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Compute NOPAT Using Tax Rates from Tax Footnote The income statement for The TJX Companies, Inc., follows. THE TJX COMPANIES, INC. Consolidated Statements of Income

Compute NOPAT Using Tax Rates from Tax Footnote The income statement for The TJX Companies, Inc., follows.

THE TJX COMPANIES, INC. Consolidated Statements of Income

Fiscal Year Ended ($ thousands)

January 29, 2005

Net sales

$14,913,483

Cost of sales, including buying and occupancy costs

11,398,656

Selling, general and administrative expenses

2,500,119

Provision (credit) for computer intrusion related costs

-

Interest expense (revenue), net

25,757

Income from continuing operations before provision for income taxes

988,951

Provision for income taxes

379,252

Income from continuing operations

609,699

Gain/(loss) from discontinued operations, net of income taxes

-

Net income

$ 609,699

U.S. federal statutory income tax rate

35.0%

Effective state income tax rate

4.3%

Impact of foreign operation

-0.4%

All other

-0.4%

Worldwide effective income tax rate

38.5%

Compute TJX's NOPAT for 2005 using its income tax footnote disclosure. (The Federal and State tax rate for 2005 as reported by TJX's tax footnote is: 39.3%). Round to the nearest whole number. 2005 NOPAT = $Answer

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