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TJX · TJX COMPANIES INC /DE/

27 filings

10-K

TJX 10-K Annual Reports

TJX COMPANIES INC /DE/ - 27 annual reports

Filing record · 2016–202610-K1110-Q328-K102

2026
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 31, 2026
TJX Companies reported a strong fiscal 2026 (52 weeks ended January 31, 2026). Net sales rose 7% to $60.4 billion, driven by a 5% consolidated comp sales increase, and diluted EPS grew to $4.87 from $4.26, a 14% increase. Pre-tax margin expanded 0.6 points to 12.1%, supported by a lower cost of sales ratio (69.0% vs. 69.4%) and a lower SG&A ratio (19.1% vs. 19.4%). Results were helped by a non-recurring $419 million net gain from a credit card interchange fee litigation settlement, partly offset by $198 million of related expenses, which netted to a $0.14 benefit to diluted EPS. Investors should treat that one-time item as a meaningful contributor to the year's earnings growth when assessing run-rate profitability. The balance sheet and cash generation remain strong. Operating cash flow reached $6.9 billion, capital expenditures were $2.0 billion, and the company returned $4.3 billion to shareholders through buybacks ($2.5 billion) and dividends ($1.8 billion). Cash stood at $6.2 billion against $2.9 billion of total debt, including $1.0 billion maturing in September 2026. Management plans fiscal 2027 buybacks of $2.5 to $2.75 billion, capital expenditures of $2.2 to $2.3 billion, and a 13% dividend increase to $1.92 per share annualized. A new $3 billion repurchase authorization was approved in January 2026, bringing available capacity to roughly $4.1 billion. Forward-looking considerations include tariff policy uncertainty. The Supreme Court invalidated IEEPA tariffs in February 2026, which may allow refunds of amounts previously paid, though timing is unclear, and a new global tariff was subsequently imposed. The company is still evaluating the financial effect. Growth remains a central theme, with 7,000 long-term store potential versus 5,214 stores today and a planned Spain entry. Risk factors also flag exposure to consumer discretionary spending, currency translation, and labor costs. The filing states that no material IT security incident has occurred since a 2006 intrusion.
Mar 31, 2026
2025
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 1, 2025
TJX Companies delivered solid fiscal 2025 results (52 weeks ended February 1, 2025), with net sales rising 4% to $56.4 billion and comparable store sales up 4%, driven by higher customer transactions across all four segments. Profitability improved meaningfully: the pre-tax margin widened 0.5 points to 11.5%, cost of sales fell to 69.4% of sales from 70.0% on higher merchandise margin, lower freight, and lower shrink, and diluted EPS rose 10% to $4.26 (from $3.86, which included a roughly $0.10 benefit from the 53rd week in fiscal 2024). Net income reached $4.9 billion, and operating cash flow was steady at $6.1 billion against capital expenditures of $1.9 billion, leaving free cash flow of roughly $4.2 billion. Capital returns were substantial: TJX returned $4.1 billion to shareholders in fiscal 2025 through $2.5 billion of buybacks (22.3 million shares retired) and $1.6 billion of dividends. Management guided to $2.0-2.5 billion of repurchases and a 13% dividend increase to $1.70 annualized for fiscal 2026, with capex of $2.1-2.2 billion. The balance sheet remains conservative, with $5.3 billion in cash, $2.9 billion of senior unsecured debt, undrawn $1.5 billion revolving credit facilities, and no commercial paper outstanding. Store growth continues, with 5,085 stores at year-end against a long-term potential of 7,000, and planned entry into Spain in fiscal 2027. Key risks for investors include tariff and trade policy changes (management notes that less than 10% of U.S. merchandise is directly imported from China, but indirect effects on vendor and competitor pricing remain uncertain), consumer discretionary spending pressure, rising labor and wage costs, foreign currency swings (about a $112 million pre-tax income sensitivity to a 10% move in translation rates), and execution risk in new markets such as the Mexico joint venture and the Middle East investment. The filing also flags a material cybersecurity incident in 2006 as the only one to date to have affected results.
Apr 2, 2025
2024
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 3, 2024
TJX Companies reported a strong fiscal 2024 (53 weeks ended February 3, 2024), with net sales rising 9% to $54.2 billion and diluted EPS up 30% to $3.86 from $2.97. Comparable store sales grew 5%, driven by higher customer transactions, and pre-tax margin expanded 1.7 percentage points to 11.0%, helped mainly by lower freight costs and higher merchandise margin. Net income reached $4.5 billion, and operating cash flow roughly doubled... actually rose to $6.1 billion from $4.1 billion. Note that the 53rd week contributed an estimated 2% to sales and about $0.10 to EPS, so underlying growth is somewhat lower than the headline figures. Capital allocation remained shareholder-friendly. TJX returned $4.0 billion through buybacks and dividends, retired 29.0 million shares, and has about $3.5 billion of repurchase authorization remaining. Management plans $2.0-2.5 billion of repurchases and a 13% dividend increase to $1.50 per share in fiscal 2025, with capex guided to $2.0-2.1 billion for continued store and distribution center expansion. Balance sheet strength is evident in $5.6 billion of cash against $2.9 billion of long-term debt, with $1.5 billion of undrawn revolving credit capacity. Key risks include higher labor and incentive compensation costs, exposure to global sourcing and tariff policy (particularly China-sourced goods), currency translation effects on the international segments, and ongoing geopolitical disruptions in Ukraine and the Red Sea. The company also flagged real estate lease obligations of about $9.7 billion in present value and a segment margin decline at TJX International, where profit margin fell to 4.9% from 5.6%.
Apr 3, 2024
2023
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 28, 2023
TJX Companies' fiscal 2023 10-K (year ended January 28, 2023) shows a business that recovered strongly from pandemic disruption but saw margin pressure in its core U.S. home business. Net sales rose 3% to $49.9 billion, and diluted EPS was $2.97, up from $2.70 in fiscal 2022 (which carried a $0.15 debt extinguishment charge). Pre-tax margin improved to 9.3% from 9.1%, though this included a $218 million write-down of its Familia investment in Russia, which the company fully divested. Net income reached $3.5 billion, and the company generated $4.1 billion in operating cash flow, funding $1.5 billion of capital expenditures and $3.6 billion of shareholder returns through buybacks and dividends. The quality of growth was mixed. U.S. comparable store sales were flat, with traffic declining but average ticket rising. Marmaxx (T.J. Maxx and Marshalls) grew net sales 4% with segment margin slipping to 12.7%. HomeGoods was the weak spot, with comparable sales down 11%, net sales down 8%, and segment margin collapsing from 10.1% to 6.3% on deleverage, incremental freight costs, and markdowns. Offsetting this, TJX Canada (margin up to 14.0%) and TJX International (margin up to 5.6%) both improved sharply on a fully open store base and recovery from COVID closures. Gross cost of sales rose to 72.4% of sales from 71.5%, driven by freight and shrink, while SG&A fell to 17.9% of sales from 18.7%. Looking forward, management guided to 45 net new Marmaxx stores, up to 50 HomeGoods stores, and capital expenditures of $1.7 to $1.9 billion for fiscal 2024. It plans $2 to $2.5 billion of buybacks and a 13% dividend increase to $1.33 per share annualized. The balance sheet remains conservative, with $5.5 billion in cash, $3.4 billion of debt, and a $1.5 billion undrawn revolver. Key risks flagged include inventory shrink and theft, freight and fuel cost volatility, currency translation, and reliance on opportunistic buying and lean inventory execution.
Mar 29, 2023
2022
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 29, 2022
TJX Companies' fiscal 2022 (year ended January 29, 2022) was a strong rebound from the COVID-disrupted fiscal 2021. Net sales rose 51% to $48.5 billion from $32.1 billion, and net income rose to $3.3 billion, or $2.70 per diluted share, versus $0.07 in fiscal 2021. Pre-tax margin recovered to 9.1% from 0.3%. Stores were closed for only about 4% of the year, compared with about 24% in fiscal 2021, and the U.S. stayed open throughout. Fiscal 2022 results were also roughly 16% above fiscal 2020 on net sales, with open-only comparable store sales up 15% versus pre-pandemic levels, showing that the rebound reflects underlying demand and not just reopening. The balance sheet and capital return picture are solid but shifted. Cash fell to $6.2 billion from $10.5 billion as TJX repaid $2.75 billion of debt, repurchased $2.2 billion of stock, and paid $1.3 billion in dividends. Inventory rose about 37% to $6.0 billion as the company rebuilt stock, and operating cash flow declined to $3.1 billion from $4.6 billion, largely because of working capital swings. Management plans fiscal 2023 buybacks of $2.25 to $2.5 billion, capital expenditures of $1.7 to $1.9 billion, and a 13% dividend increase to $1.18 per share annualized. Investors should watch the planned divestiture of the 25% Familia stake in Russia, where TJX may record an investment loss of up to $225 million, and the company's exposure to supply chain costs, freight, and currency swings. The company is the leading off-price apparel and home fashions retailer, operating nearly 4,700 stores across the U.S., Canada, Europe, and Australia. Its value proposition is goods priced 20% to 60% below full-price retailers, supported by opportunistic buying, lean inventory, and low operating costs. Management reports the pandemic still creates uncertainty, particularly in Europe and Canada, and it reported a non-trivial $242 million debt extinguishment charge in the year.
Mar 30, 2022
2021
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 30, 2021
TJX Companies' fiscal 2021 (ended January 30, 2021) was a severe COVID-19 year. Net sales fell 23% to $32.1 billion from $41.7 billion, as stores were closed for roughly 24% of the year in aggregate. Pre-tax margin collapsed to 0.3% from 10.6%, and diluted EPS dropped to $0.07 from $2.67. The company still posted a small net profit of $90 million, helped by about $0.5 billion of government program benefits and a $0.3 billion loss on early debt extinguishment that weighed on results. Open-only comp store sales were down 4%, with home fashions outperforming apparel. Segment profit was hit hardest in TJX International (a $504 million loss) and TJX Canada, while Marmaxx and HomeGoods were far more resilient. The balance sheet and liquidity picture is much stronger than the income statement suggests. TJX generated $4.6 billion of operating cash flow, aided by a $2.1 billion increase in accounts payable from extended supplier payment terms and a $0.6 billion inventory reduction. It ended the year with $10.5 billion of cash against $6.1 billion of total debt, after issuing $5 billion of notes and tendering $1.1 billion of higher-coupon notes. Management suspended buybacks in March 2020, reinstated a $0.26 quarterly dividend in Q4, and declared a similar dividend for Q1 fiscal 2022. Capital spending was cut to $568 million from $1.2 billion, and fiscal 2022 guidance calls for roughly 120 net new stores and $1.2 to $1.4 billion of capex. The outlook remains uncertain. As of March 30, 2021, about 580 stores, mostly in Europe, were closed by government mandate, and management expects Q1 fiscal 2022 to be affected by closures covering about 71% of the quarter in Europe and 12% in Canada. Cash-flow tailwinds from supplier payment timing and rent deferrals are expected to reverse as those obligations come due. Brexit adds structural cost pressure in Europe. Investors should weigh the strong liquidity and recovery potential of the off-price model against near-term margin and cash-flow normalization risk.
Mar 31, 2021
2020
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 1, 2020
TJX Companies' fiscal 2020 (year ended February 1, 2020) was a strong year on the surface, with net sales rising 7% to $41.7 billion, comparable store sales up 4%, and diluted EPS of $2.67, up from $2.43. Net income reached $3.27 billion, and the company operated 4,529 stores at year-end. Pre-tax margin held nearly flat at 10.6%, with merchandise and supply chain cost pressures offsetting expense leverage. Segment results were mixed: Marmaxx held its 13.5% margin, HomeGoods and TJX Canada compressed, and TJX International's margin was flat at 5.4% despite 8% comp growth. Investors should note that the filing was written under the shadow of COVID-19, which forced the closure of all stores as of March 19, 2020. The pandemic dominates the forward-looking picture. TJX suspended its share repurchase program, drew down $1.0 billion on its revolving credit facilities, withdrew fiscal 2021 guidance, will not declare a dividend for Q1 fiscal 2021, and is reducing capital expenditures. Management said it cannot reasonably estimate the duration or severity of the disruption, and the auditor included an emphasis-of-matter paragraph on the uncertainty. Structurally, the balance sheet changed sharply because of the adoption of ASC 842 lease accounting: total assets rose to $24.1 billion from $14.3 billion, and long-term obligations rose to $10.1 billion, mostly from operating lease liabilities of roughly $9.2 billion. Shareholders' equity increased modestly to $5.9 billion. Cash generation remained solid, with operating cash flow of $4.1 billion and capital expenditures of $1.2 billion, leaving meaningful free cash flow before shareholder returns. In fiscal 2020 TJX repurchased 27.1 million shares for $1.5 billion and paid $1.1 billion in dividends. It also made a $225 million minority investment in Russian off-price retailer Familia. Cash stood at $3.2 billion at year-end, which provided a liquidity cushion going into the pandemic, although the $1.0 billion revolver draw was a clear sign that management was preparing for a significant earnings and cash flow disruption in fiscal 2021.
Mar 27, 2020
2019
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 2, 2019
TJX Companies' fiscal 2019 (52 weeks ended February 2, 2019) was a strong year. Net sales rose 9% to $39.0 billion, driven by a 6% comparable-store sales increase that came primarily from higher customer traffic across all four segments. Diluted EPS climbed 20% to $2.43 from $2.02, aided by a net benefit of $0.34 per share from the 2017 Tax Act and roughly 3% from share repurchases. Net income reached $3.06 billion, and the after-tax return on average shareholders' equity was 60.1%. The effective tax rate fell to 26.7% from 32.4%, largely because the U.S. federal statutory rate dropped to 21%. Profitability was mixed beneath the headline growth. The pre-tax margin slipped 0.1 point to 10.7%, and the cost of sales ratio rose 0.3 point to 71.4% on higher supply chain and freight costs. SG&A held flat at 17.8% of sales, with incentive compensation and wage increases offset by leverage on strong comps. HomeGoods' segment margin fell sharply to 11.6% from 13.2%, while Marmaxx improved to 13.5% and TJX International reached 5.4%. Management is investing heavily in growth: it ended the year with 4,306 stores, plans roughly 600 net new stores in fiscal 2020, and expects capital expenditures of about $1.5 billion. Capital returns were substantial. TJX repurchased 51.8 million shares for $2.5 billion on a trade-date basis, ended the year with $3.0 billion in cash, and authorized an additional $1.5 billion buyback in February 2019. Management guided fiscal 2020 repurchases of $1.75 to $2.25 billion and a dividend of $0.92 per share, up 18%. Key risks flagged in the filing include Brexit uncertainty affecting the European business, tariffs and trade policy, freight and labor cost inflation, and the pending adoption of the new lease standard, which will add roughly $9 billion of operating lease liabilities to the balance sheet.
Apr 3, 2019
2018
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 3, 2018
TJX Companies reported a strong fiscal 2018 (53 weeks ended February 3, 2018), with net sales up 8% to $35.9 billion and diluted EPS up 17% to $4.04 from $3.46. Comparable sales rose 2% on a 52-week basis, driven by customer traffic across all four segments. Results were helped by a $0.17 net benefit from the 2017 Tax Act (after reinvestment) and a $0.11 benefit from the 53rd week, partially offset by a $0.10 impairment charge on Sierra Trading Post. Pre-tax margin slipped 0.4 points to 10.8%, and SG&A deleveraged to 17.8% of sales on wage increases and incremental Tax Act investments, while the cost of sales ratio was roughly flat at 71.1%. Growth came mainly from new stores, with the store base rising 7% to 4,070 and selling square footage up 4%. HomeGoods (up 16%) and TJX Canada (up 15%) were the standout growth engines, while Marmaxx (up 5%, comps +1%) and TJX International (up 11%, comps +2%, segment margin down to 5.1%) lagged on profitability. Management plans roughly 3,000 stores in fiscal 2019 growth targets of about 6,100 long-term potential, and expects to spend about $1.4 billion in capex. Capital returns remain a major focus. TJX repurchased 22.3 million shares for $1.7 billion and paid $764 million in dividends, while operating cash flow was $3.0 billion. The board authorized a new $3.0 billion buyback, with $2.5 to $3.0 billion planned for fiscal 2019, and the quarterly dividend is planned to rise to $0.39 (a 25% increase). The balance sheet is strong, with $2.8 billion in cash and only $2.2 billion in long-term debt. Key risks include the STP write-down, rising freight and labor costs, currency swings, and pending class-action wage-and-hour and compare-at pricing lawsuits.
Apr 4, 2018
2017
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 28, 2017
TJX Companies' fiscal 2017 (ended January 28, 2017) was a strong year on the top line and in earnings per share, though profitability was pressured. Net sales rose 7% to $33.2 billion, driven by a 5% increase in same store sales (primarily from customer traffic) and a 4% contribution from new stores, partly offset by a 2% negative currency impact. Diluted EPS grew 4% to $3.46, helped by roughly 3 points of share-count benefit from buybacks, and was reduced by $0.07 from a debt extinguishment loss and a non-cash pension settlement charge. Pre-tax margin declined 0.6 points to 11.2%, reflecting higher store payroll from wage initiatives and a sharp drop in TJX International's segment margin to 5.4% (from 7.5%), while Marmaxx and HomeGoods remained solid at roughly 14% and 14% segment margins. Cash generation and capital return remained robust. Operating cash flow rose to $3.6 billion, capital expenditures were $1.0 billion, and the company repurchased 22.3 million shares for $1.7 billion while paying $651 million in dividends. Inventories declined 5% per store, and the company issued $1.0 billion of 2.25% ten-year notes to refinance 6.95% debt. Long-term debt increased to $2.2 billion and total debt as a percentage of capitalization rose to 33.1% from 27.3%, a shift investors should monitor alongside the planned fiscal 2018 buyback of $1.3 to $1.8 billion and a 20% dividend increase to $1.25 per share. Looking ahead, management plans about 500 net new stores in fiscal 2018 (to roughly 4,300), a $1.2 billion capital budget, and a new U.S. home concept. Risks include international margin pressure, foreign currency swings, rising labor costs, the impending lease accounting change (which will add significant balance sheet assets and liabilities), and a goodwill impairment risk at Sierra Trading Post.
Mar 28, 2017
2016
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 30, 2016
TJX Companies (fiscal 2016, ended January 30, 2016) delivered another strong year of top-line and earnings growth. Net sales rose 6% to $30.9 billion, driven by a 5% increase in same store sales (fueled by customer traffic) and 4% contribution from new stores, partially offset by a 3% negative impact from foreign currency. Diluted EPS rose 6% to $3.33 from $3.15, with the stock repurchase program contributing roughly 3 points of EPS growth. Net income reached $2.28 billion, and pre-tax margin slipped 0.4 points to 11.8% as SG&A rose to 16.8% of sales, largely due to the first phase of a U.S. store associate wage increase initiative and higher charitable contributions. Gross margin improved modestly, with cost of sales falling to 71.2% of sales. Cash generation remained robust, with operating cash flow of $2.94 billion funding $889 million of capital expenditures, $1.83 billion of share repurchases (26.5 million shares), and $544 million of dividends. Management guided to fiscal 2017 capex of about $1.1 billion, repurchases of $1.5 to $2.0 billion, and a 24% increase in the quarterly dividend to $0.26 per share. A new $2.0 billion repurchase authorization was approved in early 2016, and the company is expanding aggressively, with plans for roughly 60 Marmaxx stores, 50 HomeGoods stores, 30 Canadian stores, and 50 TJX International stores in fiscal 2017. Investors should weigh the company's durable off-price model and strong traffic momentum against rising labor costs, a 0.7-point SG&A deleverage, currency headwinds in Canada and Europe, and the strain of integrating new markets such as Trade Secret in Australia. TJX also reported a 0.4-point decline in TJX International segment margin to 7.5% and a 0.7-point decline in TJX Canada margin to 13.1%, indicating that international profitability is under pressure even as U.S. segments improve. Leadership transitioned in January 2016, with Ernie Herrman becoming CEO and Carol Meyrowitz moving to Executive Chairman.
Mar 29, 2016
2015
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 31, 2015
TJX Companies delivered another solid fiscal 2015 (year ended January 31, 2015), with net sales rising 6% to $29.1 billion and diluted EPS up 7% to $3.15. Growth was driven by 4% from new stores and 2% from same store sales, with same store sales increases coming from both a higher average transaction and modestly higher customer traffic. Pre-tax margin edged up 0.1 point to 12.2%, supported by a 0.2-point decline in SG&A to 16.1% of sales, partly offset by a higher effective tax rate of 37.6% (versus 35.6% in fiscal 2014, which benefited from roughly $80 million of one-time tax items). Net income reached $2.2 billion, up 4%. Cash generation was strong, with operating cash flow of $3.0 billion against $0.9 billion of capital expenditures, leaving free cash flow of roughly $2.1 billion that funded $1.7 billion of share repurchases and $466 million of dividends. The segment picture is mixed. HomeGoods was the standout, with net sales up 14% and same store sales up 7%, and segment margin expanding to 13.6%. Marmaxx, the largest segment, grew sales 4% but same store sales rose only 1%, leaving segment margin flat at 14.6%. TJX Europe grew sales 13% and expanded segment margin to 8.2%, while TJX Canada was flat in U.S. dollar terms because currency translation cut growth by about 7 points, and its segment margin fell to 13.6%. Management flagged a significant headwind for fiscal 2016: the strengthening U.S. dollar is expected to weigh on results to a much greater extent than historically experienced, and TJX is also raising U.S. hourly store associate wages to at least $9.00 per hour starting June 2015. The balance sheet remains conservative in operating terms but has become more levered. Long-term debt rose to $1.62 billion after issuing $750 million of 2.75% notes and redeeming $400 million of 4.20% notes, and total debt as a percentage of total capitalization increased to 27.6% from 23.2%. Cash and equivalents reached $2.5 billion. Management plans $1.8 to $1.9 billion of repurchases in fiscal 2016, a new $2.0 billion authorization was approved in February 2015, and the quarterly dividend is planned to rise to $0.21 per share, a 20% increase.
Mar 31, 2015
2014
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 1, 2014
TJX Companies (fiscal 2014, ended February 1, 2014) delivered solid results in its 10-K filed April 1, 2014. Net sales rose 6% to $27.4 billion, same store sales grew 3%, and diluted EPS increased 15% to $2.94. Pre-tax margin improved to 12.1% from 11.9%, and net income reached $2.1 billion. Part of the EPS gain came from roughly $0.11 per share of third-quarter tax benefits, and the prior 53-week year had added about $0.08, so underlying growth was more moderate than the headline figures suggest. The cost of sales ratio improved only slightly, to 71.5%, while SG&A fell to 16.3% of sales. Growth was led by new stores, with about 4% of sales growth from new stores, 3% from same store sales, and 1% from Sierra Trading Post. The balance sheet and capital return stand out. Operating cash flow was $2.59 billion, down from $3.05 billion, mainly on working capital timing and a $104 million reduction in tax reserves. TJX repurchased 27.0 million shares for $1.5 billion, issued $500 million of 2.5% ten-year notes, and raised its planned fiscal 2015 quarterly dividend to $0.175 from $0.145. It also authorized a new $2.0 billion buyback. Total debt as a share of capitalization rose to 23.2% from 17.4%, and long-term debt reached $1.27 billion. Inventory per store was down 8%, which supports the lean-inventory off-price model. Looking ahead, management plans about 75 net new Marmaxx stores, 35 HomeGoods stores, 20 Canadian stores, and 40 European stores in fiscal 2015, with capital expenditures of about $975 million. Risks flagged in the filing include the Canadian dollar's depreciation against the U.S. dollar, which affects merchandise costs for TJX Canada, weather effects on sales, a 2006 data breach with ongoing FTC oversight, and class action wage-and-hour lawsuits. Investors should watch whether sales growth can keep pace with store expansion and whether margin gains persist without tax benefits.
Apr 1, 2014
2013
TJX COMPANIES INC /DE/ Annual Report, Year Ended Feb 2, 2013
TJX Companies posted a record fiscal 2013 (53 weeks ended February 2, 2013), with net sales up 12% to $25.9 billion and diluted EPS up 32% to $2.55 (up 28% versus adjusted fiscal 2012 EPS of $1.99). Growth was broad-based: same store sales rose 7% on a 52-week basis, driven mainly by higher customer traffic, and every division posted same store sales gains. The 53rd week added roughly $0.08 to EPS and about 2 points to sales growth. Profitability improved markedly, with the pre-tax margin rising to 11.9% from an adjusted 10.7%, largely from better merchandise margins (lower markdowns) and expense leverage on strong comparable sales. TJX Europe was a standout, with same store sales up 10% and segment margin more than tripling to 6.6%. Cash generation and capital returns were strong. Operating cash flow reached $3.0 billion (up from $1.9 billion), supporting $978 million in capital expenditures and $1.3 billion in share repurchases (30.6 million shares). Dividends were raised, with management planning $0.145 per quarter in fiscal 2014, a 26% increase. The company ended the year with $1.8 billion in cash, no borrowings under its $1 billion revolving facilities, and a total debt-to-capitalization ratio of 17.4%. Management guided to roughly 200 net new stores in fiscal 2014 (to about 3,200), a further $1.3 to $1.4 billion in buybacks, and capex of $925 to $950 million. The filing also flags typical retail risks, including inventory and buying execution, competition, currency and tariff exposure, and an ongoing wage-and-hour class action.
Apr 2, 2013
2012
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 28, 2012
TJX Companies (TJX), the largest off-price apparel and home fashions retailer in the U.S. and worldwide, reported a record fiscal 2012 (year ended January 28, 2012). Net sales rose 6% to $23.2 billion, same store sales increased 4%, and diluted EPS from continuing operations reached $1.93, up 17% from $1.65. Excluding costs tied to the A.J. Wright consolidation, adjusted diluted EPS was $1.99, up 14% from an adjusted $1.75. Income from continuing operations grew 12% to $1.5 billion, and the pre-tax margin improved to 10.4% (10.7% adjusted). Growth came mainly from the U.S. businesses: Marmaxx and HomeGoods posted strong same store sales and segment margin gains, while TJX Canada and TJX Europe were weaker, with Europe's segment margin falling to 2.4% amid aggressive markdowns and execution problems. Capital allocation was shareholder-friendly. TJX repurchased 49.7 million shares for $1.4 billion, paid $275 million in dividends, and the board authorized a new $2 billion buyback. Management planned a 21% dividend increase to $0.115 per quarter and expects fiscal 2013 repurchases of $1.2 to $1.3 billion. The company also completed a two-for-one stock split in February 2012 and invested $803 million in capital expenditures, with $875 to $900 million planned for fiscal 2013. Operating cash flow was $1.9 billion, and the company ended the year with $1.5 billion in cash and no drawn revolver balances. Key risks for investors include execution in opportunistic buying, the pace of international growth (especially Europe and Canada), currency and commodity exposure, and ongoing wage-and-hour class actions in the U.S. The A.J. Wright exit added roughly $49 million of segment losses in fiscal 2012, and general corporate expense rose to $228 million from $169 million, reflecting investments in systems, e-commerce and talent. Management expects a higher effective tax rate of 38.5% in fiscal 2013.
Mar 27, 2012
2011
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 29, 2011
TJX Companies reported fiscal 2011 (year ended January 29, 2011) with net sales up 8% to $21.9 billion and income from continuing operations up 10% to $1.34 billion, or $3.30 per diluted share. Growth was driven by a 4% same store sales increase on top of 6% in fiscal 2010, with the increase coming entirely from customer transactions. Pre-tax margin rose to 9.9% from 9.6%, aided by a 0.5-point gain in merchandise margin from leaner inventories and buying closer to need, though the fourth-quarter closure of the A.J. Wright chain cut about 0.7 points from pre-tax margin and $0.21 from EPS. The company made a major strategic decision in Q4 to consolidate A.J. Wright, converting 90 stores to T.J. Maxx, Marshalls, or HomeGoods and closing 72 stores plus two distribution centers. Management expects roughly $66 million of additional A.J. Wright losses and about $28 million of conversion costs in fiscal 2012, and it expects fiscal 2012 store growth to be dampened by the closures. Europe was the weak spot: TJX Europe same store sales fell 3% and segment margin dropped to 3.0% from 7.2%, which management attributed to execution failures tied to rapid expansion, so the company plans to slow European store growth in fiscal 2012. Cash generation remained strong, with operating cash flow of $1.98 billion, and capital expenditures rose to $707 million. TJX repurchased 27.6 million shares for $1.2 billion, raised the planned quarterly dividend to $0.19, and approved a new $1 billion buyback in February 2011. Management plans roughly $1.2 billion of repurchases and $800-825 million of capital spending for fiscal 2012.
Mar 30, 2011
2010
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 30, 2010
TJX Companies' fiscal 2010 (ended January 30, 2010) was a strong rebound year. Net sales rose 7% to $20.3 billion, driven by a 6% increase in same store sales that was fueled by significantly higher customer traffic across all businesses. Income from continuing operations climbed 33% to $1.21 billion, or $2.84 per diluted share, versus $2.08 in fiscal 2009. The pre-tax margin widened to 9.6% from 7.6%, primarily because merchandise margins improved after management ran leaner inventories (average per-store inventories fell 10%) and bought closer to need. Fiscal 2009 comparisons were flattered by a 53rd week and a computer intrusion reserve reversal, which together added about $0.16 per share. Cash generation and capital returns were also strong. Operating cash flow was $2.27 billion, up from $1.15 billion, and cash ended the year at $1.61 billion. TJX repurchased 27.0 million shares for $950 million, and it financed part of this through $774 million of new 6.95% and 4.20% notes, which funded the call of its zero coupon convertible notes. The Board raised the quarterly dividend to $0.15 for fiscal 2011, and it approved a new $1 billion repurchase authorization in February 2010. Looking ahead, management plans to add 130 net stores in fiscal 2011, including 48 net new T.K. Maxx stores in Europe, and it expects capital expenditures of about $750 million. The main risks flagged include foreign currency swings, consumer spending pressure from the economy, unresolved computer intrusion and discontinued-lease liabilities (reserves of $23.5 million and $35.9 million, respectively), and the execution demands of rapid expansion and opportunistic buying.
Mar 30, 2010
2009
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 31, 2009
TJX Companies' fiscal 2009 (53 weeks ended January 31, 2009) was a solid year despite a severe retail downturn. Net sales rose 4% to $19.0 billion and diluted EPS from continuing operations increased 24% to $2.08, helped by a $30.5 million pre-tax credit to the Computer Intrusion reserve and a 53rd week worth an estimated $0.09 per share. Same store sales grew only 1%, with Marmaxx (T.J. Maxx and Marshalls) flat, and the second half was hurt by the recession and a sharp strengthening of the U.S. dollar against the Canadian dollar and British pound. Pre-tax margin improved to 7.6% from 6.9%, and consolidated average per-store inventories fell 6%, reflecting leaner buying close to need. Cash generation remained strong, with operating cash flow of $1.15 billion and capital expenditures of $583 million, leaving healthy free cash flow. TJX returned capital through $741 million of buybacks (24.0 million shares) and $177 million of dividends, and the balance sheet was de-levered as the $1 billion repurchase program was completed. However, management is clearly in a defensive posture for fiscal 2010: it plans for negative low-single-digit same store sales, targets up to $150 million in expense reductions, cuts capital spending to about $450 million, reduces store openings to 64 net new stores, and limits buybacks to roughly $250 million. The Computer Intrusion litigation is largely behind the company, with the remaining reserve at $42.2 million, although a 41-state Attorneys General investigation and a remanded Financial Institutions case remain open. For investors, the key questions are whether off-price traffic gains can convert into comparable-store growth as consumers trade down, whether the Canadian and European segments can absorb currency headwinds to merchandise margins, and whether HomeGoods' margin compression (segment margin down to 2.7% from 5.1%) proves temporary. The company's underlying franchise, with over 2,600 stores and an opportunistic buying model, remains intact, but near-term earnings growth is likely to be muted.
Mar 31, 2009
2008
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 26, 2008
TJX Companies' fiscal 2008 10-K (year ended January 26, 2008) shows a company growing sales steadily while absorbing a significant one-time cost from a 2007 computer intrusion. Net sales rose 7% to $18.6 billion, same store sales grew 4% (about two points from currency), and the company ended the year with 2,563 stores, up 4%. Diluted EPS from continuing operations was $1.66, up from $1.63, but that figure absorbed a $0.25 per share after-tax hit from the Computer Intrusion provision of $197.0 million pre-tax. Excluding that charge, earnings per share would have grown more meaningfully, and the pre-tax margin fell to 6.7% from 7.2%. The operating story is one of merchandise margin improvement. Cost of sales as a percentage of sales improved to 75.5% from 75.9%, driven by better markon and lower markdowns, and segment margins improved at Marmaxx (9.7%), Winners/HomeSense (11.5%) and HomeGoods (5.1%). Cash generation remained strong, with operating cash flow of $1.36 billion funding $527 million of capital expenditures and $950 million of share repurchases (33.3 million shares retired). Management guided to roughly 109 net new stores and about $900 million of buybacks in fiscal 2009, along with a 53-week year. The key open risks are the Computer Intrusion litigation and investigations. The company holds a remaining reserve of $117.3 million, but management acknowledges actual losses could exceed it. Pending matters include a multi-state Attorneys General investigation, an FTC inquiry, consolidated class actions and a FACTA litigation MDL. Balance sheet leverage is moderate, with total debt at 28.6% of total capitalization and no borrowings under its revolving credit facilities at year end.
Mar 26, 2008
2007
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 27, 2007
TJX Companies' fiscal 2007 10-K (year ended January 27, 2007) shows a strong operating year overshadowed by a serious data breach. Net sales rose 9% to $17.4 billion, same store sales grew 4%, and income from continuing operations reached $776.8 million, or $1.63 per diluted share, up from $1.41. The pre-tax margin improved to 7.2% from 6.3%, driven by better merchandise margins and cost containment, though the company also absorbed a planned rise in marketing spend. Net income after the A.J. Wright store-closing charge was $738 million, or $1.55 per diluted share. The central risk for investors is the Computer Intrusion disclosed in this filing. TJX believes customer payment card and personal data were stolen from its systems in 2005 and 2006. So far the company has recorded only a roughly $5 million pre-tax charge and states it cannot yet reasonably estimate further losses. It faces numerous putative class actions in the U.S. and Canada, card-issuer claims, and investigations by a multi-state group of state attorneys general, the FTC, and Canadian privacy regulators. Management acknowledges these losses could be material, so the contingent liability is the key unknown for the equity. On the positive side, the balance sheet strengthened, with cash rising to $857 million and shareholders' equity to $2.29 billion. Operating cash flow was $1.195 billion, and the company returned capital through $557 million of buybacks and $123 million of dividends. Management plans roughly $900 million of repurchases in fiscal 2008, though buybacks were temporarily suspended after the breach was discovered. Capital spending is expected to rise to about $500 million in fiscal 2008, and the store base is planned to grow by 83 net stores.
Mar 28, 2007
2006
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 28, 2006
TJX Companies' fiscal 2006 (ended January 28, 2006) showed strong top-line growth and a sharp improvement in the fourth quarter, though full-year pre-tax margin compressed. Net sales rose 8% to $16.1 billion, driven by about 6 points from new stores and 2 points from a 2% consolidated same store sales increase. Reported net income was $690.4 million, or $1.41 per diluted share, up from $1.21, but this figure includes a $47 million repatriation tax benefit and a $22 million deferred tax correction. Excluding these and other third-quarter items, adjusted EPS was $1.29 versus $1.25 in the prior year, so underlying earnings growth was modest. Pre-tax margin fell from 6.6% to 6.3% as low single-digit comparable sales growth deleveraged occupancy and other expense ratios. Fourth-quarter results were the bright spot. Same store sales rose 3%, pre-tax margin improved from 6.1% to 7.5%, and reported EPS of $0.60 was up 82%. Management credited improved off-price buying and lower markdowns, particularly at Winners, HomeGoods and A.J. Wright. Average per-store inventories fell 11%, which supports margin quality heading into fiscal 2007. Capital allocation remained shareholder-friendly. TJX repurchased 25.9 million shares for $600 million, completed a $1 billion program, and authorized another $1 billion with about $650 million planned for fiscal 2007. Operating cash flow was $1.16 billion against capital expenditures of $496 million. Management plans to slow new store openings at HomeGoods, A.J. Wright and T.K. Maxx and to cut fiscal 2007 capex to about $395 million. Leadership transition is a watch item: the CEO position was held on an acting basis by Bernard Cammarata after the September 2005 departure of the prior CEO, and a former CEO resignation agreement was a third-quarter cost.
Mar 29, 2006
2005
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 29, 2005
TJX Companies' fiscal 2005 (52 weeks ended January 29, 2005) was a year of strong top-line growth with margin pressure. Net sales rose 12% to $14.9 billion, driven by roughly 6 points from new stores, 5 points from same-store sales growth (4% at Marmaxx), and 2 points from the full-year contribution of Bob's Stores, partly offset by the absence of the 53rd week in the prior year. Store count grew 8% to 2,224 and selling square footage grew 8%. Diluted EPS was $1.30, up from $1.25, but this figure includes a one-time, non-cash $0.04 lease accounting charge and an adverse $0.04 effect from the newly adopted EITF 04-08 treatment of convertible debt. Excluding the lease charge, EPS was $1.34 versus a restated $1.20 for fiscal 2004 (adjusted for the 53rd week), a 12% increase. Profitability was the key concern. The pre-tax margin fell from 8.0% to 7.2%, mainly because cost of sales, including buying and occupancy costs, rose 0.7 points. Causes included the lease charge, the lapping of the 53rd week, and markdowns at divisions other than Marmaxx. Segment results diverged sharply: Marmaxx (T.J. Maxx and Marshalls) improved its segment margin to 9.8%, while HomeGoods' margin fell to 2.3%, A.J. Wright posted a segment loss of $15.0 million, and Bob's Stores lost $17.3 million. Winners and HomeSense margin fell to 8.5% on markdowns tied to excess inventory, and T.K. Maxx margin fell to 5.4%. Cash generation and capital return remained strong. Operating cash flow was $1.08 billion and capital expenditures were $429 million. TJX repurchased 25.1 million shares for $588 million, paid $83 million in dividends, and plans roughly $600 million in buybacks for fiscal 2006. Management guided to 161 net new stores in fiscal 2006 (about 7% growth), roughly 8% selling square footage growth, and capex of about $530 million. Balance sheet metrics stayed healthy, with total debt at 29.7% of capitalization and no borrowings outstanding under credit facilities at year end. Inventory rose 21% to $2.35 billion, a point investors should watch alongside the markdown pressure.
Mar 30, 2005
2004
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 31, 2004
TJX Companies (fiscal 2004, ended January 31, 2004, a 53-week year) delivered strong results: net sales rose 11.2% to $13.3 billion and diluted EPS increased 19% to $1.28, at the upper end of management's plan. Growth was driven mainly by new stores (about 8 points) and the extra 53rd week (about 1.5 points), while same store sales grew only 1% (including a roughly 1.5-point currency benefit), below plan due to unseasonable weather in the first half. Profitability was the bright spot: cost of sales improved to 75.6% of sales from 75.8%, reflecting better merchandise margins from tighter inventory management and closer-to-need buying, and pre-tax margin rose to 8.0% from 7.8%. After-tax return on average equity was 44.5%. Cash generation remained solid, with operating cash flow of $770.5 million, down from $908.6 million mainly because inventories rose 11% per store (partly by design and partly from timing of the 53rd week). TJX returned significant capital to shareholders, repurchasing 26.8 million shares for $520.7 million and paying $68.9 million in dividends, while capital expenditures totaled $409 million. The company acquired Bob's Stores in December 2003 for about $57.6 million, a 31-store value apparel chain that management views as a long-term growth vehicle rather than a near-term earnings driver. Management guided to fiscal 2005 total sales growth of about 13%, same store sales growth of 4% to 5%, 182 net new stores, and capex of roughly $500 million, with the cost-of-sales ratio expected to be similar to fiscal 2004 and the SG&A ratio rising 0.3% to 0.4%. Key risks include the company's dependence on opportunistic buying and inventory discipline, sensitivity to consumer demand and weather, currency exposure from its Canadian and U.K. operations, and contingent liabilities tied to discontinued operations' leases, which were reserved at $17.5 million at year-end. The company also disclosed a $1 billion share repurchase program with $181.4 million remaining.
Mar 31, 2004
2003
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 25, 2003
TJX Companies (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and internationally, closed fiscal 2003 (ended January 25, 2003) with net sales up 11.9% to $11.98 billion and diluted EPS up 11% to $1.08 from $0.97 (per the $578.4 million net income, which was up 7.5% from fiscal 2002's $540.4 million from continuing operations). Growth came from a 10.7% increase in store count to 1,843 stores plus 3% consolidated same-store sales growth. Profitability was mixed: the operating margin before taxes fell to 7.8% from 8.2%, driven by higher SG&A (including a $16 million charge for a tentative settlement of four California overtime lawsuits) and cost pressures at Marmaxx (T.J. Maxx and Marshalls), which remains the core profit engine with $888 million of segment profit, though its margin slipped to 9.4%. Younger divisions improved sharply: T.K. Maxx and HomeGoods segment profit rose substantially, and Winners' merchandise margin recovered, while A.J. Wright still posted a segment loss. Capital and shareholder returns remained strong. Operating cash flow was $908.6 million, capital expenditures were $396.7 million, and TJX repurchased $481.7 million of stock (25.9 million shares) while completing a $1 billion buyback and launching another $1 billion program. The annual dividend was raised to $0.12 per share from $0.09. Long-term debt is modest at $664.8 million, with the bulk of it a zero-coupon convertible note whose holders have put options beginning in February 2004. Management guides to fiscal 2004 with 192 net new stores (a 10.4% increase), roughly 3% same-store sales growth, 13% total sales growth, and capex of about $430 million, and notes that fiscal 2004 will include a 53rd week. Key risks for investors include reliance on a highly promotional retail environment and consumer demand, rising benefit and occupancy costs, exposure to discontinued-operations lease liabilities (House2Home and Ames, with an approximately $164 million contingent exposure in total), and the ongoing California wage litigation. Overall, the filing portrays a financially strong, cash-generative off-price leader executing an aggressive store expansion, with margin pressure at its largest division the main issue to watch.
Apr 25, 2003
2002
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 26, 2002
TJX Companies' fiscal 2002 (year ended January 26, 2002) showed strong top-line growth but margin pressure. Net sales rose 11.8% to $10.71 billion, driven by a 11.5% increase in store count and a 3% consolidated same-store sales gain, with a 6% gain in the fourth quarter. However, diluted EPS from continuing operations rose only 4.3% to $1.94, and net income fell to $500.4 million ($1.80 per diluted share) after a $40 million after-tax charge for contingent lease obligations tied to the bankruptcy of House2Home, Inc. Merchandise margin compressed (cost of sales rose to 75.9% of sales from 75.0%), reflecting aggressive pricing after September 11, higher markdowns at smaller divisions, and inventory shortage. Operating margin on the consolidated P&L drifted down, with pre-tax margin at 8.2% versus 9.0% a year earlier. Balance sheet and cash flow were strengthened. Operating cash flow reached $912.4 million, up from $556.8 million, helped by a more liquid inventory position (inventory fell to 13.6% of sales from 15.2%). Cash rose to $492.8 million. The company issued $517.5 million (gross proceeds $347.6 million) of zero-coupon convertible notes in February 2001, which lifted long-term debt to $672 million and total debt to 34.4% of capitalization. TJX spent $424 million repurchasing 13.2 million shares and paid $48 million in dividends. Capital expenditures roughly doubled to $449 million to fund store growth and distribution center investment. Growth outlook remains focused on store expansion across all chains. Management plans a net 184 new stores in fiscal 2003 and a 3% same-store sales increase, and expects capex of about $485 million. TJX also announced a two-for-one stock split to be distributed May 8, 2002, and replaced its credit facilities with new $350 million five-year and $300 million 364-day revolvers on March 26, 2002. Key risks include the House2Home lease exposure, the Ames bankruptcy lease liabilities, and a California class-action lawsuit over the classification of store managers as exempt from overtime, which management does not expect to be material.
Apr 24, 2002
1995
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 28, 1995
TJX Companies' fiscal 1995 (year ended January 28, 1995) was a difficult year. Net sales rose 6.0% to $3.84 billion, but income before extraordinary items and accounting changes fell 35% to $82.6 million, or $1.03 per fully diluted share, from $127.0 million ($1.62) in fiscal 1994. Management attributed the decline to a weak U.S. apparel environment, a promotional retail climate, unseasonable weather, and execution problems at Chadwick's of Boston. Consolidated same-store sales fell 1%, and operating income in the three core segments dropped 21.2%. Gross margin compressed as the cost of sales rose to 76.2% of sales from 75.1%, and SG&A rose to 19.5% of sales from 18.6%. The effective tax rate also rose to 42% from 40%, reflecting the new U.K. operation's start-up losses. The balance sheet remains conservative. Shareholders' equity was $607 million, and equity made up about 72% of long-term capitalization. Long-term debt was $239.5 million. Inventories grew 21% to $937.7 million, or 24.4% of sales versus 21.3% a year earlier, which is a watch item given the markdown pressure. Operating cash flow was $104.5 million, and capital spending was $127.8 million. Management plans roughly $125 million of capex in fiscal 1996, and it began a $100 million share buyback, repurchasing $19.3 million of stock during the year. Common dividends rose to $0.56 per share from $0.50. The company's growth strategy continues to expand its store base. T.J. Maxx added 44 stores, and HomeGoods, T.K. Maxx (U.K.), and Winners (Canada) expanded. Hit or Miss is being restructured through heavy closings, and Chadwick's is working to fix operational issues. Investors should weigh the strong off-price model and balance sheet against the margin pressure, the fashion-cycle exposure, and the need for Chadwick's and Hit or Miss to recover.
Apr 19, 1995
1994
TJX COMPANIES INC /DE/ Annual Report, Year Ended Jan 29, 1994
The TJX Companies, Inc. (NYSE: TJX) reported fiscal 1994 (year ended January 29, 1994) net sales of $3.63 billion, up 11.2% from $3.26 billion, and net income of $124.4 million, or $1.58 per fully diluted share, versus $102.8 million in fiscal 1993. Income from continuing operations before extraordinary and accounting-change items rose 22% to $127.0 million ($1.62 per share). Growth was led by the T.J. Maxx off-price family apparel segment, which generated $236.99 million of operating income (up 9.3%), and by Chadwick's of Boston, whose catalog sales grew 45% to $421 million. Hit or Miss returned to modest profitability after losses in fiscal 1993. Same-store sales rose only 2% on a consolidated basis, with weather cited as a headwind, so the top-line growth came mainly from new stores and catalog expansion. Profitability improved at the gross margin line, where cost of sales fell to 75.1% of sales from 75.7%, but SG&A rose to 18.6% of sales from 18.2%, reflecting start-up costs for the U.K. T.K. Maxx venture and the HomeGoods concept. Interest expense fell to $19.0 million from $26.3 million, aided by the 1992 conversion of convertible debentures and lower borrowing rates. The effective tax rate was 40%, and the new 1993 federal tax law trimmed net income by about $0.02 per share. Cash flow from operations weakened to $84.4 million from $138.6 million because of higher tax payments and inventory build-up. Inventory rose to $772 million, 21.3% of sales, and capital expenditures were $125.8 million, with about $140 million planned for fiscal 1995. The balance sheet strengthened, with shareholders' equity of $590.9 million (up from $505.2 million) and equity at 73.7% of long-term capital. Cash fell to $58.1 million, and long-term debt was $210.9 million. Management expects continued store growth in fiscal 1995, with about 45 new T.J. Maxx stores, 35 Hit or Miss stores, 10 Winners stores, and initial T.K. Maxx openings in the U.K. The company also disclosed a class action over the 1989 merger of old TJX, with management saying it is without merit and not likely to be material.
Apr 22, 1994