. 25, ''Accounting for Stock Issued to Employees...

  • Page 71
    ... million of operating cash inflows have been reclassified to cash inflows from financing activity in fiscal 2005 and 2004, respectively. There were no such excess tax benefits in fiscal 2006. The total compensation cost related to stock based compensation was $58.9 million net of income taxes of $32...

  • Page 72
    ... to the Stock Incentive Plan: A summary of the status of TJX's stock options and related Weighted Average Exercise Prices (''WAEP'') is presented below (shares in thousands): Fiscal Year Ended January 28, 2006 Shares WAEP January 29, 2005 Shares WAEP January 31, 2004 Shares WAEP Outstanding at...

  • Page 73
    ...at a cost of $6.6 million under the current $1 billion stock repurchase program. All shares repurchased under our stock repurchase programs have been retired. TJX has authorization to issue up to 5 million shares of preferred stock, par value $1. There was no preferred stock issued or outstanding at...

  • Page 74
    ... earnings per share: Net income Weighted average common stock outstanding for basic earnings per share calculation Basic earnings per share Diluted earnings per share: Net income Add back: Interest expense on zero coupon convertible subordinated notes, net of income taxes Net income used for diluted...

  • Page 75
    ... net liability as of January 29, 2005. Tax legislation enacted in 2004, allowed companies to repatriate the undistributed earnings of its foreign operations in fiscal 2006 at an effective U.S. Federal income tax rate of 5.25%. TJX recognized a one-time tax benefit of $47 million, or $.10 per share...

  • Page 76
    ... Company and provides additional retirement benefits based on average compensation. Our funded defined benefit retirement plan assets are invested primarily in stock and bonds of U.S. corporations, excluding TJX, as well as various investment funds. Presented below is financial information relating...

  • Page 77
    ... high quality bond yields with maturities that match the forecasted cash flows of the related plan. We made aggregate cash contributions of $42.0 million, $27.2 million and $19.7 million for fiscal 2006, 2005 and 2004, respectively, to the defined benefit retirement plan and to fund current benefit...

  • Page 78
    ... portfolio reviews, annual liability measurements, and periodic asset/liability studies. We employ a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equities and fixed income are...

  • Page 79
    ... Funded Plan Expected Benefit Payments Unfunded Plan Expected Benefit Payments Fiscal Year 2007 2008 2009 2010 2011 2012 through 2016 $ 9,587 10,741 12,067 13,644 15,404 113,147 $ 7,626 2,051 7,411 1,978 2,533 14,060 TJX also sponsors an employee savings plan under Section 401(k) of the Internal...

  • Page 80
    ...financial information relating to the unfunded postretirement medical plan for the fiscal years indicated: Postretirement Medical Fiscal Year Ended Dollars In Thousands January 28, 2006 January 29, 2005 Change in benefit obligation: Benefit obligation at beginning of year Service cost Interest cost...

  • Page 81
    ... $372 330 289 264 242 941 January 29, 2005 Employee compensation and benefits, current Rent, utilities, and occupancy, including real estate taxes Merchandise credits and gift certificates Insurance Sales tax collections and V.A.T. taxes All other current liabilities Accrued expenses and other...

  • Page 82
    ... Contingent Liabilities We have a reserve for potential future obligations of discontinued operations that relates primarily to real estate leases of former TJX businesses. The reserve reflects TJX's estimation of its cost for claims, updated quarterly, that have been, or are likely to be, made...

  • Page 83
    ... Kingdom and the Republic of Ireland. Winners and T.K. Maxx accounted for 19% of TJX's net sales for fiscal 2006, 16% of segment profit and 20% of all consolidated assets. All of our other store chains operate in the United States with the exception of 14 stores operated in Puerto Rico by Marshalls...

  • Page 84
    ... January 29, 2005 January 31, 2004 (53 Weeks) Net sales: Marmaxx Winners and HomeSense T.K. Maxx HomeGoods A.J. Wright Bob's Stores(1) Segment profit (loss):(2) Marmaxx Winners and HomeSense T.K. Maxx HomeGoods A.J. Wright Bob's Stores(1) General corporate expense Interest expense, net (3) $10,956...

  • Page 85
    ... accounting principles related to the timing of rent expense. This change resulted in a one-time, cumulative, non-cash adjustment of $30.7 million. See note A at ''Lease Accounting.'' (3) General corporate expense for fiscal 2006 includes costs associated with executive resignation agreements...

  • Page 86
    ... for impact of expensing of stock options - See Note A. (2) Gross earnings equal net sales less cost of sales, including buying and occupancy costs. In November 2005, we adopted Statement of Financial Accounting Standards No. 123 (revised 2004), ''ShareBased Payment'' (SFAS 123(R)) using the...

  • Page 87
    ...and a $22 million tax benefit, or $.04 per share, relating to the correction of the tax treatment of foreign currency gains on certain intercompany loans. See note H to the consolidated financial statements. During the fourth quarter of fiscal 2005, TJX recorded a one-time non-cash charge to conform...

  • Page 88
    ...Lane Retired Managing Director, Global Retailing Investment Banking Group Merrill Lynch & Co., Inc. Richard Lesser Retired Executive Vice President, The TJX Companies, Inc. John F. O'Brien Lead Director, The TJX Companies, Inc. Retired Chief Executive Officer, Allmerica Financial Corporation Robert...

  • Page 89
    ...Group President Executive Vice Presidents Robert Cataldo Executive Vice President and Chief Operating Officer Nan Stutz Executive Vice President, Merchandising, Marketing and Planning T. K . M A X X Paul Sweetenham President A.J. WRIGHT Paul Butka Chief Information Officer Ernie Herrman President...

  • Page 90
    ...the U.S.) Address sha reholder in qu iries to: Analysts and investors seeking financial data about the Company are asked to visit our corporate website at www.tjx.com or to contact: Sherry Lang Vice President, Investor and Public Relations ( 508) 390-2323 Annual Meeting The 2006 annual meeting will...

  • Page 91
    T H E T J X C O M PA N I E S , I N C . 7 7 0 C O C H I T U AT E R O A D FR AM I N G H AM , M A 01701 (5 0 8 ) 3 9 0 - 1 0 0 0 W W W. T J X . C O M