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The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the United States and worldwide, operating over 4,900 stores across nine countries and three continents. The company offers a wide range of products, including family apparel, footwear, accessories, and home fashions, with a business model that emphasizes providing quality, fashionable, brand name, and designer merchandise at prices generally 20% to 60% below full-price retailers' regular prices, creating a "treasure hunt" shopping experience . Apparel, including clothing and footwear, accounted for 47% of consolidated revenues in fiscal 2024, while accessories, including jewelry and beauty, contributed 18%, and home fashions made up 35% of revenues .
- Marmaxx - Operates TJ Maxx and Marshalls stores in the U.S., offering a wide range of family apparel, footwear, and accessories.
- HomeGoods - Focuses on home fashions, providing a variety of home decor and furnishings.
- TJX Canada - Manages the company's retail operations in Canada, offering similar off-price merchandise as in the U.S.
- TJX International - Oversees the company's retail presence in countries outside the U.S. and Canada, delivering off-price apparel and home fashions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ernie Herrman ExecutiveBoard | Chief Executive Officer and President | None | Joined TJX in 1989; CEO since January 2016; extensive expertise in off-price retail, including merchandising, strategy, and international operations. | View Report → |
Douglas Mizzi Executive | Senior Executive Vice President, Group President | None | Joined TJX in 1988; Group President since February 2018; previously President of TJX Canada; extensive experience in store operations and logistics. | |
John Klinger Executive | Senior Executive Vice President and Chief Financial Officer | None | Joined TJX in 2000; CFO since January 2023; previously EVP, Corporate Controller; significant role in financial management and strategic planning. | |
Kenneth Canestrari Executive | Senior Executive Vice President, Group President | None | Joined TJX in 1988; Group President since September 2014; previously President of HomeGoods; extensive operational and financial expertise. | |
Louise Greenlees Executive | Senior Executive Vice President, Group President | None | Joined TJX in 2010; Group President since June 2022; previously President of TJX Europe; strong leadership in European operations. | |
Alan M. Bennett Board | Director | Director at Halliburton Company; Director at Fluor Corporation | Director since 2007; extensive financial and executive expertise; previously CFO at Aetna Inc.. | |
Amy B. Lane Board | Director and Chair of the Audit and Finance Committee | Director at NextEra Energy, Inc.; Director at FedEx Corporation | Director since 2005; extensive expertise in financial services, capital markets, and corporate governance; previously Managing Director at Merrill Lynch. | |
C. Kim Goodwin Board | Director | Director at Popular, Inc.; Director at General Mills | Director since 2020; extensive experience in financial services, investment management, and corporate governance. | |
Carol Meyrowitz Board | Executive Chairman of the Board | None | Joined TJX in 1983; CEO from 2007 to 2016; Executive Chairman since January 2016; extensive experience in off-price retail and corporate strategy. | |
Charles F. Wagner, Jr. Board | Director and Member of the Audit and Finance Committee | EVP and CFO at Vertex Pharmaceuticals, Inc. | Director since September 2023; extensive expertise in corporate operations, IT functions, and financial strategy; currently EVP and CFO at Vertex Pharmaceuticals. | |
David T. Ching Board | Director | None | Director since 2007; extensive expertise in technology, information systems, and retail operations; previously CIO at Safeway Inc.. | |
Jackwyn L. Nemerov Board | Director and Chair of the Corporate Governance Committee | None | Director since 2016; extensive experience in corporate governance and executive compensation. | |
Jos\u00e9 B. Alvarez Board | Director | Director at United Rentals, Inc.; Clinical Professor at Tuck School of Business | Director since 2020 (previously served 2007-2018); extensive expertise in retail management, supply chain, and logistics; also a professor at Dartmouth and visiting faculty at Harvard Business School. | |
Rosemary T. Berkery Board | Director and Chair of the Compensation Committee | Director at Fluor Corporation | Director since 2018; extensive expertise in finance, investment strategies, and governance; previously Chairman and CEO of UBS Bank USA. |
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In your guidance, you mentioned that you are not flowing through the entire third quarter earnings per share beat of $0.06 to the full year because you expect $0.02 of timing expenses benefit in the third quarter to reverse out in the fourth quarter . Can you provide more detail on these timing expenses and explain what gives you confidence there won't be additional unexpected costs impacting fourth-quarter profitability?
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You've announced plans to expand your T.K. Maxx banner into Spain, expecting the first stores to open in early 2026 with the potential for over 100 stores long term . Considering the competitive retail market in Spain, what challenges do you foresee with this expansion, and how do you plan to leverage your existing European infrastructure to ensure success?
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With your recent joint venture with Grupo Axo and investment in Brands For Less, you're entering new markets such as Mexico, the UAE, and Saudi Arabia . What strategic risks do you anticipate in these diverse markets, and how will you adapt your off-price model to different consumer behaviors and regulatory environments?
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You noted that balance sheet inventory was up 1%, but inventory on a per-store basis was down 2% due to lower holdings at distribution centers . Given the importance of fresh merchandise flow, how are you managing the risk of potential stockouts during the crucial holiday season?
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Regarding potential tariffs on imports from countries like China, you've mentioned your limited direct import exposure and prior diversification efforts . How might escalating trade tensions impact your supply chain costs and value proposition, and what further steps are you taking to mitigate these risks?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Multibrand Outlet Stores S.A.P.I. de C.V. | 2024 | Acquired through a joint venture, where TJX took a 49% stake for $192 million (comprising a $179 million purchase price and $13 million in acquisition costs) and accounted for the investment under the equity method, with an option to increase its ownership over time and no expected material fiscal 2025 impact. |
Recent press releases and 8-K filings for TJX.
- Amendments to the Credit Agreement: TJX has restated its revolving credit facility by replacing key schedules and reaffirming its borrowing obligations, effective as of May 9, 2025.
- Updated Exhibits and Terms: The filing includes updated exhibits detailing the first and second amendments to the credit agreements, along with new CUSIP numbers and revised terms.