Over our four decades as a Company preceding the global health pandemic in 2020, we delivered steady sales and earnings growth through many retail and economic environments across different geographies. Throughout our history before COVID, our strong financial returns and cash generation historically allowed us to simultaneously invest in the growth of the business and return cash to shareholders for decades. The year 2020 was unprecedented, with us temporarily closing our stores, distribution centers, e-commerce sites, and offices due to COVID and then reopening our operations again while prioritizing the health and safety of our Associates, customers and communities. While our 2020 financial performance was negatively impacted due to the temporary store closures, when measuring sales across our stores for the periods they were open (“open only comp store sales”) we saw only a small year-over-year decline. Further, we ended the year with strong momentum in our business and are convinced that we will regain our customer traffic and sales once the health crisis is behind us. Our long track record gives us confidence to continue our successful growth over the long term.
We believe significant opportunity remains 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 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 more than 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
To learn more about our major strengths and growth drivers, we invite you to explore the other key success factors in this section of our website.
As of January 30, 2021, which was the end of the Company’s fiscal year.