TJX updates outlook after breach

TJX Cos. today updated its fourth-quarter outlook, saying it expects to record a charge of about a penny a share to cover costs to date related to a breach of its computer systems.

The Framingham off price retailer, which operates such chains as T.J. Maxx and Marshalls, said it "remains comfortable" with its previously expected range of 48 to 50 cents in earnings per share from continuing operations; excluding the charge, TJX said it expects to be at the high end of this range.

Two weeks ago, TJX said it had discovered in mid December "an unauthorized intrusion" of its computer systems, which may have made customers' personal data vulnerable to fraud and identity theft.

In a statement today, TJX said: "Beyond the above charge, TJX does not yet have enough information to reasonably estimate losses it may incur arising from this intrusion, including exposure to credit and debit card companies and banks, exposure in various legal proceedings that are pending, or may arise, and related fees and expenses, and other potential liabilities, costs, and expenses. TJX does not currently expect to be able to reasonably estimate such losses at the time that earnings are released for the fiscal year on Feb. 21, 2007."

Meanwhile, TJX also disclosed some sales figures today.

Sales for the four-week period ending Jan. 27 were $1 billion, up 8 percent of the same period a year ago, TJX said, and sales for the 52-week period ending Jan. 27 were $17.4 billion, up 9 percent.

"I am pleased that our consolidated January comparable store sales increase of 4 percent was at the high end of our expected range and on top of a very strong 5 percent increase last year," chief executive Carol Meyrowitz said in a statement.
(By Chris Reidy, Globe staff)