• It's like a department store such as Macy's or Nordstrom, but focused entirely on selling branded apparel and home goods at deep, everyday discounts.
• Imagine a constantly rotating selection of items you'd see at stores like Pottery Barn (for home) or Gap (for clothing), but all at significantly reduced prices.

• Apparel: A diverse range of clothing for women, men, and children, encompassing various styles and brands.
• Home Fashions: A wide selection of home decor, furniture, kitchenware, bedding, and bath items.
• Accessories & Footwear: Includes handbags, jewelry, scarves, and shoes for all ages and occasions.

TJX Companies (symbol: TJX) sells primarily to **individuals** through its various retail banners, including TJ Maxx, Marshalls, HomeGoods, Sierra, and Homesense in the U.S., and TJ Maxx/TK Maxx in Europe and Australia. As such, it does not have major corporate customers.

The company serves the following categories of individual customers:

• Value-Seeking Consumers: These customers are primarily driven by the desire to find high-quality, branded, and designer merchandise at significant discounts (typically 20-60% below full-price retailers). They appreciate the "treasure hunt" shopping experience and the constant rotation of new inventory, allowing them to discover unique items at great prices.
• Trend-Conscious & Brand-Oriented Shoppers: This category includes individuals who are interested in current fashion trends, popular brands, and designer labels but prefer to purchase them at a lower price point. They enjoy discovering stylish apparel, accessories, and home items without paying full retail prices.
• Home Decor Enthusiasts & Lifestyle Enhancers: Particularly for brands like HomeGoods and Homesense, these customers are specifically looking for unique, stylish, and affordable items to furnish and decorate their homes. They seek a wide variety of home furnishings, decor, kitchenware, and seasonal items to express their personal style and enhance their living spaces.

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Ernie Herrman, Chief Executive Officer and President

Ernie Herrman joined TJX in 1989 and held various merchandising positions until 2004. He served as Senior Executive Vice President, Chief Operating Officer of Marmaxx from 2004 to 2005, and President of Marmaxx from 2005 to 2008. From 2008 to 2011, he was the Senior Executive Vice President, Group President, with responsibilities for Marmaxx, HomeGoods, and TJX Canada. He became President in January 2011 and was appointed Chief Executive Officer in January 2016. Herrman possesses a deep understanding of TJX and extensive experience in all facets of off-price retail.

John Klinger, Senior Executive Vice President, Chief Financial Officer and Principal Accounting Officer

John Klinger was promoted to Executive Vice President, Chief Financial Officer, effective January 29, 2023. He joined TJX in 2000 as a Manager of Business Analysis for Marmaxx, and subsequently held various finance positions with increasing responsibility within HomeGoods and Marmaxx. Klinger served as VP, Divisional CFO for AJWright in 2007, and in 2011, he became VP, Corporate Finance before being promoted to SVP, Divisional CFO, TJX Europe. He returned to the U.S. in 2015 as SVP, Corporate Controller, and was named Executive Vice President, Corporate Controller in April 2019. Prior to TJX, he was with the Stride Rite company from 1994, holding various finance roles and eventually becoming Director of Finance in 1998.

Carol Meyrowitz, Executive Chairman of the Board

Carol Meyrowitz joined TJX Companies in 1983. She held the position of Executive Vice President of the company and President of MarMaxx Group from 2001 to 2005. Meyrowitz was appointed Chief Executive Officer in January 2007 and served in that role until January 2016, when Ernie Herrman succeeded her. She then assumed the role of Executive Chairman of the Board. Meyrowitz also served as a director for Amscan Holdings Inc. and Staples Inc.

Kenneth Canestrari, Senior Executive Vice President, Group President

Kenneth Canestrari has been with The TJX Companies since 1997. He has held progressively senior roles in finance and operations within The Marmaxx Group and at the corporate level. Canestrari served as Chief Operating Officer at HomeGoods starting in 2008 and was promoted to President, HomeGoods in 2012.

Douglas Mizzi, Senior Executive Vice President, Group President

Douglas Mizzi began his career with TJX in 1988, progressing through various store operations roles at Marmaxx. In 2004, he became Senior Vice President, Store Operations in Canada, and in 2006, he was appointed Executive Vice President, Chief Operating Officer of TJX Canada. Mizzi also served as a Managing Director for TJX Europe for two years. He was promoted to President, TJX Canada in September 2011, and later became Senior Executive Vice President, Group President in February 2018.

1. External Market Volatility and Economic Conditions: TJX Companies is significantly exposed to global economic conditions, trade policies, and foreign currency fluctuations, which can impact its supply chain, vendor pricing, and overall consumer demand. Geopolitical uncertainty and economic downturns can also adversely affect consumer confidence and discretionary spending, potentially leading to reduced foot traffic and lower sales volumes across the company's extensive store network.
2. Reliance on Physical Retail and E-commerce Vulnerability: The majority of TJX Companies' revenue is generated from in-store purchases, with e-commerce representing a very small portion of sales (less than 3% for its Marmaxx segment in fiscal year 2025). This heavy reliance on the in-store "treasure-hunt" experience makes the company vulnerable to a significant and sustained shift in consumer behavior towards pure e-commerce.
3. Failure to Execute Opportunistic Buying Strategy and Inventory Management: A core element of TJX's off-price business model is its opportunistic buying strategy and the ability to operate with relatively lean inventory levels and frequent inventory turns. The company faces risks if it fails to obtain and allocate the right merchandise at the right times, in the right quantities, at the right prices, and into the right stores. Poor inventory management, including potential product shortages or overbuying, could adversely affect sales, margins, and other financial results.

The emergence and rapid growth of online resale marketplaces (e.g., Poshmark, ThredUp, Depop, The RealReal) represent a clear emerging threat. These platforms directly compete with TJX's core value proposition by offering consumers branded merchandise at significant discounts, often providing a broader or more curated selection of unique and sought-after items, while also appealing to increasing consumer demand for sustainable fashion choices. This shift fundamentally alters how value-conscious shoppers can access discounted branded goods, potentially diverting traffic and sales from traditional off-price retailers.

TJX Companies operates as a leading off-price retailer, offering a diverse range of brand-name and designer merchandise at discounted prices across various categories, including apparel, home fashions, jewelry, and beauty products. The company primarily serves markets in the U.S., Canada, Europe, and Australia.

Addressable Market Sizes for TJX Companies' Main Products and Services:

Off-Price Retail Market:

• Global: The global off-price retail market was valued at approximately USD 380.82 billion in 2025 and is projected to grow to USD 883.13 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 8.7%.
• North America: North America holds a significant share of the global off-price market, accounting for 50% in 2023. Based on the 2025 global market size, the estimated addressable market for off-price retail in North America would be approximately USD 190.41 billion in 2025.
• Europe: The Europe off-price fashion retail market was valued at USD 222.75 billion in 2024 and is projected to reach USD 346.15 billion by 2032, with a CAGR of 6.5% from 2026 to 2032.

Main Product Categories (U.S. Market):

• Apparel: The United States apparel market is valued at approximately USD 395 billion in 2025. The global apparel market is valued at USD 1.84 trillion in 2025.
• Home Fashions (Home Textiles/Home Goods): The United States home textile market size stands at USD 26.48 billion in 2025 and is forecast to reach USD 32.08 billion by 2030, expanding at a 3.91% CAGR.
• Jewelry: The U.S. jewelry market was valued at USD 78.40 billion in 2024 and is expected to reach USD 97.62 billion by 2030.
• Beauty Products: The United States beauty and personal care products market size is estimated to be USD 130.25 billion in 2025 and is forecast to reach USD 154.35 billion by 2030.

The TJX Companies (TJX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Extensive New Store Expansion and Remodeling: TJX has ambitious plans to significantly grow its global store footprint. The company aims to add approximately 130 net new stores in the current fiscal year (2025), with a long-term target of 7,000 stores globally, an increase of 1,900 locations across its banners. This includes focused growth in the U.S. for brands like Marmaxx (T.J. Maxx and Marshalls), HomeGoods, and Sierra, as well as continued expansion in Canada, Europe, and Australia. Furthermore, TJX plans to remodel around 500 stores and relocate approximately 40 stores in fiscal 2025, enhancing the customer experience and optimizing its physical presence. This physical expansion directly increases market reach and sales capacity.
2. Growth in Customer Transactions Driven by Value Proposition: The core of TJX's revenue growth is its successful off-price model, which consistently attracts value-conscious consumers. The company emphasizes offering high-quality, fashionable, brand-name, and designer merchandise at prices generally 20-60% below full-price retailers' regular prices, creating a "treasure hunt" shopping experience. This strategy has led to consistent comparable store sales growth, primarily driven by an increase in customer transactions across all divisions, signaling genuine demand rather than just price or ticket increases. This focus on customer traffic and loyalty is crucial for sustained revenue growth.
3. Strategic International Expansion and Partnerships: Beyond organic store growth in existing international markets, TJX is actively pursuing new global opportunities. The company plans to introduce the T.K. Maxx banner in Spain, with projected store openings starting in early 2026 and a long-term goal of over 100 stores. Additionally, TJX is engaging in strategic partnerships, such as a joint venture with Grupo Axo in Mexico and an investment in Brands for Less in the Middle East, to participate in the growth of off-price retail in new regions. These ventures are expected to open new avenues for international revenue generation.
4. Continued Strength and Expansion of the Home Category: The home segment, particularly HomeGoods, is a significant driver of growth. TJX recently opened its 1,000th HomeGoods store and expresses confidence in gaining a larger U.S. market share in this category. Analysts highlight HomeGoods' transformation into a year-round destination, driven by a deliberate merchandising strategy that resonates with consumers even amidst economic uncertainties. Sustained strength in the home segment, fueled by evolving consumer preferences and TJX's differentiated offerings, is expected to continue contributing substantially to revenue.

Share Repurchases

• The Board of Directors approved an additional $2.5 billion share repurchase program in February 2025.
• TJX plans to repurchase approximately $2.0 billion to $2.5 billion of its stock during fiscal year 2026.
• In fiscal year 2025, TJX returned a total of $4.1 billion to shareholders through share repurchases and dividends.

Share Issuance

• No significant dollar amount of large-scale share issuances by TJX Companies was identified, beyond routine issuances related to employee stock incentive plans.

Outbound Investments

• In fiscal year 2025, TJX entered into a definitive agreement for a joint venture with Grupo Axo, a Mexican retailer. TJX holds a 49% stake in this venture, which integrates Axo's existing off-price retail operations in Mexico.
• The company is planning a TK Maxx entry into Spain and has made a 35% investment in Brands for Less, a Dubai-based off-price retailer.
• In fiscal year 2020, TJX acquired a minority ownership stake in Familia, a privately held off-price retailer.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were approximately $1.92 billion.
• For fiscal year 2026, TJX expects capital expenditures to be in the range of $2.1 billion to $2.2 billion.
• The primary focus for fiscal year 2026 capital expenditures includes $1.0 billion to $1.1 billion for offices and distribution centers (including IT systems) to support growth, $0.9 billion for store renovations, and $0.2 billion for new stores, with plans to open about 130 net new stores.