Succeeding in All Types of Environments

The TJX business model is built to have tremendous flexibility and grow with the times, no matter what the economic environment. In our history as a Company, we have had only one year with a comparable store sales decline and comps have continued to increase after recessions. We are very confident that our strong top- and bottom-line growth is sustainable. On the top line, we have enormous growth opportunities with our value proposition and are growing our customer and vendor bases for the future. TJX is truly about exceptional value, fashion and brands, and we believe that value is deeply understood and appreciated by consumers worldwide. Our variety of business lines gives us the ability to service a wide range of customer demographic groups. Our growth vehicles domestically and internationally are performing well, and we are developing new seeds for future growth. On the bottom line, we also continue to have major opportunities. We operate our stores with extremely low levels of inventories and believe we can run even leaner and make our supply chain even faster and better. We have seen the benefit of our major cost reduction initiatives over the past several years and know that opportunities remain. We also are taking advantage of real estate opportunities which we believe will benefit our business long term. Further, we will be driving profitability as our younger businesses grow their store bases, which allows us to leverage costs across larger chains. Underpinning our confidence in the sustainability of our growth is the flexibility and resiliency of our business model and our commitment to offer extreme value to consumers.