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The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, ranking No. 125 in the most recent Fortune 500 listings. With over $23 billion in revenues in 2011, more than 2,900 stores in six countries and over 168,000 Associates, we see ourselves as a global, off-price value retailer. TJX operates four major divisions: The Marmaxx Group (T.J. Maxx and Marshalls) and HomeGoods in the U.S.; TJX Canada (Winners, HomeSense, and Marshalls); and TJX Europe (T.K. Maxx and HomeSense). In December 2012, TJX acquired Sierra Trading Post, an off-price internet retailer.
Our off-price mission is to deliver a rapidly changing assortment of fashionable, quality, brand-name merchandise at prices that are 20%-60% less than department and specialty store regular prices, every day. Our great values and exciting treasure-hunt shopping experience appeal to a broad range of customers and we believe that our demographic reach is among the widest in retail. While we continue to expand our customer reach, our core target customer remains a middle- to upper-middle-income shopper who is fashion and value conscious and fits the same profile as a department or specialty store shopper.
In our 35-year history, we have delivered steady earnings growth, some of the highest returns on investment in retail, and seen only one year with an annual comparable store sales decline. We believe that we operate one of the most flexible business models in the world and year after year, our great flexibility, particularly for a company of our size, has enabled us to succeed through various economic and business cycles. Our stores have "no walls" between departments which enables us to quickly expand and contract merchandise categories to respond to market trends and customers’ changing tastes. Our inventories turn rapidly, which allows us to buy close to need, with greater visibility into current fashion and pricing trends. This, in turn, helps create continuous freshness in our stores and higher merchandise margins. We source merchandise globally from over 15,000 vendors in more than 60 countries and operate more like a "sourcing machine" than most retailers. Further, our financial strength gives us the strong foundation and flexibility to grow our business and simultaneously return value to shareholders. These are some of the key factors that give us great confidence in our ability to sustain strong profitability and continue our global growth.