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.
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| 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?
Research analysts who have asked questions during TJX COMPANIES INC /DE/ earnings calls.
Matthew Boss
JPMorgan Chase & Co.
4 questions for TJX
Michael Binetti
Evercore ISI
4 questions for TJX
Paul Lejuez
Citigroup
4 questions for TJX
Adrienne Yih-Tennant
Barclays
3 questions for TJX
Brooke Roach
Goldman Sachs Group, Inc.
3 questions for TJX
Alexandra Straton
Morgan Stanley
2 questions for TJX
Dana Telsey
Telsey Advisory Group
2 questions for TJX
Irwin Boruchow
Wells Fargo Securities
2 questions for TJX
John Kernan
Cowen Inc.
2 questions for TJX
Lorraine Hutchinson
Bank of America
2 questions for TJX
Lorraine Maikis
Bank of America
2 questions for TJX
Marni Shapiro
The Retail Tracker
2 questions for TJX
Adrienne Yih
Barclays
1 question for TJX
Alex Straton
Morgan Stanley
1 question for TJX
Aneesha Sherman
AllianceBernstein
1 question for TJX
Chad Britnell
Morgan Stanley
1 question for TJX
Charles Grom
Gordon Haskett Research Advisors
1 question for TJX
Jay Sole
UBS
1 question for TJX
Laura Champine
Loop Capital Markets LLC
1 question for TJX
Mark Altschwager
Robert W. Baird & Co.
1 question for TJX
Robert Drbul
Guggenheim Securities
1 question for TJX
Simeon Siegel
BMO Capital Markets
1 question for TJX
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.
- TJX Companies is positioned as the top discount retailer, offering 20–60% off comparable department store prices, catering to current consumer trade-down trends.
- The company delivered a strong earnings report last quarter and maintained full-year guidance for comparable sales, profit margins, and EPS in May.
- Management under CEO Ernie Herrman (since 2016) is credited with gaining market share within its retail class and from struggling department stores, supported by a strong balance sheet.
- Shares trade at 29× forward EPS, leading some investors to consider the stock expensive despite its momentum and consistent earnings growth.
- Retailers face tariff uncertainty leading to delayed and scaled-back holiday orders amid fears of higher costs and limited inventory.
- Toy industry disruptions: a 145% tariff on Chinese goods pushed production ramp-up from April to late May, causing ongoing supply chain delays.
- A Harris Poll shows 63% of consumers believe companies are exploiting the tariff environment for profit and 62% perceive declining product quality.
- TJX Companies benefit from overstocked inventory and cost efficiency, with recent earnings beating analyst expectations and a solid dividend yield.
- 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.