<PAGE> 1
PAGE 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
/X/ Quarterly Report under Section 13 and 15(d)
Of the Securities Exchange Act of 1934
Or
/ / Transition Report Pursuant to Section 13 and 15(d)
Of the Securities Exchange Act of 1934
For Quarter Ended July 29, 2000
Commission file number 1-4908
THE TJX COMPANIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 04-2207613
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
770 Cochituate Road
Framingham, Massachusetts 01701
(Address of principal executive offices) (Zip Code)
(508) 390-1000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X . No .
The number of shares of Registrant's common stock outstanding as of August 26,
2000: 281,276,898
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PAGE 2
PART I FINANCIAL INFORMATION
THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENTS OF INCOME
(UNAUDITED)
DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS
THIRTEEN WEEKS ENDED
-----------------------------------
JULY 29, JULY 31,
2000 1999
-------- --------
(As Restated)
Net sales $2,258,174 $2,102,851
---------- ----------
Cost of sales, including buying
and occupancy costs 1,702,298 1,585,248
Selling, general and administrative
expenses 364,474 330,481
Interest expense, net 5,074 1,964
---------- ----------
Income before income taxes 186,328 185,158
Provision for income taxes 72,295 69,277
---------- ----------
Net income $ 114,033 $ 115,881
========== ==========
Earnings per share:
Net income:
Basic $.39 $.37
Diluted $.39 $.36
Cash dividends declared per share $.04 $.035
The accompanying notes are an integral part of the financial statements.
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PAGE 3
PART I FINANCIAL INFORMATION
THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENTS OF INCOME
(UNAUDITED)
DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS
TWENTY-SIX WEEKS ENDED
---------------------------------
JULY 29, JULY 31,
2000 1999
---------- ------------
(As Restated)
Net sales $4,366,290 $4,033,357
---------- ----------
Cost of sales, including buying
and occupancy costs 3,256,338 3,004,040
Selling, general and administrative
expenses 702,431 641,157
Interest expense, net 7,827 1,230
---------- ----------
Income before income taxes and cumulative
effect of accounting change 399,694 386,930
Provision for income taxes 155,081 148,775
---------- ----------
Income before cumulative effect of
accounting change 244,613 238,155
Cumulative effect of accounting change,
net of income taxes -- (5,154)
---------- ----------
Net income $ 244,613 $ 233,001
========== ==========
Earnings per share:
Income before cumulative effect of
accounting change:
Basic $.83 $.75
Diluted $.83 $.74
Net income:
Basic $.83 $.73
Diluted $.83 $.72
Cash dividends declared per share $.08 $.07
The accompanying notes are an integral part of the financial statements.
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PAGE 4
THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES
BALANCE SHEETS
(UNAUDITED)
IN THOUSANDS
JULY 29, JANUARY 29, JULY 31,
2000 2000 1999
----------- ----------- -----------
ASSETS (As Restated)
------
Current assets:
Cash and cash equivalents $ 39,400 $ 371,759 $ 47,187
Accounts receivable 57,411 55,461 54,370
Merchandise inventories 1,690,933 1,229,587 1,603,339
Prepaid expenses and other
current assets 80,264 43,758 70,821
----------- ----------- -----------
Total current assets 1,868,008 1,700,565 1,775,717
----------- ----------- -----------
Property at cost:
Land and buildings 121,705 116,005 115,064
Leasehold costs and
improvements 672,476 622,962 590,641
Furniture, fixtures
and equipment 899,156 849,932 775,443
----------- ----------- -----------
1,693,337 1,588,899 1,481,148
Less accumulated
depreciation and
amortization 834,223 754,314 685,967
----------- ----------- -----------
859,114 834,585 795,181
----------- ----------- -----------
Other assets 70,372 55,826 47,273
Deferred income taxes, net 34,988 23,143 29,914
Goodwill and tradename, net
of amortization 187,912 190,844 195,402
----------- ----------- -----------
TOTAL ASSETS $ 3,020,394 $ 2,804,963 $ 2,843,487
=========== =========== ===========
LIABILITIES
Current liabilities:
Short-term debt $ 297,384 $ -- $ 59,563
Current installments of
long-term debt 185 100,359 100,535
Accounts payable 767,008 615,671 740,941
Accrued expenses and other
current liabilities 617,073 607,348 582,828
Federal and state income
taxes payable 21,449 42,990 22,056
----------- ----------- -----------
Total current liabilities 1,703,099 1,366,368 1,505,923
----------- ----------- -----------
Long-term debt exclusive of
current installments:
Promissory notes 19 73 203
General corporate debt 319,333 319,294 119,918
Commitments and contingencies
SHAREHOLDERS' EQUITY
Common stock, authorized
1,200,000,000 shares,
par value $1, issued
and outstanding
281,973,618; 299,979,363
and 315,989,375 shares 281,974 299,979 315,989
Accumulated other comprehensive
income (loss) (1,943) (1,433) (1,268)
Additional paid-in capital -- -- --
Retained earnings 717,912 820,682 902,722
----------- ----------- -----------
Total shareholders' equity 997,943 1,119,228 1,217,443
----------- ----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 3,020,394 $ 2,804,963 $ 2,843,487
=========== =========== ===========
The accompanying notes are an integral part of the financial statements.
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THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES
STATEMENTS OF CASH FLOWS
(UNAUDITED)
IN THOUSANDS
TWENTY-SIX WEEKS ENDED
------------------------
JULY 29, JULY 31,
2000 1999
---------- ----------
(As Restated)
Cash flows from operating activities:
Net income $ 244,613 $ 233,001
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Cumulative effect of accounting change -- 5,154
Depreciation and amortization 82,825 75,962
(Gain) on sale of other assets (722) --
Loss on property disposals 475 4,717
Other, net 7,061 (19,579)
Changes in assets and liabilities:
(Increase) in accounts receivable (1,950) (10,250)
(Increase) in merchandise inventories (461,346) (402,637)
(Increase) in prepaid expenses and other
current assets (44,745) (42,373)
(Increase) in deferred income taxes (11,934) (4,950)
Increase in accounts payable 151,337 123,782
(Decrease) in accrued expenses and other
current liabilities (39,401) (30,794)
(Decrease) in income taxes payable (21,541) (41,277)
--------- ---------
Net cash (used in) operating activities (95,328) (109,244)
--------- ---------
Cash flows from investing activities:
Property additions (114,554) (116,242)
Issuance of note receivable (11,602) --
Proceeds from sale of other assets 9,183 --
--------- ---------
Net cash (used in) investing activities (116,973) (116,242)
--------- ---------
Cash flows from financing activities:
Proceeds from borrowings of
short-term debt 297,384 59,563
Principal payments on long-term
debt (100,228) (389)
Cash payments for repurchase of
common stock (298,663) (244,794)
Proceeds from sale and issuance
of common stock, net 3,672 17,877
Cash dividends paid (22,223) (20,828)
--------- ---------
Net cash (used in) financing
activities (120,058) (188,571)
--------- ---------
Net (decrease) in cash and
cash equivalents (332,359) (414,057)
Cash and cash equivalents at
beginning of year 371,759 461,244
--------- ---------
Cash and cash equivalents
at end of period $ 39,400 $ 47,187
========= =========
The accompanying notes are an integral part of the financial statements.
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PAGE 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The results for the first six months are not necessarily indicative of
results for the full fiscal year, because the Company's business, in common
with the businesses of retailers generally, is subject to seasonal
influences, with higher levels of sales and income generally realized in
the second half of the year.
2. The preceding data are unaudited and reflect all normal recurring
adjustments, the use of retail statistics, and accruals and deferrals among
periods required to match costs properly with the related revenue or
activity, considered necessary by the Company for a fair presentation of
its financial statements for the periods reported, all in accordance with
generally accepted accounting principles and practices consistently
applied.
3. On February 11, 2000, the Company adopted the provisions of the SEC's Staff
Accounting Bulletin No. 101 related to layaway sales effective as of
January 31, 1999. Accordingly, the Company restated its earnings for the
first three quarters of the fiscal year ended January 29, 2000. The Company
recorded a one-time, non-cash, after-tax charge of $5.2 million in the
first quarter of fiscal 2000 for the cumulative effect of the accounting
change. The prior periods presented in these Financial Statements have been
restated and include the impact of the accounting change.
4. The Company's cash payments for interest and income taxes are as follows:
TWENTY-SIX WEEKS ENDED
-------------------------------
JULY 29, JULY 31,
2000 1999
-------- --------
(In Thousands)
Cash paid for:
Interest on debt $ 16,083 $ 8,893
Income taxes $186,564 $184,027
5. In October 1988, the Company completed the sale of its former Zayre Stores
division to Ames Department Stores, Inc. ("Ames"). In April 1990, Ames
filed for protection under Chapter 11 of the Federal Bankruptcy Code and in
December 1992, Ames emerged from bankruptcy under a plan of reorganization.
The Company remains contingently liable for the leases of most of the
former Zayre stores still operated by Ames. The Company believes that the
Company's contingent liability on these leases will not have a material
effect on the Company's financial condition.
The Company is also contingently liable on certain leases of its former
warehouse club operations (BJ's Wholesale Club and HomeBase), which was
spun off by the Company in fiscal 1990 as Waban Inc. During fiscal 1998,
Waban Inc. was renamed HomeBase, Inc. and spun-off its BJ's Wholesale Club
division (BJ's Wholesale Club, Inc.). HomeBase, Inc. and BJ's Wholesale
Club, Inc. are primarily liable on their respective leases and have
indemnified the Company for any amounts the Company may have to pay with
respect to such leases. In addition, HomeBase, Inc., BJ's Wholesale Club,
Inc. and the Company have entered into agreements under which BJ's
Wholesale Club, Inc. has
<PAGE> 7
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substantial indemnification responsibility with respect to such HomeBase,
Inc. leases. The Company is also contingently liable on certain leases of
BJ's Wholesale Club, Inc. for which both BJ's Wholesale Club, Inc. and
HomeBase, Inc. remain liable. The Company believes that its contingent
liability on the HomeBase, Inc. and BJ's Wholesale Club, Inc. leases will
not have a material effect on the Company's financial condition.
The Company is also contingently liable on certain store leases of its
former Hit or Miss division which was sold by the Company in September
1995.
6. The Company's comprehensive income for the periods ended July 29, 2000 and
July 31, 1999 is presented below:
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED
---------------------- ----------------------------
JULY 29, JULY 31, JULY 29, JULY 31,
2000 1999 2000 1999
---------- ---------- -------- --------
(As Restated) (As Restated)
(In Thousands) (In Thousands)
<S> <C> <C> <C> <C>
Net income $ 114,033 $ 115,881 $ 244,613 $ 233,001
Other comprehensive income (loss):
Foreign currency translation
adjustment, net of hedging activity (396) (335) (643) 261
Reclassification adjustment of
unrealized loss on marketable
securities -- -- 133 --
--------- --------- --------- ---------
Comprehensive income $ 113,637 $ 115,546 $ 244,103 $ 233,262
========= ========= ========= =========
</TABLE>
7. The computation of basic and diluted earnings per share is as follows:
THIRTEEN WEEKS ENDED
----------------------------
JULY 29, JULY 31,
2000 1999
-------- --------
(As Restated)
(Dollars in thousands)
(except per share amounts)
Net income (Numerator in earnings
per share calculation) $ 114,033 $ 115,881
Shares for basic and diluted earnings
per share calculations:
Average common shares outstanding
for basic EPS 290,885,089 317,158,089
Dilutive effect of stock options
and awards 1,780,567 3,292,786
------------ ------------
Average common shares outstanding
for diluted EPS 292,665,656 320,450,875
============ ============
Net income:
Basic earnings per share $ .39 $ .37
Diluted earnings per share $ .39 $ .36
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<TABLE>
<CAPTION>
TWENTY-SIX WEEKS ENDED
----------------------------------
JULY 29, JULY 31,
2000 1999
-------- --------
(As Restated)
(Dollars in thousands)
(except per share amounts)
<S> <C> <C>
Income before cumulative effect of accounting change
(Numerator in earnings per share calculation) $ 244,613 $ 238,155
Net income (Numerator in earnings per share calculation) $ 244,613 $ 233,001
Shares for basic and diluted earnings per share calculations:
Average common shares outstanding for basic EPS 294,583,185 319,436,817
Dilutive effect of stock options and awards 1,801,979 3,519,324
------------ ------------
Average common shares outstanding for diluted EPS 296,385,164 322,956,141
============ ============
Income before cumulative effect of accounting change:
Basic earnings per share $ .83 $ .75
Diluted earnings per share $ .83 $ .74
Net income:
Basic earnings per share $ .83 $ .73
Diluted earnings per share $ .83 $ .72
</TABLE>
8. During March 2000, the Company completed its $750 million stock repurchase
program and announced its intention to repurchase an additional $1 billion
of common stock over several years. During the six months ended July 29,
2000, the Company repurchased 18.4 million shares at a cost of $346.7
million. Since the inception of the $1 billion stock repurchase program,
the Company has repurchased 15.7 million shares at a cost of $293.5
million.
9. During July 2000 the Company entered into a $250 million, 364-day revolving
credit agreement. This is in addition to the Company's existing $500
million revolving credit facility. The terms of the new agreement are
substantially the same as those of the existing agreement, as amended. The
additional facility will be available for general corporate purposes,
including the Company's stock repurchase program.
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PAGE 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
TWENTY-SIX WEEKS ENDED
JULY 29, 2000
VERSUS TWENTY-SIX WEEKS ENDED JULY 31, 1999
All reference to earnings per share amounts are diluted earnings per share
unless otherwise indicated. Results for the twenty-six weeks ended July 31, 1999
have been restated to reflect the change in accounting for layaway sales.
Net sales for the second quarter were $2,258.2 million, up 7% from $2,102.8
million for the second quarter last year. For the twenty-six week period net
sales were $4,366.3 million, up 8% from $4,033.4 for the same period last year.
The increase in sales for both periods is attributable to an increase in same
store sales and new stores. Same store sales for the thirteen weeks were flat at
Marmaxx (T.J. Maxx and Marshalls), increased 8% at Winners, 9% at T.K. Maxx, 5%
at HomeGoods and 19% at A.J. Wright. Same store sales for the twenty-six week
period increased 1% at Marmaxx, 10% at Winners, 8% at T.K. Maxx, 7% at HomeGoods
and 22% at A.J. Wright. Consolidated same store sales increased 1% and 2% for
the thirteen and twenty-six week periods ended July 29, 2000, respectively.
Unseasonably cold weather in the Northeast and Midwest throughout most of the
six month period this year, most significantly in May and June, had a negative
impact on the apparel sales of Marmaxx.
Net income for the second quarter was $114.0 million, or $.39 per common share,
versus $115.9 million, or $.36 per common share last year. For the twenty-six
week period, income before cumulative effect of accounting change was $244.6
million, or $.83 per common share, versus $238.2 million, or $.74 per common
share. After a $5.2 million after-tax charge for the cumulative effect of
accounting change, net income for the twenty-six weeks ended July 31, 1999 was
$233.0 million or $.72 per share.
The following table sets forth operating results expressed as a percentage of
net sales:
<TABLE>
<CAPTION>
PERCENTAGE OF NET SALES
-----------------------
THIRTEEN TWENTY-SIX
WEEKS ENDED WEEKS ENDED
------------------ ------------------
JULY 29, JULY 31, JULY 29, JULY 31,
2000 1999 2000 1999
-------- -------- -------- --------
(As Restated) (As Restated)
<S> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0%
----- ----- ----- -----
Cost of sales, including buying and occupancy costs 75.4 75.4 74.6 74.5
Selling, general and administrative expenses 16.1 15.7 16.1 15.9
Interest expense, net .2 .1 .1 --
----- ----- ----- -----
Income before income taxes and cumulative effect of
accounting change 8.3% 8.8% 9.2% 9.6%
===== ===== ===== =====
</TABLE>
Cost of sales including buying and occupancy costs as a percentage of net sales,
remained constant for the quarter and increased slightly for the year-to-date
period as compared to the comparable periods last year.
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PAGE 10
Marmaxx's cost of sales, as a percentage of net sales remained constant with
last year in both periods, reflecting good inventory management.
Selling, general and administrative expenses as a percentage of net sales has
increased over the comparable periods last year. This increase is primarily due
to increased store payroll costs at Marmaxx as well as a moderation of the sales
growth at this division.
Interest expense, net, for the twenty-six weeks ended this year includes
interest income of $8.2 million versus $8.0 million of interest income last
year. For the thirteen weeks ended, interest income was $3.4 million this year
versus $3.5 million last year. The increase in interest expense, net over the
comparable period last year is due to interest on the $200 million of 7.45%
notes issued in December 1999.
The Company's effective income tax rate is 38.8% for both the three months and
the six months ended July 29, 2000 versus 37.4% and 38.4% for comparable periods
last year. Last year's effective tax rate included tax benefits associated with
the TJX's Puerto Rico net operating loss carryforward.
The following table sets forth the operating results of the TJX's major business
segments: (unaudited)
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED
-------------------------- -------------------------
JULY 29, JULY 31, JULY 29, JULY 31,
2000 1999 2000 1999
---------- ----------- ----------- -----------
(As Restated) (As Restated)
<S> <C> <C> <C> <C>
(In Thousands) (In Thousands)
Net sales:
Off-price family apparel stores $ 2,191,020 $ 2,059,924 $ 4,240,003 $ 3,952,157
Off-price home fashion stores 67,154 42,927 126,287 81,200
----------- ----------- ----------- -----------
$ 2,258,174 $ 2,102,851 $ 4,366,290 $ 4,033,357
=========== =========== =========== ===========
Operating income (loss):
Off-price family apparel stores $ 203,515 $ 202,166 $ 429,299 $ 412,818
Off-price home fashion stores (445) (989) 643 (1,655)
----------- ----------- ----------- -----------
203,070 201,177 429,942 411,163
General corporate expense 11,016 13,402 21,116 21,698
Goodwill amortization 652 653 1,305 1,305
Interest expense, net 5,074 1,964 7,827 1,230
----------- ----------- ----------- -----------
Income before income taxes and cumulative
effect of accounting change $ 186,328 $ 185,158 $ 399,694 $ 386,930
=========== =========== =========== ===========
</TABLE>
Some divisions are aggregated for segment reporting purposes. Presented below is
a summary of additional operating statistics of TJX and its operating divisions:
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<TABLE>
<CAPTION>
NET SALES OPERATING INCOME OPERATING MARGIN
THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED
------------------------ ------------------------ ---------------------------
JULY 29, JULY 31, JULY 29, JULY 31, JULY 29, JULY 31,
U.S. DOLLARS IN MILLIONS 2000 1999 2000 1999 2000 1999
------------------------ -------- -------- -------- -------- -------- --------
(As Restated) (As Restated) (As Restated)
<S> <C> <C> <C> <C> <C> <C>
TJX Consolidated $2,258.2 $2,102.8 $203.1 $201.2 9.0% 9.6%
Marmaxx $1,955.5 $1,880.6 $191.0 $194.3 9.8% 10.3%
Winners $ 131.4 $ 107.0 $ 15.4 $ 12.7 11.7% 11.9%
T.K. Maxx $ 85.5 $ 61.7 $ .7 $ (1.0) .8% (1.6)%
A.J. Wright $ 18.6 $ 10.6 $ (3.6) $ (3.8) (19.4)% (35.8)%
HomeGoods $ 67.2 $ 42.9 $ (.4) $ (1.0) (.6)% (2.3)%
</TABLE>
<TABLE>
<CAPTION>
NET SALES OPERATING INCOME OPERATING MARGIN
TWENTY-SIX WEEKS ENDED TWENTY-SIX WEEKS ENDED TWENTY-SIX WEEKS ENDED
---------------------- ---------------------- ----------------------
JULY 29, JULY 31, JULY 29, JULY 31, JULY 29, JULY 31,
U.S. DOLLARS IN MILLIONS 2000 1999 2000 1999 2000 1999
------------------------ -------- -------- -------- -------- -------- --------
(As Restated) (As Restated) (As Restated)
<S> <C> <C> <C> <C> <C> <C>
TJX Consolidated $4,366.3 $4,033.4 $429.9 $411.2 9.8% 10.2%
Marmaxx $3,801.9 $3,620.1 $409.3 $401.3 10.8% 11.1%
Winners $ 248.4 $ 198.2 $ 28.5 $ 20.8 11.5% 10.5%
T.K. Maxx $ 158.0 $ 117.8 $ (1.0) $ (2.6) (.6)% (2.2)%
A.J. Wright $ 31.7 $ 16.1 $ (7.5) $ (6.7) (23.7)% (41.6)%
HomeGoods $ 126.3 $ 81.2 $ .6 $ (1.6) .5% (2.0)%
</TABLE>
Stores in operation at the end of the period are as follows:
JULY 29, 2000 JULY 31, 1999
------------- -------------
T.J. Maxx 639 617
Marshalls 519 487
Winners 106 91
HomeGoods 60 39
T.K. Maxx 64 43
A.J. Wright 19 11
----- -----
Total stores 1,407 1,288
===== =====
FINANCIAL CONDITION
Cash flows from operating activities for the six months reflect increases in
inventories and accounts payable that are primarily due to normal seasonal
requirements and are largely influenced by the change in inventory from year-end
levels.
Investing activities for the twenty-six weeks ended July 29, 2000 includes
proceeds of $9.2 million from the sale of all of the shares of common stock of
Manulife Financial. The shares were received by TJX as part of the
demutualization of Manulife Financial in 1999. Investing activities also
includes $11.6 million of advances under a construction loan agreement in
connection with the expansion of TJX's leased home office facility.
<PAGE> 12
PAGE 12
During July 2000 TJX entered into a $250 million 364-day revolving credit
agreement. This is in addition to our existing $500 million revolving credit
agreement. The additional credit facility will be available for general
corporate purposes, including our stock repurchase program. As of July 29, 2000,
we had aggregate short-term borrowings of $297.4 million under all of our credit
lines, including $3.4 million from our Canadian facility. Financing activities
also include principal payments of $100 million due to the maturity of the
6 5/8% unsecured notes.
During March 2000, we completed our $750 million stock repurchase program and
announced our intention to repurchase an additional $1 billion of common stock
over several years. During the six months ended July 29, 2000, TJX repurchased
18.4 million shares at a total cost of $346.7 million. Since the inception of
the $1 billion stock repurchase program, we have repurchased 15.7 million shares
at a total cost of $293.5 million.
<PAGE> 13
PAGE 13
PART II. OTHER INFORMATION
Item 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Information with respect to matters voted on at the Company's Annual
Meeting of Stockholders on June 6, 2000 (during the period covered by
this report) was provided in the Company's Quarterly Report on Form
10-Q for the quarter ended April 29, 2000.
Item 6(a) EXHIBITS
10.1 Amendment No. 2 (entered into as of June 23, 2000) to the Credit
Agreement dated as of September 18, 1997 is filed herewith.
Item 6(b) REPORTS ON FORM 8-K
The Company did not file a current report on Form 8-K during the
quarter ended July 29, 2000.
<PAGE> 14
PAGE 14
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934 the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE TJX COMPANIES, INC.
---------------------------------
(Registrant)
Date: September 11, 2000
/s/ Donald G. Campbell
----------------------------------
Donald G. Campbell, Executive Vice President -
Finance, on behalf of The TJX Companies, Inc.
and as Principal Financial and Accounting
Officer of The TJX Companies, Inc.
<PAGE> 15
EXHIBIT INDEX
EXH. DESCRIPTION
---- -----------
10.1 Amendment No. 2 (entered into as of June 23, 2000) to the Credit
Agreement dated as of September 18, 1997 is filed herewith.
