Tjx Companies Inc 10-Q for FY2025 Q3

Tjx Companies Inc (TJX)

10-Q 2024-12-04 For: 2024-11-02

Added on April 08, 2026

About this 10-Q

Tjx Companies Inc filed this 10-Q on December 4, 2024, covering the quarter ended November 2, 2024 (FY2025 Q3).

Headline figures

Quarter ended November 2, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $14.06B; up 6.0% from $13.27B a year earlier
Net income: $1.3B; up 8.9% from net income of $1.19B a year earlier
Diluted EPS: $1.14; up 10.7% from $1.03 a year earlier

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Delaware						04-2207613
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

770 Cochituate Road Framingham, Massachusetts						01701
(Address of principal executive offices)						(Zip Code)


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	TJX	New York Stock Exchange


PART I
ITEM 1. Consolidated Financial Statements			3
Consolidated Statements of Income			3
Consolidated Statements of Comprehensive Income			4
Consolidated Balance Sheets			5
Consolidated Statements of Cash Flows			6
Consolidated Statements of Shareholders' Equity			7
Notes To Consolidated Financial Statements			9
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			22
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk			33
ITEM 4. Controls and Procedures			33

PART II
ITEM 1. Legal Proceedings			34
ITEM 1A. Risk Factors			34
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
ITEM 5. Other Information			34
ITEM 6. Exhibits			35

SIGNATURE			35


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net sales	$	14,063	$	13,265	$	40,010	$	37,806
Cost of sales, including buying and occupancy costs	9,622		9,139		27,741		26,423





Selling, general and administrative expenses	2,748		2,578		7,814		7,375




Interest (income) expense, net	(43)		(41)		(139)		(116)
Income before income taxes	1,736		1,589		4,594		4,124
Provision for income taxes	439		398		1,128		1,053
Net income	$	1,297	$	1,191	$	3,466	$	3,071
Basic earnings per share	$	1.15	$	1.04	$	3.07	$	2.68
Weighted average common shares – basic	1,127		1,144		1,130		1,148
Diluted earnings per share	$	1.14	$	1.03	$	3.03	$	2.65
Weighted average common shares – diluted	1,141		1,158		1,144		1,161


	Thirteen Weeks Ended
	November 2, 2024		October 28, 2023
Net income	$	1,297	$	1,191
Additions to other comprehensive (loss), net of tax:
Foreign currency translation adjustments, net of related tax benefits of $1 in fiscal 2025 and $4 in fiscal 2024	(15)		(102)
Reclassifications from other comprehensive (loss), net of tax, to net income:

Amortization of prior service cost and deferred gains, net of related tax provisions of $0.1 in fiscal 2025 and $0.2 in fiscal 2024	0		0

Other comprehensive (loss), net of tax	(15)		(102)
Total comprehensive income	$	1,282	$	1,089


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


	November 2, 2024		February 3, 2024		October 28, 2023
Assets
Current assets:
Cash and cash equivalents	$	4,718	$	5,600	$	4,290

Accounts receivable, net	599		529		560
Merchandise inventories	8,371		5,965		8,285
Prepaid expenses and other current assets	546		511		535
Federal, state and foreign income taxes recoverable	118		59		136
Total current assets	14,352		12,664		13,806
Net property at cost	7,136		6,571		6,262
Non-current deferred income taxes, net	142		172		152
Operating lease right of use assets	9,570		9,396		9,289
Goodwill	95		95		94
Other assets	1,141		849		748
Total assets	$	32,436	$	29,747	$	30,351
Liabilities
Current liabilities:
Accounts payable	$	5,617	$	3,862	$	5,425
Accrued expenses and other current liabilities	4,714		4,870		4,482
Current portion of operating lease liabilities	1,642		1,620		1,682

Federal, state and foreign income taxes payable	44		99		51
Total current liabilities	12,017		10,451		11,640
Other long-term liabilities	1,002		924		908
Non-current deferred income taxes, net	172		148		133
Long-term operating lease liabilities	8,207		8,060		7,976
Long-term debt	2,865		2,862		2,861
Commitments and contingencies (See Note K)
Shareholders’ equity
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued	—		—		—
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,124,355,838; 1,133,586,545 and 1,140,732,746 respectively	1,124		1,134		1,141
Additional paid-in capital	—		—		—
Accumulated other comprehensive (loss) income	(547)		(532)		(653)
Retained earnings	7,596		6,700		6,345
Total shareholders’ equity	8,173		7,302		6,833
Total liabilities and shareholders’ equity	$	32,436	$	29,747	$	30,351


	Thirteen Weeks Ended
	Common Stock
	Shares	Par Value $1		Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
Balance, August 3, 2024	1,128	$	1,128	$	—	$	(532)	$	7,186	$	7,782
Net income	—	—		—		—		1,297		1,297

Other comprehensive (loss), net of tax	—	—		—		(15)		—		(15)
Cash dividends declared on common stock	—	—		—		—		(422)		(422)
Recognition of share-based compensation	—	—		47		—		—		47
Issuance of common stock under stock incentive plan and related tax effect	1	1		62		—		—		63
Common stock repurchased	(5)	(5)		(109)		—		(465)		(579)
Balance, November 2, 2024	1,124	$	1,124	$	—	$	(547)	$	7,596	$	8,173


In millions	November 2, 2024		October 28, 2023
Balance, beginning of year	$	773	$	721
Deferred revenue	1,315		1,283
Effect of exchange rate changes on deferred revenue	(2)		(4)
Revenue recognized	(1,371)		(1,342)
Balance, end of period	$	715	$	658


In millions and net of immaterial taxes	Foreign Currency Translation		Deferred Benefit Costs		Accumulated Other Comprehensive (Loss) Income
Balance, January 28, 2023	$	(544)	$	(62)	$	(606)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	30		—		30

Recognition of net gains on benefit obligations, net of taxes	—		43		43

Reclassifications from other comprehensive (loss) to net income:

Amortization of prior service cost and deferred gains, net of taxes	—		1		1
Balance, February 3, 2024	$	(514)	$	(18)	$	(532)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	(15)		—		(15)
Reclassifications from other comprehensive (loss) to net income:


Amortization of prior service cost and deferred gains, net of taxes	—		0		0
Balance, November 2, 2024	$	(529)	$	(18)	$	(547)


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
Amounts in millions, except per share amounts	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Basic earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071
Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Basic earnings per share	$	1.15	$	1.04	$	3.07	$	2.68
Diluted earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071

Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Assumed exercise/vesting of stock options and awards	14		14		14		13
Weighted average common shares outstanding for diluted earnings per share calculation	1,141		1,158		1,144		1,161
Diluted earnings per share	$	1.14	$	1.03	$	3.03	$	2.65
Cash dividends declared per share	$	0.375	$	0.3325	$	1.125	$	0.9975


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at November 2, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8546	Prepaid Exp	$	1.3	$	—	$	1.3
	A$	210	U.S.$	139	0.6637	Prepaid Exp	1.5		—		1.5
	U.S.$	70	£	55	0.7898	Prepaid Exp	1.3		—		1.3
	£	100	U.S.$	127	1.2712	(Accrued Exp)	—		(2.3)		(2.3)
	€	200	U.S.$	219	1.0970	Prepaid Exp / (Accrued Exp)	0.6		(0.2)		0.4

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.1M – 4.2M gal per month	Float on 3.1M – 4.2M gal per month		N/A	(Accrued Exp)	—		(16.3)		(16.3)
Intercompany billings in TJX International, primarily merchandise:
	€	181	£	151	0.8341	(Accrued Exp)	—		(1.2)		(1.2)
Merchandise purchase commitments:
	C$	834	U.S.$	610	0.7318	Prepaid Exp	10.5		—		10.5
	C$	33	€	22	0.6636	Prepaid Exp / (Accrued Exp)	0.1		(0.0)		0.1
	£	478	U.S.$	619	1.2960	Prepaid Exp / (Accrued Exp)	4.7		(3.5)		1.2
	zł	524	£	102	0.1951	Prepaid Exp / (Accrued Exp)	2.3		(0.1)		2.2
	A$	92	U.S.$	62	0.6694	Prepaid Exp	1.2		—		1.2

	U.S.$	127	€	116	0.9114	Prepaid Exp / (Accrued Exp)	0.1		(1.4)		(1.3)
Total fair value of derivative financial instruments							$	23.6	$	(25.0)	$	(1.4)


		Amount of (Loss) Gain Recognized in Income by Derivative
	Location of (Loss) Gain Recognized in Income by Derivative	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions		November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt	Selling, general and administrative expenses	$	2	$	26	$	3	$	29
Economic hedges for which hedge accounting was not elected:

Diesel fuel contracts	Cost of sales, including buying and occupancy costs	(6)		2		(22)		(6)
Intercompany billings in TJX International, primarily merchandise	Cost of sales, including buying and occupancy costs	4		(2)		5		2

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs	1		49		15		27
Gain recognized in income		$	1	$	75	$	1	$	52


Level 1:						Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2:						Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability

Level 3:						Unobservable inputs for the asset or liability


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Land and buildings	$	2,436	$	2,179	$	2,097
Leasehold costs and improvements	4,670		4,306		4,163
Furniture, fixtures and equipment	8,540		8,134		7,843
Total property at cost	$	15,646	$	14,619	$	14,103
Less: accumulated depreciation and amortization	8,510		8,048		7,841
Net property at cost	$	7,136	$	6,571	$	6,262


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net sales:
In the United States:
Marmaxx	$	8,438	$	8,107	$	24,633	$	23,376
HomeGoods	2,355		2,208		6,535		6,185
TJX Canada	1,382		1,317		3,739		3,578
TJX International	1,888		1,633		5,103		4,667
Total net sales	$	14,063	$	13,265	$	40,010	$	37,806
Segment profit:
In the United States:
Marmaxx	$	1,207	$	1,134	$	3,495	$	3,246
HomeGoods	290		228		679		547
TJX Canada	209		223		533		532
TJX International	137		88		271		158
Total segment profit	1,843		1,673		4,978		4,483
General corporate expense	150		125		523		475



Interest (income) expense, net	(43)		(41)		(139)		(116)
Income before income taxes	$	1,736	$	1,589	$	4,594	$	4,124


In millions and net of immaterial unamortized debt discounts	November 2, 2024		February 3, 2024		October 28, 2023
General corporate debt:

2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)	$	998	$	998	$	998
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount)	500		499		499
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount)	496		496		496
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount)	500		500		500
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount)	383		383		383
Total debt	2,877		2,876		2,876

Debt issuance costs	(12)		(14)		(15)
Long-term debt	$	2,865	$	2,862	$	2,861


	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
U.S. dollars in millions	November 2, 2024			October 28, 2023				November 2, 2024			October 28, 2023
Net sales	$	8,438		$	8,107			$	24,633		$	23,376
Segment profit	$	1,207		$	1,134			$	3,495		$	3,246
Segment profit margin	14.3		%	14.0		%		14.2		%	13.9		%
Comp store sales	2		%	7		%		3		%	7		%
Stores in operation at end of period:
TJ Maxx								1,331			1,317
Marshalls								1,219			1,196
Sierra								109			90
Total								2,659			2,603
Selling square footage at end of period (in millions):
TJ Maxx								30			29
Marshalls								27			27
Sierra								1			1
Total								58			57


	Funded Plan				Unfunded Plan
	Thirteen Weeks Ended				Thirteen Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	8	$	8	$	1	$	1
Interest cost	17		18		1		2
Expected return on plan assets	(21)		(20)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(0)		0		0		0


Total expense	$	4	$	6	$	2	$	3

	Funded Plan				Unfunded Plan
	Thirty-Nine Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	24	$	25	$	2	$	2
Interest cost	53		54		4		5
Expected return on plan assets	(60)		(60)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(1)		0		1		1


Total expense	$	16	$	19	$	7	$	8


	Total Number of Shares Repurchased(a)	Average Price Paid Per Share(b)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(a)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(c)
August 4, 2024 through August 31, 2024	827,558	$	113.71	827,558	$	2,384,700,434
September 1, 2024 through October 5, 2024	2,210,950	$	117.51	2,210,950	$	2,124,902,644
October 6, 2024 through November 2, 2024	1,925,050	$	114.59	1,925,050	$	1,904,302,038
Total	4,963,558			4,963,558


1.	I have reviewed this quarterly report on Form 10-Q of The TJX Companies, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


1			the Company’s Form 10-Q for the fiscal quarter ended November 2, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2			the information contained in the Company’s Form 10-Q for the fiscal quarter ended November 2, 2024 fairly presents, in all material respects, the financial condition and results of operations of the Company.






			/s/ Ernie Herrman
			Name: Ernie Herrman Title: Chief Executive Officer and President





			/s/ John Klinger
			Name: John Klinger Title: Chief Financial Officer