The TJX Companies, Inc. (NYSE:TJX) Q1 2021 Earnings Conference Call - Final Transcript

May 21, 2020 • 11:00 am ET

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The TJX Companies, Inc. (NYSE:TJX) Q1 2021 Earnings Conference Call - Final Transcript

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Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to The TJX Companies First Quarter Fiscal 2021 Financial Results Conference Call.

[Operator Instructions]

I would like to turn the conference call over to Mr. Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc. Please go ahead, sir.

Executive
Ernie Herrman

Thanks, Jordan.

Before we begin, Deb has some opening comments.

Executive
Debra McConnell

Thank you, Ernie, and good morning.

The forward-looking statements we make today about the company's results and plans are subject to risks and uncertainties that could cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in the company's SEC filings, including, without limitation, the Form 10-K filed March 27, 2020.

Further, these comments and the Q&A that follows are copyrighted today by the TJX Companies Inc. Any recording, retransmission, reproduction or other use of the same, for profit or otherwise without prior consent of TJX, is prohibited and a violation of United States copyright and other laws. Additionally, while we have provided the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in that transcript.

Thank you. And now, I'll turn it back over to Ernie.

Executive
Ernie Herrman

Good morning.

Joining me and Deb, on the call is Scott Goldenberg. Let me begin by saying that our hearts are with everyone around the world, who has been affected by the COVID-19 global pandemic. When I last spoke with you in February, we could not have foreseen the magnitude of the impact of a pandemic has had on the lives of so many, including our associates and their families, customers and the communities we serve across the globe. These are unprecedented times and we have made some very difficult decisions as a management team. At the same time, the efforts of our associates to support each other and the business through this health crisis have been remarkable. And I know, we will get through it together.

TJX has always been and remains a fundamentally very strong company. Throughout our 43-year history, we have weathered many challenging economic and retail environments. And I am convinced that we will navigate through this as well. We have a senior management team with decades of TJX and off-price retail experience, and we are fully dedicated to managing through this crisis. We are confident that our flexible business model and ability to adapt quickly to changing market conditions and customer preferences are critical strengths as we are reopening our business and planning for the continued successful growth of TJX over the long term. In a moment, I'll speak with you about the strong early results we have seen with our initial re-openings, which has been great to see, especially for the teams working so hard on the preparations as well as our associates who are welcoming back our customers.

Moving to our first quarter results, the first quarter began with very strong sales and traffic trends, continuing the earlier