Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

2f7c42b96a6fb038baf816a05dd781d13fb7988a6c6a675e7c40f65f45dcc45e

781b4f3c00f4101723c043d12390f7ae1374a490c24f0dfb713da41febc05ef5

| Metric (Unit: Percentage [%]) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|-------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Overall Comparable Store Sales| **4%**  **[0001157523-23-000327_a53335348ex99_1.htm:2]** **[0001157523-23-000327_a53335348ex99_1.htm:1]**  | **3%**  **[0000109198-23-000031_tjx-20230429.htm:22]** **[0001157523-23-000869_a53401711_ex991.htm:1]** **[TJX_3252321_1]**  | **6%**  **[0000109198-23-000051_tjx-20230729.htm:25]** **[0001157523-23-001335_a53538436ex99_1.htm:1]** **[TJX_3385149_2]**  | **6%**  **[0000109198-23-000060_tjx-20231028.htm:25]** **[0001157523-23-001738_a53832739_ex991.htm:1]**  | **5%**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:1]** **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:0]**  | **3%**  **[0000109198-24-000035_tjx-20240504.htm:19]** **[0000109198-24-000031_tjxq1fy25earningspressrele.htm:0]**  | **4%**  **[0000109198-24-000048_tjx-20240803.htm:21]** **[0000109198-24-000044_tjxq2fy25earningspressrele.htm:0]** **[0000109198-24-000048_tjx-20240803.htm:20]**  | **3%**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:0]** **[TJX_3409586_2]**  |

b129227d7ccf75d05bb0771754fac672923aa0767c47efbdf89ef534f147bccb

| Segment (in millions) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Marmaxx (U.S.)**    | **$8,983**  **[0001157523-23-000327_a53335348ex99_1.htm:3]**  | **$7,366**  **[0000109198-23-000031_tjx-20230429.htm:25]**  | **$7,903**  **[0000109198-23-000051_tjx-20230729.htm:29]**  | **$8,107**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **$10,037**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **$7,800**  **[0000109198-24-000035_tjx-20240504.htm:22]**  | **$8,445**  **[0000109198-24-000048_tjx-20240803.htm:25]**  | **$8,438**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |
| **HomeGoods (U.S.)**  | **$2,424**  **[0001157523-23-000327_a53335348ex99_1.htm:3]**  | **$1,966**  **[0000109198-23-000031_tjx-20230429.htm:25]**  | **$2,011**  **[0001157523-23-001335_a53538436ex99_1.htm:3]**  | **$2,208**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **$2,805**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **$2,100**  **[0000109198-24-000035_tjx-20240504.htm:23]**  | **$2,101**  **[0000109198-24-000044_tjxq2fy25earningspressrele.htm:1]**  | **$2,355**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |
| **TJX Canada**        | **$1,297**  **[0001157523-23-000327_a53335348ex99_1.htm:3]**  | **$1,038**  **[0000109198-23-000031_tjx-20230429.htm:26]**  | **$1,223**  **[0000109198-23-000051_tjx-20230729.htm:31]**  | **$1,317**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **$1,468**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **$1,100**  **[0000109198-24-000035_tjx-20240504.htm:24]**  | **$1,244**  **[0000109198-24-000048_tjx-20240803.htm:27]**  | **$1,382**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |
| **TJX International** | **$1,816**  **[0001157523-23-000327_a53335348ex99_1.htm:3]**  | **$1,413**  **[0000109198-23-000031_tjx-20230429.htm:26]**  | **$1,621**  **[0001157523-23-001335_a53538436ex99_1.htm:3]**  | **$1,633**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **$2,101**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **$1,500**  **[0000109198-24-000035_tjx-20240504.htm:24]**  | **$1,678**  **[0000109198-24-000048_tjx-20240803.htm:28]**  | **$1,888**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |

d1d6519a6bbf8361f7ebf92c8b0cc17560257f3cfd77d61886716b98c52a9029

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 **[0000109198-24-000014_tjx-20240203.htm:5]** **[0000109198-24-000023_tjx-20240424.htm:5]** **[0000109198-24-000014_tjx-20240203.htm:9]**. 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 **[0000109198-24-000014_tjx-20240203.htm:93]**.

1. **Marmaxx** - Operates TJ Maxx and Marshalls stores in the U.S., offering a wide range of family apparel, footwear, and accessories.
2. **HomeGoods** - Focuses on home fashions, providing a variety of home decor and furnishings.
3. **TJX Canada** - Manages the company's retail operations in Canada, offering similar off-price merchandise as in the U.S.
4. **TJX International** - Oversees the company's retail presence in countries outside the U.S. and Canada, delivering off-price apparel and home fashions.

6631da23bbe088c17299e7dc0f719b40fa7a06afb25d52ae3f00ed8b157efec1

| Geographical Segment | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Marmaxx (U.S.)** [Million USD] | **8,983**  **[0001157523-23-000327_a53335348ex99_1.htm:9]**  | **7,366**  **[0000109198-23-000031_tjx-20230429.htm:25]**  | **7,900**  **[0000109198-23-000051_tjx-20230729.htm:29]**  | **8,107**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **10,037**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **7,750**  **[0000109198-24-000035_tjx-20240504.htm:23]**  | **8,445**  **[0000109198-24-000044_tjxq2fy25earningspressrele.htm:0]**  | **8,438**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |
| **HomeGoods (U.S.)** [Million USD] | **2,424**  **[0001157523-23-000327_a53335348ex99_1.htm:9]**  | **1,966**  **[0000109198-23-000031_tjx-20230429.htm:25]**  | **2,000**  **[0000109198-23-000051_tjx-20230729.htm:17]**  | **2,208**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **2,805**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **2,079**  **[0000109198-24-000035_tjx-20240504.htm:23]**  | **2,101**  **[0000109198-24-000044_tjxq2fy25earningspressrele.htm:0]**  | **2,355**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |
| **TJX Canada** [Million USD] | **1,297**  **[0001157523-23-000327_a53335348ex99_1.htm:9]**  | **1,038**  **[0000109198-23-000031_tjx-20230429.htm:26]**  | **1,200**  **[0000109198-23-000051_tjx-20230729.htm:31]**  | **1,317**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **1,468**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **1,113**  **[0000109198-24-000035_tjx-20240504.htm:24]**  | **1,244**  **[0000109198-24-000044_tjxq2fy25earningspressrele.htm:1]**  | **1,382**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |
| **TJX International (Europe & Australia)** [Million USD] | **1,816**  **[0001157523-23-000327_a53335348ex99_1.htm:9]**  | **1,413**  **[0000109198-23-000031_tjx-20230429.htm:27]**  | **1,600**  **[0000109198-23-000051_tjx-20230729.htm:32]**  | **1,633**  **[0000109198-23-000060_tjx-20231028.htm:17]**  | **2,101**  **[0000109198-24-000010_tjxq4fy24earningspressrele.htm:2]**  | **1,537**  **[0000109198-24-000035_tjx-20240504.htm:24]**  | **1,678**  **[0000109198-24-000044_tjxq2fy25earningspressrele.htm:1]**  | **1,888**  **[0000109198-24-000056_tjxq3fy25earningspressrele.htm:1]**  |

262c4c970120ee7994a160ad9045fc9517898d2876ae2e047c690adfc73a64b0

369cbaf7eacba8ff1d487b5698e3e5b2db5d6ea7448a015d75e255ba6044c63f

1. 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  **[TJX_3409586_6]** . 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?

2. 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  **[TJX_3409586_4]** . 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?

3. 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  **[TJX_3409586_5]** . 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?

4. 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  **[TJX_3409586_3]** . Given the importance of fresh merchandise flow, how are you managing the risk of potential stockouts during the crucial holiday season?

5. Regarding potential tariffs on imports from countries like China, you've mentioned your limited direct import exposure and prior diversification efforts  **[TJX_3409586_8]** . How might escalating trade tensions impact your supply chain costs and value proposition, and what further steps are you taking to mitigate these risks?

818ed1b9c2c79463d4aa9318e4cfbe782a473f8878904b38e5724c588d3ada0b

68bd560e93c58ea1ac069ffca61c7aaace560415031a0a3c7cabf237321aef27

United States

- Marmaxx

- HomeGoods

Canada

International

- Europe

- Australia

Total Revenue

06c9534333ca98a47dbd668c3b72fc9d0baf2d08455b2ba575efa91453a75ebb

Marmaxx

HomeGoods

TJX Canada

TJX Europe

TJX International

- Clothing including footwear

- Jewelry and accessories

- Home fashions

fc2bf359c1d7b298511644e3521a2bd9cc8c2990ccfaae8eb109afa3ff4696d5

Overall Comparable Store Sales

5bbbd79535a1834f34d551b841819b38244b553072096bf42177b9da270b0ff0

### Q3 2025 Earnings Call
- **Issued Period**: Q3 2025
- **Guided Period**: Q4 2025 and FY 2025

**Fourth Quarter Guidance (Q4 2025):**
- **Comp Store Sales Growth**: 2% to 3%
- **Consolidated Sales**: $15.9 billion to $16.1 billion
- **Pretax Profit Margin**: 10.8% to 10.9%
- **Gross Margin**: 29.4% to 29.5%
- **SG&A**: 18.8%
- **Net Interest Income**: $35 million
- **Tax Rate**: 26.0%
- **Weighted Average Share Count**: 1.14 billion shares
- **Diluted Earnings Per Share**: $1.12 to $1.14

**Full Year Guidance (FY 2025):**
- **Comp Store Sales Growth**: 3%
- **Consolidated Sales**: $55.9 billion to $56.1 billion
- **Pretax Profit Margin**: 11.3%
- **Gross Margin**: 30.3%
- **SG&A**: 19.3%
- **Net Interest Income**: $174 million
- **Tax Rate**: 25%
- **Weighted Average Share Count**: 1.14 billion shares
- **Diluted Earnings Per Share**: $4.15 to $4.17  **[TJX_3409586_6]** .

### Q2 2025 Earnings Call
- **Issued Period**: Q2 2025
- **Guided Period**: Q3 2025 and FY 2025

**Third Quarter Guidance (Q3 2025):**
- **Comp Store Sales Growth**: 2% to 3%
- **Consolidated Sales**: $13.9 billion to $14 billion
- **Pretax Profit Margin**: 11.8% to 11.9%
- **Gross Margin**: 31.1% to 31.2%
- **SG&A**: 19.5%
- **Net Interest Income**: $34 million
- **Tax Rate**: 26%
- **Weighted Average Share Count**: 1.14 billion shares
- **Diluted Earnings Per Share**: $1.06 to $1.08

**Full Year Guidance (FY 2025):**
- **Comp Store Sales**: 3%
- **Consolidated Sales**: $55.8 billion to $56.1 billion
- **Pretax Profit Margin**: 11.2%
- **Gross Margin**: 30.2%
- **SG&A**: 19.3%
- **Net Interest Income**: $160 million
- **Tax Rate**: 25.2%
- **Weighted Average Share Count**: 1.14 billion shares
- **Diluted Earnings Per Share**: $4.09 to $4.13  **[TJX_3399553_5]** .

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: Q2 2025 and FY 2025

**Second Quarter Guidance (Q2 2025):**
- **Comp Store Sales**: 2% to 3%
- **Consolidated Sales**: $13.2 billion to $13.3 billion
- **Pretax Profit Margin**: 10.4% to 10.5%
- **Gross Margin**: 29.8%
- **SG&A**: 19.6%
- **Net Interest Income**: $42 million
- **Tax Rate**: 26.3%
- **Weighted Average Share Count**: 1.14 billion shares
- **Diluted Earnings Per Share**: $0.88 to $0.90

**Full Year Guidance (FY 2025):**
- **Consolidated Sales**: $55.5 billion to $55.9 billion
- **Comparable Store Sales**: 2% to 3%
- **Pretax Profit Margin**: 11% to 11.1%
- **Gross Margin**: 30% to 30.1%
- **SG&A**: 19.3%
- **Net Interest Income**: $156 million
- **Tax Rate**: 25.4%
- **Weighted Average Share Count**: 1.14 billion shares
- **Diluted Earnings Per Share**: $4.03 to $4.09  **[TJX_3390388_5]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: Q1 2025 and FY 2025

**First Quarter Guidance (Q1 2025):**
- **Comp Store Sales Growth**: 2% to 3%
- **Consolidated Sales**: $12.4 billion to $12.5 billion
- **Pretax Profit Margin**: 10.5% to 10.6%
- **Gross Margin**: 29.8%
- **SG&A**: 19.5%
- **Net Interest Income**: $37 million
- **Tax Rate**: 25.8%
- **Earnings Per Share (EPS)**: $0.84 to $0.86

**Full Year Guidance (FY 2025):**
- **Comp Store Sales Growth**: 2% to 3%
- **Consolidated Sales**: $55.6 billion to $56.1 billion
- **Pretax Profit Margin**: 10.9% to 11%
- **Gross Margin**: 30% to 30.1%
- **SG&A**: 19.3%
- **Net Interest Income**: $118 million
- **Tax Rate**: 26.0%
- **Weighted Average Share Count**: 1.14 billion shares
- **Earnings Per Share (EPS)**: $3.94 to $4.02
- **Capital Expenditures**: $2 billion to $2.1 billion
- **New Stores**: About 141 net new stores
- **Dividend**: Increase by 13% to $0.375 per share
- **Stock Buyback**: $2 billion to $2.5 billion  **[TJX_3375455_7]** **[TJX_3375455_8]** .

4ec55a5a1072a6bcbd6d58f61b1bec52bdf151f202f66196d6f3710b80f58479

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name               | Position                                             | Start Date          | Short Bio                                                                                                                                                                                                 |
|--------------------|------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Kenneth Canestrari | Senior Executive Vice President, Group President     | September 2014      | Kenneth Canestrari has been with TJX since 1988, holding various financial positions until 2008. He served as President of HomeGoods from 2012 to September 2014 and as Executive Vice President, Chief Operating Officer of HomeGoods from 2008 until 2012  **[0000109198-24-000014_tjx-20240203.htm:12]** **[0000109198-23-000004_tjx-20230128.htm:13]** . |
| Louise Greenlees   | Senior Executive Vice President, Group President     | June 2022           | Louise Greenlees served as President of TJX Europe from January 2015 to June 2022. Her previous positions include Managing Director of TJX Europe from January 2014 to January 2015, Group Buying Director of TJX Europe from April 2013 to January 2014, and Homesense Managing Director from December 2010 to April 2013  **[0000109198-24-000014_tjx-20240203.htm:12]** **[0000109198-23-000004_tjx-20230128.htm:13]** . |
| Ernie Herrman      | Chief Executive Officer and President                | January 2016        | Ernie Herrman has been the Chief Executive Officer of TJX since January 2016 and a director since October 2015. He has also served as President since January 2011. He was the Senior Executive Vice President, Group President from August 2008 to January 2011  **[0000109198-24-000023_tjx-20240424.htm:14]** **[0000109198-24-000014_tjx-20240203.htm:12]** **[0000109198-23-000014_tjx-20230427.htm:15]** . |
| John Klinger       | Senior Executive Vice President and Chief Financial Officer | February 2024 (expected) | John Klinger has held the position of Chief Financial Officer since January 2023 and was promoted to Senior Executive Vice President in February 2024. He served as Executive Vice President, Corporate Controller from 2019 to January 2023 and has been with TJX in various financial roles since joining the company in 2000  **[0000109198-24-000014_tjx-20240203.htm:12]** **[0000109198-23-000004_tjx-20230128.htm:13]** . |
| Carol Meyrowitz    | Executive Chairman of the Board                      | January 2016        | Carol Meyrowitz has been the Executive Chairman of the Board at TJX since January 2016. She has served as a director since September 2006. She was the Chairman of the Board from June 2015 to January 2016 and the Chief Executive Officer of TJX from January 2007 to January 2016  **[0000109198-24-000023_tjx-20240424.htm:14]** **[0000109198-24-000014_tjx-20240203.htm:12]** . |
| Douglas Mizzi      | Senior Executive Vice President, Group President     | February 2018       | Douglas Mizzi was the President of TJX Canada from October 2011 to February 2018. He also held the position of Managing Director at T.K. Maxx, UK from April 2010 to October 2011. His career at TJX began in 1988, where he has held various store operations positions  **[0000109198-24-000014_tjx-20240203.htm:12]** **[0000109198-23-000004_tjx-20230128.htm:13]** . |

74d605d97ff675411ab223c6a37892fe4ce986daa22221100432aec531bf84d9

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | February 2024  **[0000109198-24-000059_tjx-20241102.htm:39]** **[0000109198-24-000059_tjx-20241102.htm:8]** **[0000109198-24-000059_tjx-20241102.htm:32]**  |
| End Date/Duration        | N/A             |
| Total additional amount  | **$2.5 billion**  **[0000109198-24-000059_tjx-20241102.htm:39]** **[0000109198-24-000059_tjx-20241102.htm:8]** **[0000109198-24-000059_tjx-20241102.htm:32]**  |
| Remaining authorization amount | **$1.9 billion**  **[0000109198-24-000059_tjx-20241102.htm:39]** **[0000109198-24-000059_tjx-20241102.htm:8]** **[0000109198-24-000059_tjx-20241102.htm:32]**  |
| Details                  | N/A             |

6e15148aee6a4f71bb55c61ffd7691471a3ee628fa9870fd50bc88d46a9c1ad0

**Quarterly guidance for Q4 2025:**
- **Comp Store Sales Growth**: 2% to 3%  **[TJX_3409586_6]**  (no change from 2% to 3%  **[TJX_3399553_5]** )  
- **Consolidated Sales**: $15.9B to $16.1B  **[TJX_3409586_6]**  (raised from $13.9B to $14.0B  **[TJX_3399553_5]** )  
- **Pretax Profit Margin**: 10.8% to 10.9%  **[TJX_3409586_6]**  (lowered from 11.8% to 11.9%  **[TJX_3399553_5]** )  
- **Gross Margin**: 29.4% to 29.5%  **[TJX_3409586_6]**  (lowered from 31.1% to 31.2%  **[TJX_3399553_5]** )  
- **SG&A**: 18.8%  **[TJX_3409586_6]**  (lowered from 19.5%  **[TJX_3399553_5]** )  
- **Net Interest Income**: $35M  **[TJX_3409586_6]**  (raised from $34M  **[TJX_3399553_5]** )  
- **Tax Rate**: 26.0%  **[TJX_3409586_6]**  (no change from 26%  **[TJX_3399553_5]** )  
- **Weighted Average Share Count**: 1.14B shares  **[TJX_3409586_6]**  (no change from 1.14B shares  **[TJX_3399553_5]** )  
- **Diluted EPS**: $1.12 to $1.14  **[TJX_3409586_6]**  (raised from $1.06 to $1.08  **[TJX_3399553_5]** )  

**Annual guidance for FY 2025:**
- **Comp Store Sales Growth**: 3%  **[TJX_3409586_6]**  (no change from 3%  **[TJX_3399553_5]** )  
- **Consolidated Sales**: $55.9B to $56.1B  **[TJX_3409586_6]**  (raised from $55.8B to $56.1B  **[TJX_3399553_5]** )  
- **Pretax Profit Margin**: 11.3%  **[TJX_3409586_6]**  (raised from 11.2%  **[TJX_3399553_5]** )  
- **Gross Margin**: 30.3%  **[TJX_3409586_6]**  (raised from 30.2%  **[TJX_3399553_5]** )  
- **SG&A**: 19.3%  **[TJX_3409586_6]**  (no change from 19.3%  **[TJX_3399553_5]** )  
- **Net Interest Income**: $174M  **[TJX_3409586_6]**  (raised from $160M  **[TJX_3399553_5]** )  
- **Tax Rate**: 25%  **[TJX_3409586_6]**  (lowered from 25.2%  **[TJX_3399553_5]** )  
- **Weighted Average Share Count**: 1.14B shares  **[TJX_3409586_6]**  (no change from 1.14B shares  **[TJX_3399553_5]** )  
- **Diluted EPS**: $4.15 to $4.17  **[TJX_3409586_6]**  (raised from $4.09 to $4.13  **[TJX_3399553_5]** )  

e9eac01cb1ec06f4c49d56d8dabbf390a07f28e59a27ae9a83465e428bffb24c

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 1962  **[0000109198-24-000014_tjx-20240203.htm:75]**    | Present  | Current auditor   |

5e3e6c91880836bf5b6214472429b85bb548003b01b57c0a6756f4d59d9718bf

a08bd00cbb05965970801b46b426e0b7f7abd7739cd84252f3680f09de9ea795

- Total Revenue: $14,063 million (+**6%** YoY)  **[0000109198-24-000059_tjx-20241102.htm:1]** **[0000109198-24-000059_tjx-20241102.htm:16]**   
- HomeGoods: $2,355 million (+**7%** YoY)  **[0000109198-24-000059_tjx-20241102.htm:28]**   
- TJX International: $1,888 million (+**16%** YoY)  **[0000109198-24-000059_tjx-20241102.htm:30]** **[0000109198-24-000059_tjx-20241102.htm:16]**   
- Net Income: $1,297 million (+**9%** YoY)  **[0000109198-24-000059_tjx-20241102.htm:3]**   
- Diluted EPS: $1.14 (+**10%** YoY)  **[0000109198-24-000059_tjx-20241102.htm:1]**   

d058d38e8ba9d1939ba1a4e805ee664fddc753734bd7068974cc14b7682acfdf

8e9eceb7914d5ef699201a5158147b36fdf01a8f9609e754a8f9c13c44659e79

- **Limited Customer Data Due to Low Credit Card Penetration:** TJX's ability to gather specific customer data is hindered because their credit card is **not as penetrated as other retailers'**, making it challenging to analyze shopping behaviors and target marketing effectively.  **[TJX_3390388_7]** ,  **[TJX_3390388_17]**
- **Challenges with Shrink (Inventory Loss):** TJX is experiencing issues with shrink and is only planning for it to be **flat year-over-year**, which may indicate ongoing challenges in controlling inventory losses due to theft or other factors.  **[TJX_3390388_16]**
- **Slower Sales Growth in Key Segment:** Marmaxx, one of TJX's key divisions, reported comp store sales growth of only **2%**, which was **rounded down** and potentially impacted by weather. This slower growth could reflect underlying demand issues or increased competition, including from online retailers like Shein and Temu, which the company may be underestimating.  **[TJX_3390388_15]**

57f6e43db1324049901b3c13e00aa86513cdb1a35293b0f64fd4803455ff8fec

1. **Market Share Gains**  
   **Q:** What drives market share gains and future confidence?  
   **A:** TJX attributes its market share gains to a balanced performance across categories, such as apparel and home, despite some weather impacts. CEO Ernie Herrman highlights their unique treasure hunt shopping experience that appeals to a wide range of income and age groups. He expresses confidence in continued gains due to strong vendor relationships and ample inventory availability, positioning them as a value leader in the market.  **[TJX_3390388_6]** 

2. **Merchandise Margin Outlook**  
   **Q:** Can merchandise margins improve further multi-year?  
   **A:** Management is optimistic about further improving merchandise margins through selective price increases and better buying strategies. They believe there is ongoing opportunity in pricing and maintain that customer perception of value remains strong relative to competition, allowing for continued margin expansion.  **[TJX_3390388_6]** 

3. **Attracting Younger Customers**  
   **Q:** Are you attracting younger customers and seeing trade-down?  
   **A:** TJX continues to attract new, younger customers across all banners, showing a steady increase over the past years. They observe balanced growth across income demographics, with both below and above **$100,000** income groups showing positive trends. There is a slight skew towards lower-income customers recently, but both segments remain strong.  **[TJX_3390388_7]** **[TJX_3390388_17]** 

4. **HomeGoods Segment Momentum**  
   **Q:** Can you sustain momentum in HomeGoods and improve margins?  
   **A:** Management remains confident in capturing further market share in the home segment despite industry challenges like housing slowdowns and interest rates. They leverage their flexible business model to adjust categories in demand and focus on consumables that drive repeat traffic. They believe their unique model and impulse nature of HomeGoods position them well for continued growth and margin improvement.  **[TJX_3390388_9]** **[TJX_3390388_10]** 

5. **Competition for Deals**  
   **Q:** How is competition for deals affecting you?  
   **A:** While competition exists, TJX finds that vendors increasingly prefer working with them due to their strong relationships, financial reliability, and growing brick-and-mortar presence. Their skilled buyers negotiate effectively, making TJX an important partner for vendors and helping secure favorable deals despite competitive pressures.  **[TJX_3390388_10]** 

6. **Promotional Landscape**  
   **Q:** How do you view the current promotional environment?  
   **A:** TJX does not see significant changes in the promotional landscape affecting their business. They emphasize their strategy of not being undersold and continuously monitor competitors' pricing to maintain a value gap. Even with increased promotions elsewhere, they believe their categories are less impacted, and they adjust pricing if necessary to remain competitive.  **[TJX_3390388_10]** **[TJX_3390388_12]** 

7. **Margin Leverage at Lower Comps**  
   **Q:** Are you leveraging margins despite lower comps?  
   **A:** TJX is able to leverage margins even with **2–3%** comps due to factors like improved freight efficiencies and favorable mark-ons. They benefited from one-time items and are actively managing expenses to achieve margin expansion. They continue to aim for flat to up **10 basis points** leverage on a **3–4%** comp but are seeing success at lower levels due to these efficiencies.  **[TJX_3390388_11]** 

8. **Pricing Strategy Amidst Dynamics**  
   **Q:** How are you approaching pricing in a dynamic environment?  
   **A:** TJX maintains a disciplined pricing strategy, ensuring they are never undersold. Their buyers adjust pricing dynamically by closely monitoring competitor prices and maintaining a consistent value gap. They focus on offering value without compromising margins and are prepared to react quickly to any changes in the market.  **[TJX_3390388_12]** 

9. **International Margins and Growth**  
   **Q:** Are international margins expected to improve?  
   **A:** While international margins were at **4%** this quarter, management remains confident in achieving high single-digit margins long-term. They note that the first quarter is traditionally low, but they are seeing incremental improvements and are committed to strategies that will drive margin expansion in their international segment.  **[TJX_3390388_14]** 

10. **Impact of Chinese Discounters**  
    **Q:** Does competition from Temu and Shein affect you?  
    **A:** TJX does not see significant impact from online Chinese discounters like Temu and Shein. They believe these competitors focus on commodity items, whereas TJX offers a branded, good-better-best assortment that differs from the products offered by such discounters. They do not consider them a threat to their market share.  **[TJX_3390388_15]** 

11. **Store Remodels and Shrink**  
    **Q:** How are store remodels progressing, and any changes in shrink?  
    **A:** Store remodels are focused on maintaining an excellent shopping experience, ensuring older stores remain competitive. The company is implementing fixtures that enhance shopping ease, like better lighting in beauty departments. On shrink, they are planning for it to be flat year-over-year, continuing to balance asset protection with customer convenience and safety. Initiatives like body cameras for loss prevention associates are part of their strategy to mitigate shrink.  **[TJX_3390388_16]** 

12. **Store Growth Potential**  
    **Q:** Any plans to expand beyond existing countries?  
    **A:** While always exploring opportunities, TJX did not disclose specific plans to expand into new countries at this time. They expressed confidence in their ability to grow within existing markets, citing significant potential for store growth in the U.S., Canada, and particularly in Europe, including Germany.  **[TJX_3390388_13]** 

7a7aebbbcee68fcd22e8611927e657c8b0c35a3042bebec3251821e12614aafb

- **Persistent Wage Pressures and Cost Increases Impacting Margins:** The company acknowledges ongoing wage pressures that could negatively affect profit margins. Despite efforts to offset these through merchandise margin improvements, continued wage increases present a headwind to profitability.  **[TJX_3375455_17]** ,  **[TJX_3375455_18]**
- **Freight Costs Remain Elevated Above Pre-Pandemic Levels:** Freight costs, while improving from their peak, are still approximately **100 basis points higher** than fiscal year 2020 levels due to wage increases in the freight industry. The company does not anticipate freight costs returning to previous lows, which could continue to pressure margins, particularly in divisions like HomeGoods that are more impacted by freight expenses.  **[TJX_3375455_16]** ,  **[TJX_3375455_18]**
- **HomeGoods Margins Below Long-Term Goals Due to Cost Pressures:** The HomeGoods division ended the year with margins just under **10%**, falling short of the long-term goal of low double-digit margins. The division is constrained by higher freight costs and must continue to focus on cost efficiencies to improve profitability, suggesting potential challenges in achieving margin expansion in the near term.  **[TJX_3375455_16]**

5470e63c74c7714978691759cdbd468244641b9085d211ea384e6d41f8300a89

- **TJX Companies are planning robust store growth**, including opening about 141 net new stores in fiscal 2025, aiming to reach almost 5,100 stores by year-end, with opportunities identified in the U.S., Canada, Europe, and Australia. They also plan to remodel about 480 stores and relocate approximately 40 stores to better locations, improving store performance.  **[TJX_3375455_14]**
- **Expansion in the beauty segment presents significant upside potential**. The company sees big opportunities in beauty and related categories, with assortments expanding and stores able to flex departments quickly to adapt to trends without significant additional costs.  **[TJX_3375455_15]**
- **Strong margin improvement and profitability**, with Marmaxx adjusted pretax profit margin reaching **13.7%**, an improvement of **100 basis points** during the year, driven by lower freight rates, better buying, and strong execution. There's an ongoing focus on increasing profitability through efficient freight management and merchandise margin improvements.  **[TJX_3375455_17]** ,  **[TJX_3375455_18]**

f5d3939f4f44dac65bb16d7a42578bdfb5274c72c50f6d766685f98bceee2e3d

1. **Margin Expansion Drivers**  
   **Q:** What is driving merchandise margin expansion this year?  
   **A:** Management expects merchandise margin expansion due to a combination of both **mark-on and markdown favorability** in FY '25.  **[TJX_3375455_10]**  They attribute this to **buying better**, thanks to outstanding availability and the increasing importance of their buyers to the vendor community, allowing them to secure better deals season after season.  **[TJX_3375455_10]**  Additionally, they see opportunities in **selectively adjusting retails where appropriate**, which contributes to higher mark-ons.  **[TJX_3375455_10]** 

2. **Market Share from Competitor Closures**  
   **Q:** How will competitor store closures impact TJX?  
   **A:** The closure of stores like Macy's presents an **additional market share opportunity** for TJX, particularly in overlapping categories.  **[TJX_3375455_9]**  Management believes they will capture some of this share by capitalizing on trends and adjusting allocations in nearby stores.  **[TJX_3375455_9]**  Furthermore, these closures increase the importance of TJX's buyers to the vendor community, allowing them to **buy merchandise at better prices**.  **[TJX_3375455_9]** 

3. **Pricing Outlook and AUR**  
   **Q:** Is there potential for price increases and changes in AUR?  
   **A:** TJX sees continued opportunity for **like-for-like price increases** in specific items, implemented sparingly throughout the assortment.  **[TJX_3375455_12]**  Despite inflation moderating, other retailers have not reduced prices, allowing TJX to adjust prices without impacting value perception.  **[TJX_3375455_12]**  However, they **do not expect a significant change in AUR**, as shifts in mix are not projected to alter overall average unit retail prices.  **[TJX_3375455_12]** 

4. **Marmaxx Margins and Outlook**  
   **Q:** Are Marmaxx margins structurally higher now?  
   **A:** Marmaxx achieved a **13.7% pretax profit**, with margins improving by **100 basis points** during the year.  **[TJX_3375455_17]**  This improvement is partly due to **lower freight rates**, although freight costs remain **100 basis points above** FY '20 levels.  **[TJX_3375455_17]**  Management anticipates continued margin strength through **strong execution, driving top-line growth**, and improving merchandise margin via **better buying**.  **[TJX_3375455_17]** 

5. **Customer Acquisition and Market Share**  
   **Q:** How is TJX performing in customer acquisition and market share?  
   **A:** TJX is successfully acquiring **new customers**, skewing **younger**, particularly in the **18 to 34 age group**, where they over-index compared to the U.S. population.  **[TJX_3375455_11]**  They continue to focus on increasing visits from existing customers and have developed effective marketing strategies to drive engagement across all brands.  **[TJX_3375455_11]**  Sales performance is consistent across income demographics, positioning TJX well for future market share gains.  **[TJX_3375455_11]** 

6. **HomeGoods Margins and Growth**  
   **Q:** What's affecting HomeGoods margins, and how will they improve?  
   **A:** HomeGoods ended the year with **just under a 10% margin**, constrained primarily by higher **freight costs**.  **[TJX_3375455_16]**  Management plans to improve margins by driving **top-line sales growth** and increasing **efficiency in freight operations**.  **[TJX_3375455_16]**  They see a significant **market share opportunity** in the home sector due to their unique shopping experience and strong customer response, which should support margin expansion.  **[TJX_3375455_16]** 

7. **Store Growth Plans**  
   **Q:** What are the plans for store growth and real estate outlook?  
   **A:** TJX's total store potential remains **just under 6,300 stores**, with a focus on opening locations that fit their model.  **[TJX_3375455_14]**  They are planning **40 relocations** to better shopping areas and see opportunities for new stores, especially as more department stores close.  **[TJX_3375455_14]**  This includes expansion in **Europe**, particularly **Germany and the UK**, as well as in the **U.S. and Canada**.  **[TJX_3375455_14]** 

8. **Beauty Category Growth**  
   **Q:** What is the opportunity in the beauty category?  
   **A:** The beauty business is **very healthy**, with management seeing **big upside** and continuing to expand assortments.  **[TJX_3375455_15]**  The enhanced beauty offerings have driven customer engagement, and the flexible store model allows them to **quickly adjust and capitalize on trending categories**.  **[TJX_3375455_15]** 

9. **Credit Card Business Opportunity**  
   **Q:** Is there potential to grow the credit card penetration?  
   **A:** While TJX's credit card penetration is not as high as other retailers, they have been **growing it over the years**.  **[TJX_3375455_20]**  Credit card users tend to **cross-shop** across different brands and have higher retention.  **[TJX_3375455_20]**  The company sees it as an opportunity to drive additional visits, and associates are actively engaging customers to increase penetration.  **[TJX_3375455_20]** 

10. **Performance of Smaller Banners**  
    **Q:** How are HomeSense and Sierra performing?  
    **A:** Both HomeSense and Sierra are performing well, prompting TJX to expand these banners.  **[TJX_3375455_13]**  They plan to open **17 HomeSense stores** and **26 Sierra stores** in the coming year.  **[TJX_3375455_13]**  Management is pleased with the trends in these businesses and is also adding **5 stores** in Australia.  **[TJX_3375455_13]** 

6e670ba2cdbace85aa0e4a43343928d37ee897e6ccba0a87f4d8805abee1eac8

- **Challenging economic conditions in Europe have led to weaker performance in TJX's international division, particularly in the UK, due to both environmental factors and execution issues.**  **[TJX_3399553_11]** **[TJX_3399553_7]**
- **Increased wage costs across all geographies, including legislative wage increases in the UK and Ontario, as well as competitive wage pressures, may squeeze TJX's profit margins.**  **[TJX_3399553_11]**
- **Rising ocean freight costs are anticipated in the second half of the year, as TJX has added expenses to their forecast due to increases in ocean freight rates per container, which may negatively impact margins.**  **[TJX_3399553_10]**

11a9092bb68b9eb8c12c4b8dc2e69d8722dd8c819f6e687544cdcd1a079930f5

- **Strong performance and profitability improvements in the HomeGoods segment**: TJX reported significant margin improvements in HomeGoods, driven by expense efficiencies and freight favorability. Management expressed confidence in their home business margins and the continued growth of the HomeGoods segment.  **[TJX_3409586_12]**
- **Expansion into new international markets provides growth opportunities**: TJX announced plans to expand its T.K. Maxx banner into Spain, with expectations to open more than 100 stores long term. Additionally, the company is leveraging joint ventures and investments to gain exposure in Mexico, the UAE, Saudi Arabia, and beyond, without diverting focus from core businesses.  **[TJX_3409586_5]** ,  **[TJX_3409586_12]**
- **Ability to perform well in various economic environments**: Management highlighted TJX's consistent performance regardless of economic conditions, emphasizing that the company trades well in both pressured and healthy backdrops due to its strong value proposition.  **[TJX_3409586_18]**

3f3132e917a0d4cded2109e7e48bcea1d6ee10be773655f77af8cf8481fe662c

- The strong **7% comp sales increase** in Europe during the third quarter may not be sustainable, as it was partly driven by favorable weather conditions that may not continue, potentially leading to normalization or decline in future comp sales growth.  **[TJX_3409586_14]**
- The company is **not providing guidance on margin expansion opportunities or challenges** for the next fiscal year, indicating potential uncertainties or lack of visibility into future profitability.  **[TJX_3409586_10]**
- The company anticipates **freight headwinds in the fourth quarter**, which could negatively impact gross margin or profitability. Additionally, potential **tariffs and supply chain issues** could pose risks to costs and inventory availability, despite the company's confidence in managing these risks.  **[TJX_3409586_8]**

8cf68dc88c34b11ccb5d39736cf351429caf112d44bafd11a26edd117d2f2287

1. **Margin Outlook**  
   **Q:** What are your thoughts on margin expansion opportunities or challenges in 2025?  
   **A:** Management is not providing specific guidance for next year but reaffirmed that on a **3% to 4% comp**, they can achieve margins **flat to up 10 basis points**, assuming no outsized expense increases and some merchandise margin improvement. They emphasized that the biggest lever for margin expansion is **top-line growth**  **[TJX_3409586_10]** ,.  **[TJX_3409586_11]** 

2. **Impact of Potential Tariffs**  
   **Q:** How could potential tariffs on imports from China affect your business?  
   **A:** Management stated they're well-positioned to handle potential tariffs, emphasizing their priority to maintain the **value gap** between their goods and competitors. They have diversified away from China over the years, and direct imports from China represent a **very small portion** of their business. Potential tariffs could also present an opportunity to acquire additional inventory at advantageous prices.  **[TJX_3409586_8]** 

3. **Consumer Behavior and Demographics**  
   **Q:** Have you observed any changes in consumer behavior or customer demographics recently?  
   **A:** They noted **no significant change** in their view of the consumer by income or age demographic. They continue to attract more customers in the **18 to 34 age range**, which is positive for the long-term health of the business. Their strategy remains to trade broadly across all income and age groups  **[TJX_3409586_9]** ,.  **[TJX_3409586_10]** 

4. **Home Segment Performance**  
   **Q:** Can you discuss the performance and profitability improvement in your HomeGoods segment?  
   **A:** Management is **bullish on their Home business**, reporting strong health across geographies. The **HomeGoods** segment saw a **200 basis point improvement** in margin, attributed to the closure of homegoods.com, expense efficiencies, and freight favorability. They believe their unique, eclectic merchandise approach sets them apart from competitors.  **[TJX_3409586_12]** 

5. **International Expansion and Comps**  
   **Q:** What are your plans for international expansion, and how did your international comps perform?  
   **A:** They're expanding internationally, including entering new markets like Spain, leveraging experienced talent without risking core businesses. They reported **strong comps** in both Europe and Australia, driven by excellent execution and favorable weather, though they don't expect to maintain **7% comps** consistently as weather benefits normalize  **[TJX_3409586_12]** ,  **[TJX_3409586_13]** ,.  **[TJX_3409586_14]** 

6. **Drivers of Merchandise Margin Expansion**  
   **Q:** What drove the merchandise margin expansion in the third quarter?  
   **A:** Margin expansion was primarily due to improvements in the **merchandise margin line** and expense savings in distribution centers. Effective inventory management led to reduced processing costs, with inventories down in DCs and up in stores.  **[TJX_3409586_7]** 

7. **Marmaxx Performance**  
   **Q:** How did Marmaxx comps perform, and what is your outlook?  
   **A:** Marmaxx started the quarter strong but was impacted by **unseasonably warm weather** and hurricanes, which pulled down comps. However, they're feeling extremely positive as **Q4 starts strong**, with weather normalizing and holiday merchandise contributing positively  **[TJX_3409586_7]** ,.  **[TJX_3409586_11]** 

8. **Performance of Other Categories**  
   **Q:** How are categories like Beauty, Consumables, Footwear, and Accessories performing?  
   **A:** Management highlighted strong performance in consumable categories, viewing them as **traffic builders** that enhance visit frequency. They offer exceptional value in these areas, which are considered extreme value categories due to high retail markups elsewhere.  **[TJX_3409586_16]** 

7f5ed0f52195c7c305a8590ea75383bb22cf75f52a8148e39cfb0187f86785f6

- **Strong and consistent sales growth driven by customer transactions and new customer acquisitions, particularly among younger demographics**, indicating healthy business momentum and potential for continued market share gains.  **[TJX_3390388_8]** **[TJX_3390388_7]** **[TJX_3390388_17]**
- **Significant opportunities for store expansion in existing markets**, with confidence in the potential to further grow the store base in the U.S., Canada, Europe, and Australia, enhancing future growth prospects.  **[TJX_3390388_13]**
- **Flexible business model and strong vendor relationships allow TJX to capitalize on market opportunities**, offer a differentiated treasure hunt shopping experience, and effectively manage inventory, contributing to healthy merchandise margins and resilience against competition, including online discounters.  **[TJX_3390388_8]** **[TJX_3390388_10]** **[TJX_3390388_15]**

2497d6e4edfcdca8912e0225cb1d9001018ec9852f08c855f42be5be586fb34b

1. **Margin Expansion**  
   **Q:** Can you elaborate on margin expansion opportunities?  
   **A:** TJX sees continued margin expansion driven by strong vendor relationships, better buying, and improved merchandise flow. They expect merchandise margins to benefit from managing flow better, tailoring mix regionally, and aiming for an **8%** bottom line in Europe, which will boost total margins. Canada remains very profitable, and they're optimistic about margin opportunities in the home business beyond freight savings due to excellent sourcing and providing great value.  **[TJX_3399553_10]** 

2. **Consumer Health Outlook**  
   **Q:** How is the consumer health backdrop affecting your outlook?  
   **A:** The macro environment varies by country. The U.S. is similar to last quarter, with growing availability suggesting potential challenges for brands. Canada and Europe are more challenging than **six months ago**, with Europe facing economic headwinds. TJX addresses execution issues promptly and is already seeing improvement in Europe as they start Q3.  **[TJX_3399553_11]** 

3. **Comp Sales Trends**  
   **Q:** Can you discuss same-store sales trends and outlook?  
   **A:** Positive comps across all divisions, with improvement each month on a **two-year stack** basis. They have a strong start to Q3 sales, healthy across the board. TJX feels good about Marmaxx and apparel heading into Q3 due to effective planning and buying of transitional goods. They're bullish on Q4, expecting to be well-positioned for gift-giving across various categories.  **[TJX_3399553_8]** 

4. **International Performance**  
   **Q:** What's impacting international business performance?  
   **A:** Europe sales were disappointing due to environment, weather, and execution issues, particularly in the U.K. They have made adjustments and are seeing benefits in numbers recently. Margin improved by **230 basis points** versus last year, despite lapping a German receivable write-off and facing transactional FX gains from last year. They believe they're on the right path forward.  **[TJX_3399553_7]** 

5. **Market Share and Competition**  
   **Q:** How are you protecting against mass discounter competition?  
   **A:** TJX is gaining market share in both apparel and home. They monitor competitors closely, ensuring they offer better value. Merchants aggressively shop competitors to adjust product mix and pricing as needed. Their priority is to provide value better than anyone else to protect their position.  **[TJX_3399553_13]** 

6. **Inventory Availability**  
   **Q:** How does high goods availability affect your second half?  
   **A:** Surprised by the increased availability of goods, which is even higher than expected. This leads TJX to leave more liquidity and open-to-buy in certain categories for closeout, hand-to-mouth buying in the back half, taking advantage of abundant inventory.  **[TJX_3399553_9]** 

7. **Strategic Investments**  
   **Q:** What's the strategic rationale for Grupo Axo JV and BFL investment?  
   **A:** With seasoned management and bench strength, TJX is expanding globally with minimal risk to the core business. The Grupo Axo JV in Mexico allows them to enter a market they've eyed for a while, owning almost **half the business**. The BFL investment lets them leverage their merchandising talent to help BFL, benefiting both the investment and growth into new geographies.  **[TJX_3399553_7]** 

8. **AUR and Pricing Strategy**  
   **Q:** How is AUR and opening price points trajectory?  
   **A:** AUR has been consistent, **slightly up**. TJX maintains a balanced mix of good, better, best merchandise. They don't manage AUR top-down but ensure the right value at opening price points. They adjust prices in response to market changes to remain competitive, using markdowns when necessary.  **[TJX_3399553_6]** **[TJX_3399553_14]** 

9. **Wage Inflation**  
   **Q:** Where are store payroll investments going?  
   **A:** Wages are increasing across all geographies due to legislative changes and competitive factors. The U.K. announced a **10%** increase; Ontario announced a minimum wage increase. TJX adjusts wages where required and maintains budget flexibility to address higher attrition or hiring challenges, selectively increasing wages to remain competitive.  **[TJX_3399553_11]** 

10. **BFL Investment Rationale**  
    **Q:** Why take a 35% stake in Brands For Less?  
    **A:** The **35%** stake resulted from mutual agreement; BFL sought a minority investor, not a buyout. This level gives TJX enough involvement to add value and benefit from growth. They believe the investment will be accretive in a couple of years, leveraging their expertise to enhance BFL's performance.  **[TJX_3399553_15]** 

ce714a6ad592ea98a4ef30a76fd545d5f41bc3286b5a272b1ad8b2319f3fc95d

- **Strong sales performance across all divisions with consistent improvement each month, indicating positive momentum and a strong start to the third quarter.**  **[TJX_3399553_8]**
- **Margin expansion opportunities driven by better vendor relationships, improved buying strategies, and enhanced merchandise flow management, which are expected to boost profitability.**  **[TJX_3399553_10]**
- **Strategic global growth initiatives, such as investments in Grupo Axo and Brands For Less, leveraging their seasoned management team to expand into new markets without risking core operations, with expectations of accretive earnings contributions.**  **[TJX_3399553_7]** **[TJX_3399553_15]**

5efce4e508f480769b6ac733dd8b8e1fa32c5c0c3d528a5b370605fe715248db

TJX Companies Inc (TJX)

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