Success Factors

Successful Track Record

History of Strong Performance

Our business model has been built to have tremendous flexibility and adapt with the times. Over our more than four decades as a Company, we have maintained an unwavering focus on executing our off-price business model which has generally allowed us to deliver steady sales and earnings growth through many retail and economic environments across different geographies. Over the course of our history, our strong financial results and cash generation have allowed us to simultaneously invest in the growth of the business and return cash to shareholders. Our strong sales and profitability performance in Fiscal 2023 give us great confidence in the outlook for our business and that we are well on our way to becoming an increasingly profitable, $60 billion-plus revenue company!

We believe significant opportunity remains for us to deliver value to more consumers and gain market share across the globe over the long term. At TJX, our commitment to value has been our mission since day one and we have never wavered. We are convinced that our flexible, off-price model and combination of brand, fashion, price, and quality will continue to be our winning retail formula going forward.

As we pursue our long-term goals for global growth, we see our major strengths as the following:

  • World-class buying organization
  • Global sourcing and distribution capabilities
  • Integrated global business with all major divisions having well over 25 years of off-price operating expertise and knowledge in the U.S., Canada, and Europe
  • One of the most flexible retail business models in the world

Our primary, longer-term growth strategies are:

  • Driving customer traffic and sales growth
  • Growing our global store base

Product Availability

Why We Have Always Had Plenty Of Product Available

Since we opened our stores more than four decades ago, we have continuously been asked if there is enough merchandise available to support TJX’s continued growth. In our 46-year history as a Company, availability of quality product has never been an issue even as we have grown to over 4,800 stores.

Over the years, we have built a flexible, value-driven, “global sourcing machine.” We have over 1,200 Associates in our buying organization, operate buying offices around the world, and source product from more than 100 countries. Further, we have a global buying presence and source from a vendor universe of approximately 21,000 vendors. Our buyers are typically in the marketplace throughout the year, and with “no walls” between departments in our stores, we can shift merchandise categories to take advantage of market opportunities and adjust to changing consumer preferences. We are able to buy in many different ways and are typically willing to purchase less-than-full assortments of items, styles, and sizes, as well as quantities ranging from small to very large. We’re confident that we can continue to offer consumers an exciting mix of quality products in our stores and online today and in the future.

Global Growth

Long-term Global Growth of Our Off-Price Value Company

We plan to continue growing TJX as the leading global, off-price, value retailer of apparel and home fashions for the long term. We operate stores in nine countries on three continents and we are the only large, U.S. brick-and-mortar off-price retailer of apparel and home fashions to have expanded successfully internationally. With over 4,800 stores as of January 28, 2023, we see the potential to expand our store base to 6,275 stores long term with our current chains in our current geographies. Our Company has a focused portfolio of four major divisions, and we believe they all have an opportunity to further grow their store base over the long term.

Our ability to leverage our global teams, infrastructure, and operational expertise are some of the major reasons for our confidence in being able to open additional stores around the world over the long term.

Beyond our successful brick-and-mortar business, we see e-commerce as complementary to our stores and another way to expand our customer base. We have six e-commerce sites that offer consumers differentiated merchandise and great values. In the U.S., we operate tjmaxx.comOpens new window, marshalls.comOpens new window, and, and in Europe, we operate tkmaxx.comOpens new window, tkmaxx.deOpens new window, and tkmaxx.atOpens new window.

Reinvesting/Shareholder Value

Strong Financial Position, Returning Value to Shareholders

We take a prudent approach to our capital structure to support the business and the long-term success of the Company. Over the course of our history, our strong financial returns and cash generation have allowed us to simultaneously invest in the growth of the business and return cash to shareholders. Our “A” S&P Global rating is one of the strongest in retail, and we are committed to maintaining a strong rating. We believe this is an important metric for our vendors, landlords, and other business associates.

In Fiscal 2023, we generated $4.1 billion in operating cash flow driven by record net income, and ended the year with $5.5 billion in cash. We have a very strong balance sheet and continue to generate a tremendous amount of cash flow.

Additionally, we returned $3.6 billion to shareholders through our buyback and dividend programs in Fiscal 2023, which is the most we’ve returned to shareholders on an annual basis in our history. We are in a great position to continue investing to support the growth of our business while simultaneously returning significant cash to our shareholders.

1Total TJX stores includes 78 Sierra stores in the U.S., as of FY23. Sierra stores are not included in estimated store growth potential.

References on this page as of January 28, 2023, which was the end of the Company’s fiscal year.

Updated November 2023