Store Operations - TJX operates over 5,000 stores and six branded e-commerce sites, offering merchandise at prices generally 20% to 60% below full-price retailers[14]. - The Marmaxx segment, which includes TJ Maxx and Marshalls, has a total of 2,563 stores, with an average store size of approximately 27,000 square feet[18][33]. - HomeGoods operates 943 stores, while Homesense has 72 stores, contributing to a total of 1,015 stores in the HomeGoods segment[20][33]. - The TJX Canada segment operates 576 stores, including Winners, HomeSense, and Marshalls, with a long-term potential of 650 stores[21][33]. - The TJX International segment has 814 stores, including TK Maxx in Europe and Australia, with a potential for 1,225 stores[22][33]. - The total number of stores at the end of fiscal 2025 was 3,695 in the U.S., 576 in Canada, 730 in Europe, and 84 in Australia[113][115]. Financial Performance - Net sales increased 4% to 56.4billionforfiscal2025comparedto54.2 billion for fiscal 2024[130]. - Diluted earnings per share were 4.26forfiscal2025,upfrom3.86 in fiscal 2024[130]. - Pre-tax profit margin for fiscal 2025 was 11.5%, a 0.5 percentage point increase from 11.0% in fiscal 2024[130]. - Cost of sales ratio decreased to 69.4% in fiscal 2025 from 70.0% in fiscal 2024[151]. - SG&A expense ratio increased to 19.4% in fiscal 2025 from 19.3% in fiscal 2024[152]. - The company returned 4.1billiontoshareholdersthroughsharerepurchasesanddividendsinfiscal2025[130].GrowthStrategy−Thecompanyaimstoexpanditsstorefootprint,withalong−termgoalofreaching7,000storesglobally[33].−Thecompanyplanstoopen40newMarmaxxstoresandapproximately20newSierrastoresinfiscal2026,increasingsellingsquarefootagebyabout22.1 billion to 2.2billionincapitalexpenditures,including1.0 billion to 1.1billionforofficesanddistributioncenters[187].−ThecompanyplanstoenterSpainwiththeTKMaxxbannerinfiscal2027[130].AssociateEngagementandDevelopment−AsofFebruary1,2025,thecompanyemployedapproximately364,000Associates,with86193 million[131]. - The company acquired a 35% stake in Brands for Less for 358million,focusingonoff−priceretailintheUAEandSaudiArabia[132].FinancialManagement−Thecompanyreliesonstrongcashflowstofundoperations,growth,stockrepurchases,anddividends;insufficientcashflowcouldadverselyaffectfinancialperformance[78].−Thecompanyissubjecttofinancialrisksassociatedwithlong−termrealestateleases,whichcouldimpactfinancialresultsifstoresareclosed[80].−Theeffectiveincometaxrateremainedstableat25.00.7 billion for employee compensation and benefits and $0.2 billion for uncertain tax positions[196]. Risk Management - The Board of Directors oversees significant risks, including cybersecurity, with quarterly reviews conducted by the Audit and Finance Committee[108]. - The information security program is managed by the Chief Information Security Officer (CISO), who has over 35 years of experience in cybersecurity[109]. - The company has implemented a cybersecurity program to manage risks to IT systems and protect confidential information, integrating these efforts into its broader risk management framework[103]. - Management concluded that internal control over financial reporting was effective as of February 1, 2025[211].
TJX(TJX)2025-04-02 15:43