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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(mark one)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended May 4, 2024
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number 1-4908 
The TJX Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-2207613
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
770 Cochituate Road Framingham, Massachusetts
 01701
(Address of principal executive offices) (Zip Code)
(508) 390-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareTJXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  
The number of shares of registrant’s common stock outstanding as of May 24, 2024: 1,130,149,156



The TJX Companies, Inc.
TABLE OF CONTENTS
2


PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
IN MILLIONS EXCEPT PER SHARE AMOUNTS
 
 Thirteen Weeks Ended
 May 4,
2024
April 29,
2023
Net sales$12,479 $11,783 
Cost of sales, including buying and occupancy costs8,739 8,374 
Selling, general and administrative expenses2,400 2,238 
Interest (income) expense, net(50)(37)
Income before income taxes1,390 1,208 
Provision for income taxes320 317 
Net income
$1,070 $891 
Basic earnings per share
$0.95 $0.77 
Weighted average common shares – basic1,132 1,153 
Diluted earnings per share
$0.93 $0.76 
Weighted average common shares – diluted1,146 1,165 
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
3


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
IN MILLIONS
 
 Thirteen Weeks Ended
 May 4,
2024
April 29,
2023
Net income$1,070 $891 
Additions to other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of related tax benefits of $1 in fiscal 2025 and $1 in fiscal 2024
(18)14 
Reclassifications from other comprehensive income (loss) to net income:
Amortization of prior service cost and deferred gains/(losses), net of related tax benefit of $0.0 in fiscal 2025 and tax provision of $0.1 in fiscal 2024
(0)0 
Other comprehensive income (loss), net of tax(18)14 
Total comprehensive income$1,052 $905 
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
4


THE TJX COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
IN MILLIONS, EXCEPT SHARE AMOUNTS
 
May 4,
2024
February 3,
2024
April 29,
2023
Assets
Current assets:
Cash and cash equivalents$5,059 $5,600 $5,025 
Accounts receivable, net542 529 587 
Merchandise inventories6,218 5,965 6,441 
Prepaid expenses and other current assets528 511 496 
Federal, state and foreign income taxes recoverable 62 59 46 
Total current assets12,409 12,664 12,595 
Net property at cost6,622 6,571 5,899 
Non-current deferred income taxes, net156 172 150 
Operating lease right of use assets9,499 9,396 9,177 
Goodwill95 95 95 
Other assets898 849 765 
Total assets$29,679 $29,747 $28,681 
Liabilities
Current liabilities:
Accounts payable$4,072 $3,862 $4,304 
Accrued expenses and other current liabilities4,115 4,870 3,954 
Current portion of operating lease liabilities1,615 1,620 1,609 
Current portion of long-term debt  500 
Federal, state and foreign income taxes payable298 99 167 
Total current liabilities10,100 10,451 10,534 
Other long-term liabilities894 924 865 
Non-current deferred income taxes, net156 148 133 
Long-term operating lease liabilities8,164 8,060 7,867 
Long-term debt2,863 2,862 2,860 
Commitments and contingencies (See Note K)
Shareholders’ equity
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued
   
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,130,829,890; 1,133,586,545 and 1,150,179,322 respectively
1,131 1,134 1,150 
Additional paid-in capital   
Accumulated other comprehensive (loss) income(550)(532)(592)
Retained earnings6,921 6,700 5,864 
Total shareholders’ equity7,502 7,302 6,422 
Total liabilities and shareholders’ equity$29,679 $29,747 $28,681 
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
5


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
IN MILLIONS
 
 Thirteen Weeks Ended
 May 4,
2024
April 29,
2023
Cash flows from operating activities:
Net income$1,070 $891 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization264 232 
Loss on property disposals and impairment charges3 4 
Deferred income tax provision24 16 
Share-based compensation38 34 
Changes in assets and liabilities:
(Increase) in accounts receivable(13)(22)
(Increase) in merchandise inventories(266)(624)
(Increase) decrease in income taxes recoverable(3)73 
(Increase) in prepaid expenses and other current assets(19)(15)
Increase in accounts payable219 507 
(Decrease) in accrued expenses and other liabilities(741)(477)
Increase in income taxes payable199 113 
(Decrease) in net operating lease liabilities(4)(1)
Other, net(34)14 
Net cash provided by operating activities737 745 
Cash flows from investing activities:
Property additions(419)(361)
Purchases of investments(16)(11)
Sales and maturities of investments8 10 
Net cash (used in) investing activities(427)(362)
Cash flows from financing activities:
Payments for repurchase of common stock(509)(492)
Cash dividends paid(380)(343)
Proceeds from issuance of common stock90 28 
Other(41)(30)
Net cash (used in) financing activities(840)(837)
Effect of exchange rate changes on cash(11)2 
Net (decrease) in cash and cash equivalents(541)(452)
Cash and cash equivalents at beginning of year5,600 5,477 
Cash and cash equivalents at end of period$5,059 $5,025 
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
6


THE TJX COMPANIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
IN MILLIONS
Thirteen Weeks Ended
 Common Stock  
  Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, February 3, 20241,134 $1,134 $ $(532)$6,700 $7,302 
Net income    1,070 1,070 
Other comprehensive (loss), net of tax   (18) (18)
Cash dividends declared on common stock    (426)(426)
Recognition of share-based compensation  38   38 
Issuance of common stock under stock incentive plan and related tax effect2 2 46   48 
Common stock repurchased(5)(5)(84) (423)(512)
Balance, May 4, 20241,131 $1,131 $ $(550)$6,921 $7,502 
Thirteen Weeks Ended
Common Stock  
Shares
Par Value
$1
Additional Paid-In
Capital
Accumulated Other Comprehensive
(Loss) Income
Retained
Earnings
Total
Balance, January 28, 20231,155 $1,155 $ $(606)$5,815 $6,364 
Net income— — — — 891 891 
Other comprehensive income, net of tax— — — 14 — 14 
Cash dividends declared on common stock— — — — (383)(383)
Recognition of share-based compensation— — 34 — — 34 
Issuance of common stock under stock incentive plan and related tax effect11(3)— — (2)
Common stock repurchased(6)(6)(31)— (459)(496)
Balance, April, 29, 20231,150 $1,150 $ $(592)$5,864 $6,422 
The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.
7


THE TJX COMPANIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (“fiscal 2024”).
These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year.
The February 3, 2024 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
Fiscal Year
TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 1, 2025 (“fiscal 2025”) and is a 52-week fiscal year. Fiscal 2024 was a 53-week fiscal year. “Fiscal 2026” will be a 52-week fiscal year and will end January 31, 2026.
Use of Estimates
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.
Deferred Gift Card Revenue
The following table presents deferred gift card revenue activity:
In millionsMay 4,
2024
April 29,
2023
Balance, beginning of year$773 $721 
Deferred revenue400 381 
Effect of exchange rates changes on deferred revenue(2)(1)
Revenue recognized(455)(444)
Balance, end of period$716 $657 
TJX recognized $455 million in gift card revenue for the three months ended May 4, 2024 and $444 million for the three months ended April 29, 2023. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period.
Leases
Supplemental cash flow information related to leases is as follows:
Thirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
Operating cash flows paid for operating leases$522 $495 
Lease liabilities arising from obtaining right of use assets$562 $529 
8


Future Adoption of New Accounting Standards
From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption, and, therefore, the guidance is not disclosed.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued guidance related to improvements to reportable segment disclosures. The new standard improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This standard is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2025 Form 10-K and does not anticipate a material impact on its financial statement disclosures.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued guidance related to improvements to income tax disclosures. The new standard updates the income tax disclosure related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The standard also provides for further disclosure comparability. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2026 Form 10-K and is currently evaluating the impact of the adoption of this standard on its financial statement disclosures.
SEC Rule Changes
In March 2024, the SEC adopted new rules phasing in for fiscal years beginning on or after January 1, 2025 that will require registrants to provide certain climate-related information in their registration statements and annual reports. In April 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the potential impact of these rules on its Consolidated Financial Statements and, subject to such new rules taking effect, are expected to result in additional disclosures.
Note B. Property at Cost
The following table presents the components of property at cost:
In millionsMay 4,
2024
February 3,
2024
April 29,
2023
Land and buildings
$2,200 $2,179 $2,055 
Leasehold costs and improvements
4,401 4,306 3,968 
Furniture, fixtures and equipment8,245 8,134 7,579 
Total property at cost$14,846 $14,619 $13,602 
Less: accumulated depreciation and amortization
8,224 8,048 7,703 
Net property at cost$6,622 $6,571 $5,899 
Depreciation expense was $263 million for the three months ended May 4, 2024 and $230 million for the three months ended April 29, 2023.
Non-cash investing activities consist of accrued capital additions of $154 million and $174 million as of the periods ended May 4, 2024 and April 29, 2023, respectively.
9


Note C. Accumulated Other Comprehensive (Loss) Income
Amounts included in Accumulated other comprehensive (loss) income are recorded net of taxes. The following table details the changes in Accumulated other comprehensive (loss) income for the twelve months ended February 3, 2024 and the three months ended May 4, 2024:
In millions and net of immaterial taxesForeign
Currency
Translation
Deferred
Benefit
Costs
Accumulated
Other
Comprehensive
(Loss) Income
Balance, January 28, 2023
$(544)$(62)$(606)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes30 — 30 
Recognition of net gains on benefit obligations, net of taxes— 43 43 
Reclassifications from other comprehensive (loss) to net income:
Amortization of prior service cost and deferred gains, net of taxes— 1 1 
Balance, February 3, 2024
$(514)$(18)$(532)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes(18) (18)
Reclassifications from other comprehensive (loss) to net income:
Amortization of prior service cost and deferred (losses), net of taxes (0)(0)
Balance, May 4, 2024
$(532)$(18)$(550)
Note D. Capital Stock and Earnings Per Share
Capital Stock
In February 2024, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $2.5 billion of TJX common stock from time to time. Under this program and previously announced programs, TJX had approximately $3.0 billion available for repurchase as of May 4, 2024.
The following table provides share repurchases, excluding applicable excise tax:
Thirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
Total number of shares repurchased and retired5.3 6.5 
Total cost$509 $500 
All shares repurchased under the stock repurchase programs have been retired. These expenditures were funded by cash generated from operations.
10


Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share:
 Thirteen Weeks Ended
Amounts in millions, except per share amountsMay 4,
2024
April 29,
2023
Basic earnings per share:
Net income
$1,070 $891 
Weighted average common shares outstanding for basic earnings per share calculation
1,132 1,153 
Basic earnings per share
$0.95 $0.77 
Diluted earnings per share:
Net income
$1,070 $891 
Weighted average common shares outstanding for basic earnings per share calculation
1,132 1,153 
Assumed exercise/vesting of stock options and awards14 12 
Weighted average common shares outstanding for diluted earnings per share calculation
1,146 1,165 
Diluted earnings per share
$0.93 $0.76 
Cash dividends declared per share$0.375 $0.3325 
The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were 5 million options excluded for the thirteen weeks ended May 4, 2024. There were 6 million such options excluded for the thirteen weeks ended April 29, 2023.
Note E. Financial Instruments
As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of Accumulated other comprehensive (loss) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Gains and losses on derivative instruments are reported in the Consolidated Statements of Cash Flows in operating activities, under Other, net.
Diesel Fuel Contracts
TJX hedges portions of its estimated notional diesel fuel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing, and the resulting per mile surcharges payable by TJX, by setting a fixed price per gallon for the period being hedged. During fiscal 2024, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2025, and during the first three months of fiscal 2025, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first three months of fiscal 2026. The hedge agreements outstanding at May 4, 2024 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2025 and the first three months of fiscal 2026. These diesel fuel hedge agreements will settle throughout fiscal 2025 and throughout the first four months of fiscal 2026. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Cost of sales, including buying and occupancy costs. TJX elected not to apply hedge accounting to these contracts.
11


Foreign Currency Contracts
TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. The contracts outstanding at May 4, 2024 cover merchandise purchases the Company is committed to over the next several months in fiscal 2025. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. Merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. A portion of the inflows of Euros to the central buying entity provides a natural hedge for Euro denominated merchandise purchases from third-party vendors. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this excess exposure. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Cost of sales, including buying and occupancy costs.
TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses.
12


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at May 4, 2024:
In millionsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
May 4,
2024
Fair value hedges:
Intercompany balances, primarily debt:
10 £2 0.1973 (Accrued Exp)$ $(0.0)$(0.0)
78 £67 0.8622 Prepaid Exp / (Accrued Exp)0.1 (0.1)0.0 
A$146 U.S.$98 0.6743 Prepaid Exp / (Accrued Exp)1.7 (0.2)1.5 
U.S.$70 £55 0.7898 (Accrued Exp) (0.5)(0.5)
£100 U.S.$126 1.2608 Prepaid Exp / (Accrued Exp)0.8 (0.3)0.5 
200 U.S.$219 1.0937 Prepaid Exp / (Accrued Exp)2.0 (0.3)1.7 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.0M – 4.2M
gal per month
Float on
3.0M – 4.2M
gal per month
N/A(Accrued Exp) (8.1)(8.1)
Intercompany billings in TJX International, primarily merchandise:
142 £121 0.8547 (Accrued Exp) (0.6)(0.6)
Merchandise purchase commitments:
C$851 U.S.$630 0.7400 Prepaid Exp / (Accrued Exp)7.7 (0.6)7.1 
C$37 25 0.6812 Prepaid Exp / (Accrued Exp)0.1 (0.0)0.1 
£379 U.S.$477 1.2585 Prepaid Exp / (Accrued Exp)2.7 (1.6)1.1 
A$94 U.S.$63 0.6633 Prepaid Exp / (Accrued Exp)0.3 (0.3)0.0 
534 £105 0.1971 Prepaid Exp / (Accrued Exp)0.0 (0.7)(0.7)
U.S.$133 123 0.9190 Prepaid Exp / (Accrued Exp)0.1 (1.2)(1.1)
Total fair value of derivative financial instruments$15.5 $(14.5)$1.0 
13


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2024:
In millionsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair
Value in
U.S.$ at
February 3,
2024
Fair value hedges:
Intercompany balances, primarily debt:
78 £67 0.8622 Prepaid Exp / (Accrued Exp)$0.1 $(0.1)$0.0 
A$140 U.S.$95 0.6751 Prepaid Exp2.7  2.7 
U.S.$70 £55 0.7898 (Accrued Exp) (0.2)(0.2)
£100 U.S.$127 1.2727 Prepaid Exp0.8  0.8 
200 U.S.$219 1.0969 Prepaid Exp / (Accrued Exp)3.0 (0.3)2.7 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.0M – 3.8M
gal per month
Float on
3.0M– 3.8M
gal per month
N/A(Accrued Exp) (7.2)(7.2)
Intercompany billings in TJX International, primarily merchandise:
130 £112 0.8604 Prepaid Exp0.9  0.9 
Merchandise purchase commitments:
C$668 U.S.$495 0.7408 Prepaid Exp / (Accrued Exp)1.4 (3.6)(2.2)
C$29 20 0.6797 (Accrued Exp) (0.3)(0.3)
£353 U.S.$443 1.2549 Prepaid Exp / (Accrued Exp)1.5 (5.0)(3.5)
508 £98 0.1930 Prepaid Exp / (Accrued Exp)0.0 (3.1)(3.1)
A$82 U.S.$55 0.6620 Prepaid Exp / (Accrued Exp)0.8 (0.1)0.7 
U.S.$109 100 0.9191 Prepaid Exp / (Accrued Exp)0.3 (1.0)(0.7)
Total fair value of derivative financial instruments$11.5 $(20.9)$(9.4)
14


The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at April 29, 2023:
In millionsPayReceiveBlended
Contract
Rate
Balance Sheet
Location
Current
Asset
U.S.$
Current
(Liability)
U.S.$
Net Fair 
Value in 
U.S.$ at 
April 29,
2023
Fair value hedges:
Intercompany balances, primarily debt:
60 £53 0.8807 (Accrued Exp)$ $(0.0)$(0.0)
A$150 U.S.$105 0.7003 Prepaid Exp4.9  4.9 
U.S.$69 £55 0.8010 Prepaid Exp0.2  0.2 
£200 U.S.$244 1.2191 (Accrued Exp) (6.5)(6.5)
200 U.S.$213 1.0641 Prepaid Exp / (Accrued Exp)0.1 (8.0)(7.9)
Economic hedges for which hedge accounting was not elected:
Diesel fuel contracts
Fixed on
3.0M – 3.8M
gal per month
Float on
3.0M – 3.8M
gal per month
N/A(Accrued Exp) (19.3)(19.3)
Intercompany billings in TJX International, primarily merchandise:
100 £88 0.8811 Prepaid Exp0.3  0.3 
Merchandise purchase commitments:
C$821 U.S.$610 0.7434 Prepaid Exp / (Accrued Exp)4.9 (1.5)3.4 
C$27 18 0.6790 Prepaid Exp / (Accrued Exp)0.2 (0.0)0.2 
£367 U.S.$445 1.2147 Prepaid Exp / (Accrued Exp)0.2 (13.3)(13.1)
A$90 U.S.$61 0.6829 Prepaid Exp / (Accrued Exp)1.6 (0.1)1.5 
532 £98 0.1833 (Accrued Exp) (4.1)(4.1)
U.S.$120 112 0.9271 Prepaid Exp / (Accrued Exp)2.6 (0.1)2.5 
Total fair value of derivative financial instruments$15.0 $(52.9)$(37.9)
The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:
  Amount of Gain (Loss) Recognized
in Income by Derivative
 
 Location of Gain (Loss)
Recognized in Income by
Derivative
Thirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
Fair value hedges:
Intercompany balances, primarily debtSelling, general and administrative expenses$1 $6 
Economic hedges for which hedge accounting was not elected:
Diesel fuel contractsCost of sales, including buying and occupancy costs(5)(18)
Intercompany billings in TJX International, primarily merchandiseCost of sales, including buying and occupancy costs(0)(0)
Merchandise purchase commitmentsCost of sales, including buying and occupancy costs11 8 
Gain (loss) recognized in income$7 $(4)
15


Note F. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as exit price). The inputs used to measure fair value are generally classified into the following hierarchy:
Level 1:  Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2:  Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
Level 3:  Unobservable inputs for the asset or liability
The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:
In millionsMay 4,
2024
February 3,
2024
April 29,
2023
Level 1
Assets:
Executive Savings Plan investments$424.1 $405.7 $372.9 
Level 2
Assets:
Foreign currency exchange contracts$15.5 $11.5 $15.0 
Liabilities:
Foreign currency exchange contracts$6.4 $13.7 $33.6 
Diesel fuel contracts8.1 7.2 19.3 
Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices.
Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2.
The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2 inputs. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations.
The following table summarizes the carrying value and fair value estimates of our components of long-term debt:
May 4,
2024
February 3,
2024
April 29,
2023
In MillionsCarrying ValueFair ValueCarrying ValueFair ValueCarrying ValueFair Value
Level 2
Current portion of long-term debt$ $ $ $ $500 $499 
Long-term debt$2,863 $2,580 $2,862 $2,630 $2,860 $2,650 
For additional information on long-term debt, see Note I—Long-Term Debt and Credit Lines.
TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments.
Certain assets and liabilities are measured at fair value on a nonrecurring basis, whereas the majority of assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. For the periods ended May 4, 2024, February 3, 2024 and April 29, 2023, the Company did not record any material impairments to long-lived assets.
16


Note G. Segment Information
TJX operates four main business segments. In the United States, the Marmaxx segment operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com and the HomeGoods segment operates HomeGoods and Homesense. The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates TK Maxx and Homesense, as well as tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia. In addition to the Company’s four main business segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions.
TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest (income) expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.
Presented below is financial information with respect to TJX’s business segments:
 Thirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
Net sales:
In the United States:
Marmaxx$7,750 $7,366 
HomeGoods2,079 1,966 
TJX Canada1,113 1,038 
TJX International1,537 1,413 
Total net sales$12,479 $11,783 
Segment profit:
In the United States:
Marmaxx$1,097 $1,028 
HomeGoods198 144 
TJX Canada137 117 
TJX International61 38 
Total segment profit1,493 1,327 
General corporate expense153 156 
Interest (income) expense, net(50)(37)
Income before income taxes$1,390 $1,208 
Note H. Pension Plans and Other Retirement Benefits
Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:
 Funded PlanUnfunded Plan
 Thirteen Weeks EndedThirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
May 4,
2024
April 29,
2023
Service cost$7 $8 $1 $1 
Interest cost18 18 1 1 
Expected return on plan assets(19)(20)  
Amortization of net actuarial loss and prior service cost(0)0 0 0 
Total expense$6 $6 $2 $2 
17


TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. The Company does not anticipate any required funding in fiscal 2025 for the funded plan. The Company anticipates making contributions of $11 million to provide current benefits coming due under the unfunded plan in fiscal 2025.
The amounts included in Amortization of net actuarial loss and prior service cost in the table above have been reclassified in their entirety from Accumulated other comprehensive (loss) income to the Consolidated Statements of Income, net of related tax effects, for the periods presented.
Note I. Long-Term Debt and Credit Lines
The table below presents long-term debt as of May 4, 2024, February 3, 2024 and April 29, 2023. All amounts are net of unamortized debt discounts.
In millions and net of immaterial unamortized debt discountsMay 4,
2024
February 3,
2024
April 29,
2023
General corporate debt:
2.500% senior unsecured notes, redeemed May 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount)
$ $ $500 
2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)
998 998 998 
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount)
499 499 499 
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount)
496 496 496 
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount)
500 500 500 
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount)
383 383 383 
Total debt2,876 2,876 3,376 
Current maturities of long-term debt, net of debt issuance costs  (500)
Debt issuance costs(13)(14)(16)
Long-term debt$2,863 $2,862 $2,860 
Senior Unsecured Notes
During the second quarter of fiscal 2024, the Company repaid its 2.500% ten-year Notes due May 2023 at maturity.
Credit Facilities
The Company has two TJX revolving credit facilities, a $1 billion senior unsecured revolving credit facility maturing in June 2026 (the “2026 Revolving Credit Facility”) and a $500 million revolving credit facility that was set to mature in May 2024 (the “2024 Revolving Credit Facility”). On May 8, 2023, the Company amended the 2024 Revolving Credit Facility (as amended, the “2028 Revolving Credit Facility”) to (i) extend the maturity to May 8, 2028 and (ii) replace the London Interbank Offered Rate (“LIBOR”) with a term secured overnight financing rate plus a 0.10% credit spread adjustment (“Adjusted Term SOFR”). Term SOFR borrowings under the 2028 Revolving Credit Facility bear interest at the Adjusted Term SOFR plus a margin of 45.0 - 87.5 basis points and a quarterly facility fee payment of 5.0 - 12.5 basis points on the total commitments under the 2028 Revolving Credit Facility, in each case, based on the Company’s long-term debt ratings. All other material terms and conditions of the 2028 Revolving Credit Facility were unchanged from the 2024 Revolving Credit Facility.
Additionally, on May 8, 2023, the Company amended its 2026 Revolving Credit Facility to replace the LIBOR with Adjusted Term SOFR. Term SOFR borrowings under the 2026 Revolving Credit Facility, as amended, bear interest at the Adjusted Term SOFR plus a variable margin based on the Company’s long-term debt ratings. All other material terms and conditions of the 2026 Revolving Credit Facility were unchanged.
Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. As of May 4, 2024, February 3, 2024 and April 29, 2023, and during the quarters and year then ended, there were no amounts outstanding under these facilities. Each of these facilities require TJX to maintain a ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (EBITDAR) of not more than 3.50 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented.
18


In addition, as of May 4, 2024, February 3, 2024 and April 29, 2023, TJX Canada had two credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of May 4, 2024, February 3, 2024 and April 29, 2023, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of May 4, 2024, February 3, 2024 and April 29, 2023, the Company’s European business at TJX International had a credit line of £5 million. As of May 4, 2024, February 3, 2024 and April 29, 2023, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.
Note J. Income Taxes
In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules did not have a material impact on our financial statements for the first quarter of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.
The effective income tax rate was 23.0% for the first quarter of fiscal 2025 and 26.2% for the first quarter of fiscal 2024. The decrease in the effective income tax rate in the first quarter of fiscal 2025 was primarily due to the resolution of various tax matters and the increase in excess tax benefit from share-based compensation.
TJX had net unrecognized tax benefits of $200 million as of May 4, 2024, $228 million as of February 3, 2024 and $266 million as of April 29, 2023.
TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination.
TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties on the Consolidated Balance Sheets were $24 million as of May 4, 2024, $32 million as of February 3, 2024 and $40 million as of April 29, 2023.
Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the Consolidated Financial Statements as of May 4, 2024. During the next twelve months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $24 million, which would reduce the provision for taxes on earnings.
Note K. Contingent Obligations, Contingencies, and Commitments
Contingent Contractual Obligations
TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations.
Legal Contingencies
TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings.
19


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The Thirteen Weeks (first quarter) Ended May 4, 2024
Compared to
The Thirteen Weeks (first quarter) Ended April 29, 2023
OVERVIEW
We are the leading off-price apparel and home fashions retailer in the U.S. and worldwide. Our mission is to deliver great value to our customers every day. We do this by selling a rapidly changing assortment of apparel, home fashions and other merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty and major online retailers) regular prices on comparable merchandise, every day through our stores and six e-commerce sites. We operate over 4,900 stores through our four main segments: in the U.S., Marmaxx (which operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com) and HomeGoods (which operates HomeGoods and Homesense); TJX Canada (which operates Winners, HomeSense and Marshalls in Canada); and TJX International (which operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe, and TK Maxx in Australia). In addition to our four main segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
RESULTS OF OPERATIONS
As an overview of our financial performance, results for the quarter ended May 4, 2024 include the following:
Net sales increased 6% to $12.5 billion for the first quarter of fiscal 2025 versus last year’s first quarter sales of $11.8 billion. As of May 4, 2024, both the number of stores in operation and the selling square footage increased 2% compared to the end of the first quarter of fiscal 2024.
Consolidated comp store sales increased 3% for the first quarter of fiscal 2025. See Net Sales below for our definition of comp store sales.
Diluted earnings per share for the first quarter of fiscal 2025 were $0.93 versus $0.76 in the first quarter of fiscal 2024.
Pre-tax profit margin (the ratio of pre-tax income to net sales) for the first quarter of fiscal 2025 was 11.1%, a 0.8 percentage point increase compared with 10.3% in the first quarter of fiscal 2024.
Our cost of sales, including buying and occupancy costs, ratio for the first quarter of fiscal 2025 was 70.0%, a 1.1 percentage point decrease compared with 71.1% in the first quarter of fiscal 2024.
Our selling, general and administrative (“SG&A”) expense ratio for the first quarter of fiscal 2025 was 19.2%, a 0.2 percentage point increase compared with 19.0% in the first quarter of fiscal 2024.
Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites and Sierra stores, were down 5% on both a reported basis and constant currency basis (as defined below) at the end of the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.
During the first quarter of fiscal 2025, we returned $886 million to our shareholders through share repurchases and dividends.
Operating Results as a Percentage of Net Sales
The following table sets forth our consolidated operating results as a percentage of net sales:
Thirteen Weeks Ended
May 4,
2024
April 29,
2023
Net sales100.0 %100.0 %
Cost of sales, including buying and occupancy costs70.0 71.1 
Selling, general and administrative expenses19.2 19.0 
Interest (income) expense, net(0.4)(0.3)
Income before income taxes
11.1 %10.3 %
*Figures may not foot due to rounding.
20


Net Sales
Net sales for the quarter ended May 4, 2024 totaled $12.5 billion, a 6% increase versus first quarter fiscal 2024 net sales of $11.8 billion. This increase reflects a 3% increase in comp store sales and a 3% increase from non-comp store sales. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the first quarters of fiscal 2025 and fiscal 2024.
Comp store sales increased 3% for both the first quarter of fiscal 2025 and the first quarter of fiscal 2024. Home comp store sales (as defined below) growth outperformed apparel comp store sales (as defined below) growth for the first quarter of fiscal 2025.
Comp store sales for the first quarter of fiscal 2025 were driven by an increase in customer transactions.
As of May 4, 2024, both our store count and selling square footage increased 2% compared to the end of the first quarter last year.
Definition of Comparable Store Sales
We define comparable store sales, or comp store sales, to be sales of stores that have been in operation for all or a portion of two consecutive fiscal years, or, in other words, stores that are starting their third fiscal year of operation. We calculate comp store sales on a 52-week basis by comparing the current and prior year weekly periods that are most closely aligned. Relocated stores and stores that have changed in size are generally classified in the same way as the original store, and we believe that the impact of these stores on the consolidated comp store sales percentage is immaterial.
Sales excluded from comp store sales (“non-comp store sales”) consist of sales from:
New stores - stores that have not yet met the comp store sales criteria, which represents a substantial majority of non-comp store sales
Stores that are closed permanently or for an extended period of time
Sales from our e-commerce sites
We determine which stores are included in the comp store sales calculation at the beginning of a fiscal year, and the classification remains constant throughout that year unless a store is closed permanently or for an extended period during that fiscal year.
Comp store sales of our foreign segments are calculated on a constant currency basis. We define constant currency basis as translating the current year’s results using the prior year’s exchange rates. This removes the effect of changes in currency exchange rates, which we believe is a more appropriate measure of performance.
Comp store sales may be referred to as “same store” sales by other retail companies. The method for calculating comp store sales varies across the retail industry; therefore, our measure of comp store sales may not be comparable to that of other retail companies. Comparable store sales for a category such as home or apparel include sales from merchandise within such category combined across all divisions at the stores that fall within the Company’s definition of comparable stores for such period.
Historically, we defined customer traffic to be the number of transactions in stores included in the comp store sales calculation; since the end of fiscal 2024, we refer to this as customer transactions. We define average ticket to be the average retail price of the units sold. We define average basket to be the average dollar value of transactions.
Impact of Foreign Currency Exchange Rates
Our operating results are affected by foreign currency exchange rates as a result of changes in the value of the U.S. dollar or a division’s local currency in relation to other currencies. We specifically refer to “foreign currency” as the impact of translational foreign currency exchange and mark-to-market of inventory derivatives, as described in detail below. This does not include the impact foreign currency exchange rates can have on various transactions that are denominated in a currency other than an operating division's local currency, which is referred to as “transactional foreign exchange,” and also described below.
21


Translation Foreign Exchange
In our Consolidated Financial Statements, we translate the operations of TJX Canada and TJX International from local currencies into U.S. dollars using currency rates in effect at different points in time. Significant changes in foreign exchange rates between comparable prior periods can result in meaningful variations in assets, liabilities, net sales, net income and earnings per share as well as the net sales and operating results of these segments. Currency translation generally does not affect operating margins, or affects them only slightly, as sales and expenses of the foreign operations are translated at approximately the same rates within a given period.
Mark-to-Market Inventory Derivatives
We routinely enter into inventory-related hedging instruments to mitigate the impact on earnings of changes in foreign currency exchange rates on merchandise purchases denominated in currencies other than the local currencies of our divisions, principally TJX Canada and TJX International. As we have not elected hedge accounting for these instruments, as defined by U.S. generally accepted accounting principles (“GAAP”), we record a mark-to-market gain or loss on the derivative instruments in our results of operations at the end of each reporting period. In subsequent periods, the income statement impact of the mark-to-market adjustment is effectively offset when the inventory being hedged is paid for. While these effects occur every reporting period, they are of much greater magnitude when there are sudden and significant changes in currency exchange rates during a short period of time. The mark-to-market adjustment on these derivatives does not affect net sales, but it does affect the cost of sales, operating margins and earnings we report.
Transactional Foreign Exchange
When discussing the impact on our results of the effect of foreign currency exchange rates on certain transactions, we refer to it as “transactional foreign exchange”. This primarily includes the impact that foreign currency exchange rates may have on the year-over-year comparison of merchandise margin as well as “foreign currency gains and losses” on transactions that are denominated in a currency other than the operating division's local currency. These two items can impact segment margin comparison of our foreign divisions and we have highlighted them when they are meaningful to understanding operating trends.
Cost of Sales, Including Buying and Occupancy Costs
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 70.0% for the first quarter of fiscal 2025, a decrease of 1.1 percentage points compared to 71.1% for the first quarter of fiscal 2024.
The decrease in the cost of sales ratio, including buying and occupancy costs, for the first quarter of fiscal 2025 was attributable to higher merchandise margin due to lower freight costs and higher markon. This was partially offset by capitalized inventory costs as a result of a greater portion of our buying and distribution costs being expensed in the first quarter of fiscal 2025 as compared to last year.
Selling, General and Administrative Expenses
SG&A expenses, as a percentage of net sales, was 19.2% for the first quarter of fiscal 2025, an increase of 0.2 percentage points compared to 19.0% for the first quarter of fiscal 2024.
The increase in the SG&A ratio for the first quarter of fiscal 2025 was attributable to incremental store wage and payroll costs.
Interest (Income) Expense, net
The components of interest (income) expense, net are summarized below:
 Thirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
Interest expense$19 $23 
Capitalized interest(0)(1)
Interest (income)(69)(59)
Interest (income) expense, net$(50)$(37)
Interest (income) expense, net increased for the first quarter of fiscal 2025 compared to the same period in fiscal 2024, primarily due to an increase in interest income driven by an increase in prevailing rates.
22


Provision for Income Taxes
In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. These rules did not have a material impact on our financial statements for the first quarter of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.
The effective income tax rate was 23.0% for the first quarter of fiscal 2025 and 26.2% for the first quarter of fiscal 2024. This decrease in the effective income tax rate in the first quarter of fiscal 2025 was primarily due to the resolution of various tax matters and the increase in excess tax benefit from share-based compensation.
Net Income and Diluted Earnings Per Share
Net income was $1.1 billion, or $0.93 per diluted share, and $891 million, or $0.76 per diluted share, for the first quarter of fiscal 2025 and fiscal 2024, respectively. Foreign currency had a $0.01 positive impact on diluted earnings per share for the first quarter of fiscal 2025 and a neutral impact on diluted earnings per share for the first quarter of fiscal 2024.
Segment Information
We operate four main business segments. In the United States, our Marmaxx segment operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com and our HomeGoods segment operates HomeGoods and Homesense. Our TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and our TJX International segment operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia. In addition to our four main segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
We evaluate the performance of our segments based on “segment profit or loss,” which we define as pre-tax income or loss before general corporate expense and interest (income) expense, net, and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as we define the term, may not be comparable to similarly titled measures used by other companies. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered an alternative to net income or cash flows from operating activities, as an indicator of our performance or as a measure of liquidity.
Presented below is selected financial information related to our business segments.
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U.S. SEGMENTS
Marmaxx
 Thirteen Weeks Ended
U.S. dollars in millionsMay 4,
2024
April 29,
2023
Net sales$7,750 $7,366 
Segment profit$1,097 $1,028 
Segment profit margin 14.2 %14.0 %
Comp store sales
2 %%
Stores in operation at end of period:
TJ Maxx1,322 1,304 
Marshalls1,201 1,189 
Sierra 97 81 
Total2,620 2,574 
Selling square footage at end of period (in millions):
TJ Maxx29 28 
Marshalls27 27 
Sierra 1 
Total57 56 
Net Sales
Net sales for Marmaxx were $7.8 billion for the first quarter of fiscal 2025, an increase of 5% compared to $7.4 billion for the first quarter of fiscal 2024. This increase in the first quarter reflects a 3% increase from non-comp store sales and a 2% increase from comp store sales. For the first quarter of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions. In addition, Marmaxx home comp store sales growth outperformed apparel comp store sales growth. Geographically, comp store sales growth was strongest in the Midwest and West regions for the first quarter of fiscal 2025.
Segment Profit Margin
Segment profit margin increased to 14.2% for the first quarter of fiscal 2025 compared to 14.0% for the same period last year. The increase in segment profit margin for the first quarter of fiscal 2025 was primarily driven by higher merchandise margin which reflects lower freight costs and higher markon. This was partially offset by capitalized inventory costs, incremental store wage and payroll costs and investments in supply chain. Capitalized inventory costs reflect a greater portion of our buying and distribution costs being expensed in the first quarter of fiscal 2025 as compared to last year.
Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented less than 3% of Marmaxx’s net sales for the first quarter of fiscal 2025 and fiscal 2024, and did not have a significant impact on year-over-year segment margin comparisons.
24


HomeGoods
 Thirteen Weeks Ended
U.S. dollars in millionsMay 4,
2024
April 29,
2023
Net sales$2,079 $1,966 
Segment profit$198 $144 
Segment profit margin9.5 %7.3 %
Comp store sales
4 %(7)%
Stores in operation at end of period:
HomeGoods922 901 
Homesense59 49 
Total981 950 
Selling square footage at end of period (in millions):
HomeGoods17 17 
Homesense1 
Total18 18 
Net Sales
Net sales for HomeGoods were $2.1 billion for the first quarter of fiscal 2025, an increase of 6%, compared to $2 billion for the first quarter of fiscal 2024. This increase in the first quarter reflects a 4% increase from comp store sales and a 2% increase from non-comp store sales. The increase in comp store sales for the first quarter was driven by an increase in customer transactions, partially offset by a decrease in average basket. For the first quarter of fiscal 2025, all geographies generally performed in line with the overall comp store sales increase.
Segment Profit Margin
Segment profit margin increased to 9.5% for the first quarter of fiscal 2025 compared to 7.3% for the same period last year. This increase in segment profit margin for the first quarter of fiscal 2025 was primarily driven by higher merchandise margin which reflects lower freight costs. This was partially offset by capitalized inventory costs and investments in supply chain. Capitalized inventory costs reflect a greater portion of our buying and distribution costs being expensed in the first quarter of fiscal 2025 as compared to last year.
25


FOREIGN SEGMENTS
TJX Canada
 Thirteen Weeks Ended
U.S. dollars in millionsMay 4,
2024
April 29,
2023
Net sales$1,113 $1,038 
Segment profit$137 $117 
Segment profit margin12.3 %11.3 %
Comp store sales
4 %%
Stores in operation at end of period:
Winners303 298 
HomeSense158 152 
Marshalls106 106 
Total567 556 
Selling square footage at end of period (in millions):
Winners7 
HomeSense3 
Marshalls2 
Total12 11 
Net Sales
Net sales for TJX Canada were $1.1 billion for the first quarter of fiscal 2025, an increase of 7%, compared to $1 billion for the first quarter of fiscal 2024. This increase in the first quarter reflects a 4% increase in comp store sales, a 4% increase in non-comp store sales, partially offset by a negative foreign currency exchange rate impact of 1%. The increase in comp store sales for the first quarter of fiscal 2025 was driven by an increase in customer transactions.
Segment Profit Margin
Segment profit margin increased to 12.3% for the first quarter of fiscal 2025 compared to 11.3% for the same period last year. This increase for the first quarter of fiscal 2025 was primarily driven by higher merchandise margin and favorable supply chain costs, partially offset by incremental store wage and payroll costs. Merchandise margin reflects lower freight costs, lower markdowns, and higher markon.
26


TJX International
 Thirteen Weeks Ended
U.S. dollars in millionsMay 4,
2024
April 29,
2023
Net sales$1,537 $1,413 
Segment profit$61 $38 
Segment profit margin4.0 %2.7 %
Comp store sales
2 %%
Stores in operation at end of period:
TK Maxx644 632 
Homesense78 78 
TK Maxx Australia82 75 
Total804 785 
Selling square footage at end of period (in millions):
TK Maxx13 13 
Homesense1 
TK Maxx Australia1 
Total15 15 
Net Sales
Net sales for TJX International were $1.5 billion for the first quarter of fiscal 2025, an increase of 9%, compared to $1.4 billion for the first quarter of fiscal 2024. This increase in the first quarter reflects a 5% increase in non-comp store sales, a 2% increase in comp store sales and a positive foreign currency exchange rate impact of 2%. The increase in comp store sales for the first quarter was driven by an increase in customer transactions.
E-commerce sales represented less than 4% of TJX International’s net sales for the first quarter of fiscal 2025 and fiscal 2024. In addition to tkmaxx.com, during the second quarter of fiscal 2024, TJX International made online shopping available in Germany at tkmaxx.de and in Austria at tkmaxx.at.
Segment Profit Margin
Segment profit margin increased to 4.0% for the first quarter of fiscal 2025 compared to 2.7% for the same period last year. This increase for the first quarter of fiscal 2025 was due to higher merchandise margin, partially offset by the unfavorable impact of transactional foreign exchange. Merchandise margin reflects higher markon, lower freight costs, and lower markdowns.
GENERAL CORPORATE EXPENSE
 Thirteen Weeks Ended
In millionsMay 4,
2024
April 29,
2023
General corporate expense$153 $156 
General corporate expense for segment reporting purposes represents those costs not specifically related to the operations of our business segments. General corporate expenses are primarily included in SG&A expenses. The mark-to-market adjustment of our fuel and inventory hedges is included in cost of sales, including buying and occupancy costs.
The decrease in general corporate expense for the first quarter of fiscal 2025 was primarily driven by favorable mark-to-market adjustments on fuel hedges, partially offset by higher other administrative costs.
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ANALYSIS OF FINANCIAL CONDITION
Liquidity and Capital Resources
Our liquidity requirements have traditionally been funded through cash generated from operations, supplemented, as needed, by short-term bank borrowings and the issuance of commercial paper. As of May 4, 2024, there were no short-term bank borrowings or commercial paper outstanding. We believe our existing cash and cash equivalents, internally generated funds and our credit facilities, under which facilities we have $1.5 billion available as of the period ended May 4, 2024, as described in Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements, are adequate to meet our operating needs for the foreseeable future.
As of May 4, 2024, we held $5.1 billion in cash. Approximately $1.3 billion of our cash was held by our foreign subsidiaries with $722 million held in countries where we intend to indefinitely reinvest any undistributed earnings. We have provided for all applicable state and foreign withholding taxes on all undistributed earnings of our foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through May 4, 2024. If we repatriate cash from such subsidiaries, we should not incur additional tax expense and our cash would be reduced by the amount of withholding taxes paid.
We monitor debt financing markets on an ongoing basis and from time to time may incur additional long-term indebtedness depending on prevailing market conditions, liquidity requirements, existing economic conditions and other factors. Periodically, we have used, and in the future we may again use, operating cash flow and cash on hand to repay portions of our indebtedness, depending on prevailing market conditions, liquidity requirements, existing economic cond