Analyst Report: TJX Companies, Inc.

Argus

•

Nov 24, 2025

Summary

TJX Companies Inc. sells name-brand merchandise astatine discounted prices. The institution operates 5,085 stores, with 3,695 T.J. Maxx, Marshalls, HomeGoods, Homesense, and Sierra stores successful the U.S., 576 stores successful Canada, and 814 stores successful Europe and Australia. In FY20, the institution posted income of $42 billion, which dropped to $32 cardinal successful FY21 due to the fact that of COVID and rebounded to $48.5 cardinal successful FY22. FY23 income were $49.9 billion, FY24 income were $54 cardinal and FY25 income were $56 billion. Clothing and footwear is the large merchandise category, astatine astir 44% of sales. Jewelry and accessories correspond 21% and location products correspond 35%. The company, based successful Framingham, Massachusetts, has astir 329,000 associates worldwide and much than 21,000 vendors sourcing products from implicit 100 countries. E-commerce represents little than 3% of sales. We volition update these numbers aft we reappraisal the yearly report.

The HomeGoods part successful the U.S. represents astir 17% of institution sales. Much of the 'home' merchandise consists of accessories, acquisition items, products for kids, and adjacent packaged food. The HomeGoods and Homesense businesses person much 'big' items similar lamps, furniture, and rugs than T.J. Maxx and Marshalls.

Based connected the company's reported segments, the U.S. represents alm

Chris Graja, CFA

Senior Analyst: Retail

Chris covers the Consumer assemblage for Argus. He was the #1 Stock Picker successful the Household Durables sector, winning the 2019 StarMine U.S. Analyst grant from Refinitiv. He was the #1 Stock Picker successful Food and Staples Retailing, winning back-to-back U.S. Analyst Awards successful 2015 and 2016. He received a prestigious Volunteer of the Year grant from the New York Society of Security Analysts successful 2000. Prior to Argus, Chris spent 16 years astatine Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s probe part earlier joining the caller Bloomberg mag arsenic Technical Studies Editor successful 1993. He roseate to Executive Markets Editor of the publishing group. Chris co-authored the publication “Investing successful Small-Cap Stocks,” which was published successful 3 U.S. editions, an audio book, and 2 Chinese editions. Chris earned an MBA from Rutgers University. He is simply a CFA charterholder.