Tjx Companies Inc 10-Q for FY2025 Q1

Tjx Companies Inc (TJX)

10-Q 2024-05-31 For: 2024-05-04

Added on April 08, 2026

About this 10-Q

Tjx Companies Inc filed this 10-Q on May 31, 2024, covering the quarter ended May 4, 2024 (FY2025 Q1).

Headline figures

Quarter ended May 4, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $12.48B; up 5.9% from $11.78B a year earlier
Net income: $1.07B; up 20.1% from net income of $891M a year earlier
Diluted EPS: $0.93; up 22.4% from $0.76 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			8
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			20
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk			29
ITEM 4. Controls and Procedures			29

PART II
ITEM 1. Legal Proceedings			30
ITEM 1A. Risk Factors			30
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			30
ITEM 5. Other Information			30
ITEM 6. Exhibits			31

SIGNATURE			31


	Thirteen Weeks Ended
	May 4, 2024		April 29, 2023
Net sales	$	12,479	$	11,783
Cost of sales, including buying and occupancy costs	8,739		8,374





Selling, general and administrative expenses	2,400		2,238




Interest (income) expense, net	(50)		(37)
Income before income taxes	1,390		1,208
Provision for income taxes	320		317
Net income	$	1,070	$	891
Basic earnings per share	$	0.95	$	0.77
Weighted average common shares – basic	1,132		1,153
Diluted earnings per share	$	0.93	$	0.76
Weighted average common shares – diluted	1,146		1,165


	Thirteen Weeks Ended
	May 4, 2024		April 29, 2023
Net income	$	1,070	$	891
Additions to other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of related tax benefits of $1 in fiscal 2025 and $1 in fiscal 2024	(18)		14
Reclassifications from other comprehensive income (loss) to net income:

Amortization of prior service cost and deferred gains/(losses), net of related tax benefit of $0.0 in fiscal 2025 and tax provision of $0.1 in fiscal 2024	(0)		0

Other comprehensive income (loss), net of tax	(18)		14
Total comprehensive income	$	1,052	$	905


☒			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


	May 4, 2024		February 3, 2024		April 29, 2023
Assets
Current assets:
Cash and cash equivalents	$	5,059	$	5,600	$	5,025

Accounts receivable, net	542		529		587
Merchandise inventories	6,218		5,965		6,441
Prepaid expenses and other current assets	528		511		496
Federal, state and foreign income taxes recoverable	62		59		46
Total current assets	12,409		12,664		12,595
Net property at cost	6,622		6,571		5,899
Non-current deferred income taxes, net	156		172		150
Operating lease right of use assets	9,499		9,396		9,177
Goodwill	95		95		95
Other assets	898		849		765
Total assets	$	29,679	$	29,747	$	28,681
Liabilities
Current liabilities:
Accounts payable	$	4,072	$	3,862	$	4,304
Accrued expenses and other current liabilities	4,115		4,870		3,954
Current portion of operating lease liabilities	1,615		1,620		1,609
Current portion of long-term debt	—		—		500
Federal, state and foreign income taxes payable	298		99		167
Total current liabilities	10,100		10,451		10,534
Other long-term liabilities	894		924		865
Non-current deferred income taxes, net	156		148		133
Long-term operating lease liabilities	8,164		8,060		7,867
Long-term debt	2,863		2,862		2,860
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 1,130,829,890; 1,133,586,545 and 1,150,179,322 respectively	1,131		1,134		1,150
Additional paid-in capital	—		—		—
Accumulated other comprehensive (loss) income	(550)		(532)		(592)
Retained earnings	6,921		6,700		5,864
Total shareholders’ equity	7,502		7,302		6,422
Total liabilities and shareholders’ equity	$	29,679	$	29,747	$	28,681


	Thirteen Weeks Ended
	Common Stock
	Shares	Par Value $1		Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
Balance, February 3, 2024	1,134	$	1,134	$	—	$	(532)	$	6,700	$	7,302
Net income	—	—		—		—		1,070		1,070

Other comprehensive (loss), net of tax	—	—		—		(18)		—		(18)
Cash dividends declared on common stock	—	—		—		—		(426)		(426)
Recognition of share-based compensation	—	—		38		—		—		38
Issuance of common stock under stock incentive plan and related tax effect	2	2		46		—		—		48
Common stock repurchased	(5)	(5)		(84)		—		(423)		(512)
Balance, May 4, 2024	1,131	$	1,131	$	—	$	(550)	$	6,921	$	7,502


In millions	May 4, 2024		April 29, 2023
Balance, beginning of year	$	773	$	721
Deferred revenue	400		381
Effect of exchange rates changes on deferred revenue	(2)		(1)
Revenue recognized	(455)		(444)
Balance, end of period	$	716	$	657


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	(18)		—		(18)
Reclassifications from other comprehensive (loss) to net income:


Amortization of prior service cost and deferred (losses), net of taxes	—		(0)		(0)
Balance, May 4, 2024	$	(532)	$	(18)	$	(550)


	Thirteen Weeks Ended
Amounts in millions, except per share amounts	May 4, 2024		April 29, 2023
Basic earnings per share:
Net income	$	1,070	$	891
Weighted average common shares outstanding for basic earnings per share calculation	1,132		1,153
Basic earnings per share	$	0.95	$	0.77
Diluted earnings per share:
Net income	$	1,070	$	891

Weighted average common shares outstanding for basic earnings per share calculation	1,132		1,153
Assumed exercise/vesting of stock options and awards	14		12
Weighted average common shares outstanding for diluted earnings per share calculation	1,146		1,165
Diluted earnings per share	$	0.93	$	0.76
Cash dividends declared per share	$	0.375	$	0.3325


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 May 4, 2024
Fair value hedges:
Intercompany balances, primarily debt:
	zł	10	£	2	0.1973	(Accrued Exp)	$	—	$	(0.0)	$	(0.0)
	€	78	£	67	0.8622	Prepaid Exp / (Accrued Exp)	0.1		(0.1)		0.0
	A$	146	U.S.$	98	0.6743	Prepaid Exp / (Accrued Exp)	1.7		(0.2)		1.5
	U.S.$	70	£	55	0.7898	(Accrued Exp)	—		(0.5)		(0.5)
	£	100	U.S.$	126	1.2608	Prepaid Exp / (Accrued Exp)	0.8		(0.3)		0.5
	€	200	U.S.$	219	1.0937	Prepaid Exp / (Accrued Exp)	2.0		(0.3)		1.7

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 4.2M gal per month	Float on 3.0M – 4.2M gal per month		N/A	(Accrued Exp)	—		(8.1)		(8.1)
Intercompany billings in TJX International, primarily merchandise:
	€	142	£	121	0.8547	(Accrued Exp)	—		(0.6)		(0.6)
Merchandise purchase commitments:
	C$	851	U.S.$	630	0.7400	Prepaid Exp / (Accrued Exp)	7.7		(0.6)		7.1
	C$	37	€	25	0.6812	Prepaid Exp / (Accrued Exp)	0.1		(0.0)		0.1
	£	379	U.S.$	477	1.2585	Prepaid Exp / (Accrued Exp)	2.7		(1.6)		1.1
	A$	94	U.S.$	63	0.6633	Prepaid Exp / (Accrued Exp)	0.3		(0.3)		0.0
	zł	534	£	105	0.1971	Prepaid Exp / (Accrued Exp)	0.0		(0.7)		(0.7)

	U.S.$	133	€	123	0.9190	Prepaid Exp / (Accrued Exp)	0.1		(1.2)		(1.1)
Total fair value of derivative financial instruments							$	15.5	$	(14.5)	$	1.0


		Amount of Gain (Loss) Recognized in Income by Derivative
	Location of Gain (Loss) Recognized in Income by Derivative	Thirteen Weeks Ended
In millions		May 4, 2024		April 29, 2023
Fair value hedges:
Intercompany balances, primarily debt	Selling, general and administrative expenses	$	1	$	6
Economic hedges for which hedge accounting was not elected:

Diesel fuel contracts	Cost of sales, including buying and occupancy costs	(5)		(18)
Intercompany billings in TJX International, primarily merchandise	Cost of sales, including buying and occupancy costs	(0)		(0)

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs	11		8
Gain (loss) recognized in income		$	7	$	(4)


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	May 4, 2024		February 3, 2024		April 29, 2023
Land and buildings	$	2,200	$	2,179	$	2,055
Leasehold costs and improvements	4,401		4,306		3,968
Furniture, fixtures and equipment	8,245		8,134		7,579
Total property at cost	$	14,846	$	14,619	$	13,602
Less: accumulated depreciation and amortization	8,224		8,048		7,703
Net property at cost	$	6,622	$	6,571	$	5,899


	Thirteen Weeks Ended
In millions	May 4, 2024		April 29, 2023
Net sales:
In the United States:
Marmaxx	$	7,750	$	7,366
HomeGoods	2,079		1,966
TJX Canada	1,113		1,038
TJX International	1,537		1,413
Total net sales	$	12,479	$	11,783
Segment profit:
In the United States:
Marmaxx	$	1,097	$	1,028
HomeGoods	198		144
TJX Canada	137		117
TJX International	61		38
Total segment profit	1,493		1,327
General corporate expense	153		156



Interest (income) expense, net	(50)		(37)
Income before income taxes	$	1,390	$	1,208


In millions and net of immaterial unamortized debt discounts	May 4, 2024		February 3, 2024		April 29, 2023
General corporate debt:
2.500% senior unsecured notes, redeemed May 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount)	$	—	$	—	$	500
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)	499		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	2,876		2,876		3,376
Current maturities of long-term debt, net of debt issuance costs	—		—		(500)
Debt issuance costs	(13)		(14)		(16)
Long-term debt	$	2,863	$	2,862	$	2,860


	Thirteen Weeks Ended
U.S. dollars in millions		May 4, 2024			April 29, 2023
Net sales		$	7,750		$	7,366
Segment profit		$	1,097		$	1,028
Segment profit margin		14.2		%	14.0		%
Comp store sales		2		%	5		%
Stores in operation at end of period:
TJ Maxx		1,322			1,304
Marshalls		1,201			1,189
Sierra		97			81
Total		2,620			2,574
Selling square footage at end of period (in millions):
TJ Maxx		29			28
Marshalls		27			27
Sierra		1			1
Total		57			56


	Funded Plan				Unfunded Plan
	Thirteen Weeks Ended				Thirteen Weeks Ended
In millions	May 4, 2024		April 29, 2023		May 4, 2024		April 29, 2023
Service cost	$	7	$	8	$	1	$	1
Interest cost	18		18		1		1
Expected return on plan assets	(19)		(20)		—		—
Amortization of net actuarial loss and prior service cost	(0)		0		0		0


Total expense	$	6	$	6	$	2	$	2


	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(c)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(c)
February 4, 2024 through March 2, 2024	1,102,422	$	97.88	1,102,422	$	3,438,598,594
March 3, 2024 through April 6, 2024	2,136,366	$	98.30	2,136,366	$	3,228,599,945
April 7, 2024 through May 4, 2024	2,014,284	$	94.92	2,014,284	$	3,037,399,556
Total	5,253,072			5,253,072


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 May 4, 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 May 4, 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