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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TJX Companies Inc | NYSE:TJX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.58 | 0.59% | 98.50 | 98.56 | 97.47 | 97.80 | 5,814,496 | 01:00:00 |
☒
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
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)
|
Title of each class
|
|
Name of each exchange on which registered
|
Common Stock, par value $1.00 per share
|
|
New York Stock Exchange
|
Large accelerated filer
|
|
☒
|
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
Emerging growth company
|
|
☐
|
|
|
|
|
|
Approximate
Average Store
Size (square feet)
|
Number of Stores at Year End
|
|
Estimated Store
Growth
Potential
|
|
||||||||
|
Fiscal 2018
|
|
|
Fiscal 2019
|
|
|
Fiscal 2020
(estimated)
|
|
|
||||
Marmaxx
|
|
|
|
|
|
|
|
|
|
||||
T.J. Maxx
|
28,000
|
1,223
|
|
|
1,252
|
|
|
|
|
|
|
||
Marshalls
|
29,000
|
1,062
|
|
|
1,091
|
|
|
|
|
|
|
||
|
|
2,285
|
|
|
2,343
|
|
|
2,403
|
|
|
3,000
|
|
|
HomeGoods
|
|
|
|
|
|
|
|
|
|
||||
HomeGoods
|
23,000
|
667
|
|
|
749
|
|
|
|
|
|
|
||
Homesense
|
27,000
|
4
|
|
|
16
|
|
|
|
|
|
|
||
|
|
671
|
|
|
765
|
|
|
845
|
|
(1)
|
1,400
|
|
(1)
|
TJX Canada
|
|
|
|
|
|
|
|
|
|
||||
Winners
|
28,000
|
264
|
|
|
271
|
|
|
|
|
|
|
||
HomeSense
|
23,000
|
117
|
|
|
125
|
|
|
|
|
|
|
||
Marshalls
|
27,000
|
73
|
|
|
88
|
|
|
|
|
|
|
||
|
|
454
|
|
|
484
|
|
|
514
|
|
|
600
|
|
|
TJX International
|
|
|
|
|
|
|
|
|
|
||||
T.K. Maxx (Europe)
|
29,000
|
540
|
|
|
567
|
|
|
|
|
|
|
||
Homesense (Europe)
|
20,000
|
55
|
|
|
68
|
|
|
|
|
|
|
||
T.K. Maxx (Australia)
|
22,000
|
38
|
|
|
44
|
|
|
|
|
|
|
||
|
|
633
|
|
|
679
|
|
|
729
|
|
|
1,100
|
|
(2)
|
TJX Total
(3)
|
|
4,070
|
|
|
4,306
|
|
|
4,536
|
|
(1)
|
6,100
|
|
(1)
|
(1)
|
HomeGoods and TJX total includes 31 Homesense stores in the U.S. estimated for fiscal
2020
and store growth potential includes 400 Homesense stores.
|
(2)
|
Reflects store growth potential for T.K. Maxx in current geographies and for Homesense in the United Kingdom and Ireland.
|
(3)
|
Includes
27
Sierra stores in fiscal
2018
,
35
Sierra stores for fiscal
2019
, and 45 Sierra stores estimated for fiscal
2020
. Sierra stores are not included in estimated store growth potential.
|
Name
|
Age
|
Office and Business Experience
|
Kenneth Canestrari
|
57
|
Senior Executive Vice President, Group President since September 2014. President, HomeGoods from 2012 to September 2014. Executive Vice President, Chief Operating Officer, HomeGoods from 2008 until 2012. Various financial positions with TJX from 1988 to 2008.
|
Scott Goldenberg
|
65
|
Senior Executive Vice President and Chief Financial Officer since April 2014; Executive Vice President and Chief Financial Officer from January 2012 to April 2014. Executive Vice President, Finance from June 2009 to January 2012. Senior Vice President, Corporate Controller from 2007 to 2009 and Senior Vice President, Director of Finance, Marmaxx, from 2000 to 2007. Various financial positions with TJX from 1983 to 1988 and 1997 to 2000.
|
Ernie Herrman
|
58
|
Chief Executive Officer since January 2016. Director since October 2015. President since January 2011. Senior Executive Vice President, Group President from August 2008 to January 2011. President, Marmaxx from 2005 to 2008. Senior Executive Vice President, Chief Operating Officer, Marmaxx from 2004 to 2005. Executive Vice President, Merchandising, Marmaxx from 2001 to 2004. Various merchandising positions with TJX since joining in 1989.
|
Carol Meyrowitz
|
65
|
Executive Chairman of the Board since January 2016. Chairman of the Board from June 2015 to January 2016. Chief Executive Officer from January 2007 to January 2016. Director since 2006 and President from 2005 to January 2011. Consultant to TJX from January 2005 to October 2005. Senior Executive Vice President from March 2004 to January 2005. President, Marmaxx from 2001 to January 2005. Executive Vice President of TJX from 2001 to 2004. Various senior management and merchandising positions with Marmaxx and with Chadwick’s of Boston and Hit or Miss, former divisions of TJX, from 1983 to 2001.
|
Douglas Mizzi
|
59
|
Senior Executive Vice President, Group President since February 2018. President, TJX Canada from October 2011 to February 2018. Managing Director T.K. Maxx, UK from April 2010 to October 2011. Executive Vice President, Chief Operating Officer, WMI from February 2006 to April 2010. Senior Vice President, Director of Store Operations, WMI from 2004 to 2006. Various store operations positions with TJX from 1988 to 2004.
|
Richard Sherr
|
62
|
Senior Executive Vice President, Group President since January 2012. President, HomeGoods from 2010 to 2012. Chief Operating Officer, Marmaxx from 2007 until 2010. Various merchandising positions at TJX from 1992 to 2007.
|
–
|
labor and employment practices and benefits, including for labor unions and works councils;
|
–
|
climate change, energy and waste;
|
–
|
supply chain, trade restrictions and logistics, including resulting from changes to requirements or policies from the outcome of Brexit discussions;
|
–
|
health and welfare regulations;
|
–
|
consumer protection and product safety;
|
–
|
financial regulations;
|
–
|
data protection and privacy, such as to comply with, or fines and penalties related to, the General Data Protection Regulation in Europe;
|
–
|
Internet regulations, including e-commerce, electronic communications and privacy; and
|
–
|
protection of intellectual property rights.
|
–
|
potential disruptions in manufacturing and supply;
|
–
|
changes in duties, tariffs, trade restrictions, sanctions, quotas and voluntary export restrictions on imported merchandise, including, for example, tariffs and border adjustment taxes; changes to the North American Free Trade Agreement or successor or other trade agreements; or changes to trade requirements resulting from Brexit;
|
–
|
transport capacity and costs;
|
–
|
information technology challenges;
|
–
|
problems in third-party distribution and warehousing, logistics, transportation and other supply chain interruptions;
|
–
|
strikes, threats of strikes and other events affecting delivery;
|
–
|
consumer perceptions of the safety or quality of imported merchandise;
|
–
|
product and international trade compliance with laws and regulations of the destination country;
|
–
|
compliance with laws and regulations including changing labor, environmental, international trade and other laws in those countries and those concerning ethical business practices, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act;
|
–
|
product liability claims from customers or penalties from government agencies relating to products that are recalled, defective or otherwise noncompliant or alleged to be harmful;
|
–
|
intellectual property enforcement and infringement issues;
|
–
|
concerns about human rights, working conditions and other labor rights and conditions in countries where merchandise is produced;
|
–
|
concerns about transparent sourcing and supply chains;
|
–
|
currency exchange rates, financial or economic instability; and
|
–
|
political or other disruptions in countries from, to or through which merchandise is imported.
|
|
T.J. Maxx
|
|
Marshalls
|
|
HomeGoods
|
|
Homesense
|
|
Sierra
|
|
Alabama
|
25
|
|
6
|
|
6
|
|
—
|
|
—
|
|
Arizona
|
17
|
|
18
|
|
14
|
|
—
|
|
—
|
|
Arkansas
|
14
|
|
4
|
|
5
|
|
—
|
|
—
|
|
California
|
121
|
|
145
|
|
89
|
|
—
|
|
—
|
|
Colorado
|
17
|
|
11
|
|
10
|
|
—
|
|
5
|
|
Connecticut
|
28
|
|
24
|
|
18
|
|
—
|
|
1
|
|
Delaware
|
3
|
|
5
|
|
4
|
|
—
|
|
—
|
|
District of Columbia
|
4
|
|
4
|
|
—
|
|
—
|
|
—
|
|
Florida
|
95
|
|
94
|
|
67
|
|
—
|
|
—
|
|
Georgia
|
50
|
|
34
|
|
27
|
|
—
|
|
—
|
|
Hawaii
|
6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Idaho
|
7
|
|
2
|
|
2
|
|
—
|
|
1
|
|
Illinois
|
51
|
|
45
|
|
31
|
|
—
|
|
3
|
|
Indiana
|
23
|
|
14
|
|
8
|
|
—
|
|
—
|
|
Iowa
|
11
|
|
7
|
|
5
|
|
—
|
|
—
|
|
Kansas
|
9
|
|
6
|
|
7
|
|
—
|
|
—
|
|
Kentucky
|
16
|
|
5
|
|
5
|
|
—
|
|
—
|
|
Louisiana
|
15
|
|
12
|
|
8
|
|
—
|
|
—
|
|
Maine
|
9
|
|
3
|
|
3
|
|
—
|
|
—
|
|
Maryland
|
25
|
|
29
|
|
20
|
|
2
|
|
—
|
|
Massachusetts
|
52
|
|
57
|
|
37
|
|
4
|
|
2
|
|
Michigan
|
41
|
|
27
|
|
19
|
|
—
|
|
3
|
|
Minnesota
|
17
|
|
16
|
|
12
|
|
—
|
|
2
|
|
Mississippi
|
10
|
|
5
|
|
4
|
|
—
|
|
—
|
|
Missouri
|
19
|
|
17
|
|
10
|
|
—
|
|
—
|
|
Montana
|
6
|
|
—
|
|
1
|
|
—
|
|
—
|
|
Nebraska
|
5
|
|
4
|
|
4
|
|
—
|
|
1
|
|
Nevada
|
9
|
|
11
|
|
7
|
|
—
|
|
1
|
|
New Hampshire
|
16
|
|
10
|
|
10
|
|
—
|
|
1
|
|
New Jersey
|
40
|
|
51
|
|
42
|
|
4
|
|
2
|
|
New Mexico
|
5
|
|
4
|
|
2
|
|
—
|
|
—
|
|
New York
|
80
|
|
83
|
|
49
|
|
3
|
|
2
|
|
North Carolina
|
37
|
|
27
|
|
18
|
|
—
|
|
—
|
|
North Dakota
|
5
|
|
1
|
|
1
|
|
—
|
|
—
|
|
Ohio
|
47
|
|
35
|
|
22
|
|
—
|
|
1
|
|
Oklahoma
|
12
|
|
6
|
|
3
|
|
—
|
|
—
|
|
Oregon
|
12
|
|
9
|
|
8
|
|
—
|
|
3
|
|
Pennsylvania
|
51
|
|
40
|
|
32
|
|
2
|
|
—
|
|
Puerto Rico
|
8
|
|
21
|
|
6
|
|
—
|
|
—
|
|
Rhode Island
|
6
|
|
6
|
|
6
|
|
—
|
|
—
|
|
South Carolina
|
22
|
|
12
|
|
9
|
|
—
|
|
—
|
|
South Dakota
|
2
|
|
1
|
|
1
|
|
—
|
|
—
|
|
Tennessee
|
26
|
|
18
|
|
9
|
|
—
|
|
—
|
|
Texas
|
70
|
|
91
|
|
50
|
|
—
|
|
—
|
|
Utah
|
14
|
|
4
|
|
7
|
|
—
|
|
1
|
|
Vermont
|
5
|
|
1
|
|
1
|
|
—
|
|
1
|
|
Virginia
|
37
|
|
30
|
|
23
|
|
1
|
|
—
|
|
Washington
|
19
|
|
21
|
|
13
|
|
—
|
|
2
|
|
West Virginia
|
7
|
|
3
|
|
2
|
|
—
|
|
—
|
|
Wisconsin
|
23
|
|
11
|
|
12
|
|
—
|
|
1
|
|
Wyoming
|
3
|
|
1
|
|
—
|
|
—
|
|
2
|
|
Total Stores
|
1,252
|
|
1,091
|
|
749
|
|
16
|
|
35
|
|
|
Winners
|
|
HomeSense
|
|
Marshalls
|
|
Alberta
|
34
|
|
20
|
|
15
|
|
British Columbia
|
36
|
|
18
|
|
7
|
|
Manitoba
|
9
|
|
3
|
|
3
|
|
New Brunswick
|
4
|
|
3
|
|
2
|
|
Newfoundland
|
3
|
|
1
|
|
1
|
|
Nova Scotia
|
11
|
|
2
|
|
2
|
|
Ontario
|
118
|
|
55
|
|
42
|
|
Prince Edward Island
|
1
|
|
1
|
|
—
|
|
Quebec
|
49
|
|
19
|
|
14
|
|
Saskatchewan
|
6
|
|
3
|
|
2
|
|
Total Stores
|
271
|
|
125
|
|
88
|
|
|
T.K. Maxx
|
|
Homesense
|
|
United Kingdom
|
345
|
|
66
|
|
Republic of Ireland
|
26
|
|
2
|
|
Germany
|
131
|
|
—
|
|
Poland
|
43
|
|
—
|
|
Austria
|
12
|
|
—
|
|
The Netherlands
|
10
|
|
—
|
|
Total Stores
|
567
|
|
68
|
|
|
T.K. Maxx
|
|
Australian Capital Territory
|
2
|
|
New South Wales
|
15
|
|
Queensland
|
18
|
|
Victoria
|
9
|
|
Total Stores
|
44
|
|
Marmaxx
|
|
|
T.J. Maxx
|
Worcester, Massachusetts
|
494,000 s.f.—owned
|
|
Evansville, Indiana
|
989,000 s.f.—owned
|
|
Las Vegas, Nevada
|
1,110,000 s.f.—owned
|
|
Charlotte, North Carolina
|
595,000 s.f.—owned
|
|
Pittston Township, Pennsylvania
|
1,017,000 s.f.—owned
|
|
Memphis, Tennessee
|
800,000 s.f.—leased
|
|
San Antonio, Texas
|
1,215,000 s.f.—owned
|
|
|
|
Marshalls
|
Atlanta, Georgia
|
780,000 s.f.—owned
|
|
Woburn, Massachusetts
|
472,000 s.f.—leased
|
|
Bridgewater, Virginia
|
562,000 s.f.—leased
|
|
Philadelphia, Pennsylvania
|
1,001,000 s.f.—leased
|
|
Phoenix, Arizona
|
1,139,000 s.f.—owned
|
|
|
|
Sierra
|
Cheyenne, Wyoming
|
780,000 s.f.—owned
|
|
|
|
HomeGoods
|
Brownsburg, Indiana
|
805,000 s.f.—owned
|
|
Bloomfield, Connecticut
|
803,000 s.f.—owned
|
|
Jefferson, Georgia
|
801,000 s.f.—owned
|
|
Tucson, Arizona
|
858,000 s.f.—owned
|
|
Carteret, New Jersey
|
460,000 s.f.—leased
|
|
|
|
TJX Canada
|
Brampton, Ontario
|
506,000 s.f.—leased
|
|
Mississauga, Ontario
|
679,000 s.f.—leased
|
|
Torbram, Ontario
|
445,000 s.f.—leased
|
|
Delta, British Columbia
|
432,000 s.f.—leased
|
|
|
|
TJX International
|
Wakefield, England
|
641,000 s.f.—leased
|
|
Stoke, England
|
261,000 s.f.—leased
|
|
Walsall, England
|
277,000 s.f.—leased
|
|
Bergheim, Germany
|
322,000 s.f.—leased
|
|
Wroclaw, Poland
|
303,000 s.f.—leased
|
|
Chullora, Australia
|
154,000 s.f.—leased
|
Corporate, Marmaxx, HomeGoods, Sierra
|
Framingham and Marlborough, Massachusetts
|
1,958,000 s.f.—owned and
leased in several buildings
|
Sierra
|
Cheyenne, Wyoming
|
120,000 s.f. —owned
|
TJX Canada
|
Mississauga, Ontario
|
434,000 s.f.—leased
|
TJX International
|
Watford, England
|
282,000 s.f.—owned and leased
|
|
Dusseldorf, Germany
|
46,000 s. f.—leased
|
|
Mascot, Australia
|
44,000 s. f.—leased
|
|
Total Number of Shares
Repurchased
(1)
|
Average Price Paid Per Share
(2)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(1)
|
Approximate Dollar Value of Shares that
May Yet be Purchased Under the Plans or
Programs
(3)
|
November 4, 2018 through December 1, 2018
|
2,629,102
|
$51.35
|
2,629,102
|
$2,400,789,659
|
December 2, 2018 through January 5, 2019
|
3,594,376
|
$45.91
|
3,594,376
|
$2,235,789,672
|
January 6, 2019 through February 2, 2019
|
11,544,855
|
$48.07
|
11,544,855
|
$3,180,789,706
|
Total:
|
17,768,333
|
|
17,768,333
|
|
(1)
|
Consists of shares repurchased under publicly announced stock repurchase programs.
|
(2)
|
Includes commissions for the shares repurchased under stock repurchase programs.
|
(3)
|
In February
2018
, TJX announced a stock repurchase program authorizing an additional $3.0 billion in repurchases, from time to time, under which approximately
$1.7 billion
remained available as of
February 2, 2019
. In February
2019
, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional
$1.5 billion
of TJX common stock from time to time.
|
|
Fiscal Year Ended
|
||||||||||||||
Amounts in millions, except per share amounts
|
February 2, 2019
(1)
|
February 3,
2018
(2)
|
January 28,
2017
(1)
|
January 30,
2016
|
January 31,
2015
|
||||||||||
|
|
(53 Weeks)
|
|
|
|
||||||||||
Income statement and per share data:
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
38,973
|
|
$
|
35,865
|
|
$
|
33,184
|
|
$
|
30,945
|
|
$
|
29,078
|
|
Net income
|
$
|
3,060
|
|
$
|
2,608
|
|
$
|
2,298
|
|
$
|
2,278
|
|
$
|
2,215
|
|
Weighted average common shares for diluted earnings per share calculation (in thousands)
(3)
|
1,259,252
|
|
1,292,209
|
|
1,328,864
|
|
1,366,502
|
|
1,407,090
|
|
|||||
Diluted earnings per share
(3)
|
$
|
2.43
|
|
$
|
2.02
|
|
$
|
1.73
|
|
$
|
1.67
|
|
$
|
1.57
|
|
Cash dividends declared per share
(3)
|
$
|
0.78
|
|
$
|
0.625
|
|
$
|
0.52
|
|
$
|
0.42
|
|
$
|
0.35
|
|
Balance sheet data:
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
3,030
|
|
$
|
2,758
|
|
$
|
2,930
|
|
$
|
2,095
|
|
$
|
2,494
|
|
Working capital
|
$
|
2,938
|
|
$
|
3,360
|
|
$
|
2,993
|
|
$
|
2,370
|
|
$
|
2,648
|
|
Total assets
|
$
|
14,326
|
|
$
|
14,058
|
|
$
|
12,884
|
|
$
|
11,490
|
|
$
|
10,978
|
|
Capital expenditures
|
$
|
1,125
|
|
$
|
1,058
|
|
$
|
1,025
|
|
$
|
889
|
|
$
|
912
|
|
Long-term obligations
(4)
|
$
|
2,234
|
|
$
|
2,231
|
|
$
|
2,228
|
|
$
|
1,615
|
|
$
|
1,613
|
|
Shareholders’ equity
|
$
|
5,049
|
|
$
|
5,148
|
|
$
|
4,511
|
|
$
|
4,307
|
|
$
|
4,264
|
|
Other financial data:
|
|
|
|
|
|
||||||||||
After-tax return on average shareholders’ equity
|
60.1
|
%
|
54.0
|
%
|
52.1
|
%
|
53.1
|
%
|
52.2
|
%
|
|||||
Total debt as a percentage of total capitalization
(5)
|
30.7
|
%
|
30.2
|
%
|
33.1
|
%
|
27.3
|
%
|
27.4
|
%
|
|||||
Stores in operation
|
4,306
|
|
4,070
|
|
3,812
|
|
3,614
|
|
3,395
|
|
|||||
Selling square footage (in thousands)
|
91,075
|
|
87,548
|
|
83,798
|
|
80,480
|
|
76,537
|
|
(1)
|
Fiscal 2019 and Fiscal 2017 include a pension settlement charge and Fiscal 2017 includes a loss on early extinguishment of debt.
|
(2)
|
Fiscal 2018 includes an impairment charge of $99.3 million and a net benefit from the enactment of the 2017 Tax Act described in Item 7 under “Tax Cuts and Jobs Act of 2017.”
|
(3)
|
Fiscal 2018 and prior periods have been restated to reflect the two-for-one stock split completed in November 2018.
|
(4)
|
Defined as long-term debt, exclusive of current installments.
|
(5)
|
Defined as shareholders’ equity, short-term debt, and long-term debt including current maturities.
|
–
|
Net sales
increase
d to
$39 billion
for fiscal
2019
,
up
9%
over fiscal 2018. At
February
2
,
2019
, the number of stores in operation increased
6%
and selling square footage increased
4%
over the end of fiscal
2018
.
|
–
|
Comp sales increased
6%
in fiscal
2019
over an increase of
2%
in fiscal
2018
and an increase of
5%
in fiscal
2017
. The fiscal
2019
increase was driven primarily by an increase in customer traffic at each of our four segments.
|
–
|
Diluted earnings per share for fiscal
2019
were
$2.43
compared to $
2.02
per share in fiscal
2018
.
|
–
|
Our fiscal
2019
pre-tax margin (the ratio of pre-tax income to net sales) was
10.7%
, a
0.1
percentage point
decrease
compared to
10.8%
in fiscal
2018
.
|
–
|
Our cost of sales, including buying and occupancy costs, ratio for fiscal
2019
was
71.4%
a
0.3
percentage point
increase
compared to
71.1%
in fiscal
2018
.
|
–
|
Our selling, general and administrative (“SG&A”) expense ratio for fiscal
2019
was
17.8%
, which was flat to fiscal
2018
.
|
–
|
Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce businesses, increased 1% on a reported basis and increased 3% on a constant currency basis at the end of fiscal
2019
as compared to the prior year.
|
–
|
During fiscal
2019
, we repurchased
51.8 million
shares of our common stock for
$2.5 billion
, on a “trade date basis”. Earnings per share reflect the benefit of our stock repurchase programs. In February 2019, our Board of Directors approved a repurchase program that authorizes the repurchase of up to an additional $1.5 billion of TJX common stock.
|
|
Fiscal 2019
|
|
Fiscal 2018
|
|
Fiscal 2017
|
|
|||
United States
|
|
|
|
|
|
|
|||
Northeast
|
23
|
%
|
|
24
|
%
|
|
24
|
%
|
|
Midwest
|
13
|
|
|
12
|
|
|
12
|
|
|
South (including Puerto Rico)
|
25
|
|
|
25
|
|
|
25
|
|
|
West
|
15
|
|
|
15
|
|
|
16
|
|
|
Subtotal
|
76
|
|
|
76
|
|
|
77
|
|
|
Canada
|
10
|
|
|
10
|
|
|
10
|
|
|
Europe
|
13
|
|
|
13
|
|
|
13
|
|
|
Australia
|
1
|
|
|
1
|
|
|
*
|
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
*
|
Revenue from Australia was less than one percent during fiscal 2017.
|
–
|
New stores - stores that have not yet met the comp sales criteria, which represents a substantial majority of non-comp sales
|
–
|
Stores that are closed permanently or for an extended period of time
|
–
|
Sales from our e-commerce businesses, meaning Sierra (including stores), tjmaxx.com and tkmaxx.com
|
|
Percentage of Net Sales
|
|||||
|
Fiscal Year 2019
|
Fiscal Year 2018
|
Fiscal Year 2017
|
|||
Net sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
Cost of sales, including buying and occupancy costs
|
71.4
|
|
71.1
|
|
71.0
|
|
Selling, general and administrative expenses
|
17.8
|
|
17.8
|
|
17.4
|
|
Impairment of goodwill and other long-lived assets
|
—
|
|
0.3
|
|
—
|
|
Loss on early extinguishment of debt
|
—
|
|
—
|
|
0.2
|
|
Pension settlement charge
|
0.1
|
|
—
|
|
0.1
|
|
Interest expense, net
|
—
|
|
0.1
|
|
0.1
|
|
Income before provision for income taxes*
|
10.7
|
%
|
10.8
|
%
|
11.2
|
%
|
*
|
Figures may not foot due to rounding.
|
–
|
Translation of foreign operating results into U.S. dollars: In our 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 consolidated net sales, net income and earnings per share growth 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.
|
–
|
Inventory-related 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 received and 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.
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Interest expense
|
$
|
69,102
|
|
$
|
69,237
|
|
$
|
69,219
|
|
Capitalized interest
|
(4,263
|
)
|
(4,942
|
)
|
(7,548
|
)
|
|||
Interest (income)
|
(55,979
|
)
|
(32,707
|
)
|
(18,137
|
)
|
|||
Interest expense, net
|
$
|
8,860
|
|
$
|
31,588
|
|
$
|
43,534
|
|
|
Fiscal Year Ended
|
||||||||
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net benefit of 2017 Tax Act items
(1)
|
$
|
(0.34
|
)
|
$
|
(0.09
|
)
|
$
|
—
|
|
Benefit of 53
rd
week in FY18
|
$
|
—
|
|
$
|
(0.06
|
)
|
$
|
—
|
|
Sierra impairment charge
|
$
|
—
|
|
$
|
0.05
|
|
$
|
—
|
|
Pension settlement charge
|
$
|
0.02
|
|
$
|
—
|
|
$
|
0.01
|
|
Loss on early extinguishment of debt
|
$
|
—
|
|
$
|
—
|
|
$
|
0.02
|
|
(1)
|
Refer to the Tax Cuts and Jobs Act of 2017 section within this MD&A for further details on the net benefit of 2017 Tax Act items.
|
|
Fiscal Year Ended
|
||||||||
In millions
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net sales
|
$
|
24,058.0
|
|
$
|
22,249.1
|
|
$
|
21,246.0
|
|
Segment profit
|
$
|
3,253.9
|
|
$
|
2,949.4
|
|
$
|
2,995.0
|
|
Segment profit as a percentage of net sales
|
13.5
|
%
|
13.3
|
%
|
14.1
|
%
|
|||
Increase in comp sales
|
7
|
%
|
1
|
%
|
5
|
%
|
|||
Stores in operation at end of period
|
|
|
|
||||||
T.J. Maxx
|
1,252
|
|
1,223
|
|
1,186
|
|
|||
Marshalls
|
1,091
|
|
1,062
|
|
1,035
|
|
|||
Sierra
|
35
|
|
27
|
|
12
|
|
|||
Total
|
2,378
|
|
2,312
|
|
2,233
|
|
|||
Selling square footage at end of period (in thousands)
|
|
|
|
||||||
T.J. Maxx
|
27,484
|
|
27,077
|
|
26,614
|
|
|||
Marshalls
|
25,269
|
|
24,916
|
|
24,750
|
|
|||
Sierra
|
598
|
|
470
|
|
227
|
|
|||
Total
|
53,351
|
|
52,463
|
|
51,591
|
|
|
Fiscal Year Ended
|
||||||||
In millions
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net sales
|
$
|
5,787.4
|
|
$
|
5,116.3
|
|
$
|
4,404.6
|
|
Segment profit
|
$
|
671.9
|
|
$
|
674.5
|
|
$
|
613.8
|
|
Segment profit as a percentage of net sales
|
11.6
|
%
|
13.2
|
%
|
13.9
|
%
|
|||
Increase in comp sales
|
4
|
%
|
4
|
%
|
6
|
%
|
|||
Stores in operation at end of period
|
|
|
|
||||||
HomeGoods
|
749
|
|
667
|
|
579
|
|
|||
Homesense
|
16
|
|
4
|
|
—
|
|
|||
Total
|
765
|
|
671
|
|
579
|
|
|||
Selling square footage at end of period (in thousands)
|
|
|
|
||||||
HomeGoods
|
13,775
|
|
12,448
|
|
11,119
|
|
|||
Homesense
|
343
|
|
81
|
|
—
|
|
|||
Total
|
14,118
|
|
12,529
|
|
11,119
|
|
|
Fiscal Year Ended
|
||||||||
U.S. dollars in millions
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net sales
|
$
|
3,869.8
|
|
$
|
3,642.3
|
|
$
|
3,171.1
|
|
Segment profit
|
$
|
551.6
|
|
$
|
530.1
|
|
$
|
413.4
|
|
Segment profit as a percentage of net sales
|
14.3
|
%
|
14.6
|
%
|
13.0
|
%
|
|||
Increase in comp sales
|
4
|
%
|
5
|
%
|
8
|
%
|
|||
Stores in operation at end of period
|
|
|
|
||||||
Winners
|
271
|
|
264
|
|
255
|
|
|||
HomeSense
|
125
|
|
117
|
|
106
|
|
|||
Marshalls
|
88
|
|
73
|
|
57
|
|
|||
Total
|
484
|
|
454
|
|
418
|
|
|||
Selling square footage at end of period (in thousands)
|
|
|
|
||||||
Winners
|
5,862
|
|
5,780
|
|
5,629
|
|
|||
HomeSense
|
2,323
|
|
2,179
|
|
1,984
|
|
|||
Marshalls
|
1,885
|
|
1,621
|
|
1,307
|
|
|||
Total
|
10,070
|
|
9,580
|
|
8,920
|
|
|
Fiscal Year Ended
|
||||||||
U.S. dollars in millions
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net sales
|
$
|
5,257.8
|
|
$
|
4,856.9
|
|
$
|
4,362.0
|
|
Segment profit
|
$
|
285.8
|
|
$
|
249.2
|
|
$
|
235.5
|
|
Segment profit as a percentage of net sales
|
5.4
|
%
|
5.1
|
%
|
5.4
|
%
|
|||
Increase in comp sales
|
3
|
%
|
2
|
%
|
2
|
%
|
|||
Stores in operation at end of period
|
|
|
|
||||||
T.K. Maxx
|
567
|
|
540
|
|
503
|
|
|||
Homesense
|
68
|
|
55
|
|
44
|
|
|||
T.K. Maxx Australia
|
44
|
|
38
|
|
35
|
|
|||
Total
|
679
|
|
633
|
|
582
|
|
|||
Selling square footage at end of period (in thousands)
|
|
|
|
||||||
T.K. Maxx
|
11,693
|
|
11,379
|
|
10,787
|
|
|||
Homesense
|
1,029
|
|
883
|
|
714
|
|
|||
T.K. Maxx Australia
|
814
|
|
714
|
|
667
|
|
|||
Total
|
13,536
|
|
12,976
|
|
12,168
|
|
|
Fiscal Year Ended
|
||||||||
In millions
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
General corporate expense
|
$
|
545.0
|
|
$
|
515.0
|
|
$
|
408.2
|
|
|
Fiscal Year Ended
|
||||||||
In millions
|
February 2,
2019
|
February 3,
2018
|
January 28,
2017
|
||||||
New stores
|
$
|
201.2
|
|
$
|
226.0
|
|
$
|
191.2
|
|
Store renovations and improvements
|
347.2
|
|
335.2
|
|
274.8
|
|
|||
Office and distribution centers
|
576.7
|
|
496.4
|
|
558.7
|
|
|||
Total capital expenditures
|
$
|
1,125.1
|
|
$
|
1,057.6
|
|
$
|
1,024.7
|
|
In thousands
|
Payments Due by Period
|
||||||||||||||
Tabular Disclosure of Contractual Obligations
|
Total
|
Less Than 1 Year
|
1-3 Years
|
3-5 Years
|
More Than 5 Years
|
||||||||||
Long-term debt and other long-term obligations
(1)
|
$
|
2,537,813
|
|
$
|
55,625
|
|
$
|
850,938
|
|
$
|
563,750
|
|
$
|
1,067,500
|
|
Operating lease commitments
(2)
|
9,791,971
|
|
1,676,700
|
|
3,044,822
|
|
2,295,604
|
|
2,774,845
|
|
|||||
Purchase obligations
(3)
|
3,843,184
|
|
3,666,288
|
|
155,963
|
|
20,933
|
|
—
|
|
|||||
Total obligations
|
$
|
16,172,968
|
|
$
|
5,398,613
|
|
$
|
4,051,723
|
|
$
|
2,880,287
|
|
$
|
3,842,345
|
|
(1)
|
Includes estimated interest costs.
|
(2)
|
Reflects minimum rent. Does not include costs for insurance, real estate taxes, other operating expenses and, in some cases, rentals based on a percentage of sales; these items totaled approximately one-third of the total minimum rent for fiscal
2019
.
|
(3)
|
Includes estimated obligations under purchase orders for merchandise and under agreements for capital items, products and services used in our business, including executive employment and other agreements. Excludes agreements that can be canceled without penalty.
|
–
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of TJX;
|
–
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of TJX are being made only in accordance with authorizations of management and directors of TJX; and
|
–
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of TJX’s assets that could have a material effect on the financial statements.
|
In thousands
|
Balance Beginning of Period
|
Amounts Charged to Net Income
|
Write-Offs Against Reserve
|
Balance End of
Period
|
||||||||
Sales Return Reserve:
|
|
|
|
|
||||||||
Fiscal Year Ended February 2, 2019
(1)
|
$
|
103,243
|
|
$
|
4,861,960
|
|
$
|
4,861,703
|
|
$
|
103,500
|
|
Fiscal Year Ended February 3, 2018
(2)
|
$
|
43,236
|
|
$
|
2,073,146
|
|
$
|
2,071,237
|
|
$
|
45,145
|
|
Fiscal Year Ended January 28, 2017
(2)
|
$
|
41,723
|
|
$
|
1,926,489
|
|
$
|
1,924,976
|
|
$
|
43,236
|
|
(1)
|
Upon adoption of Revenue Recognition (Topic 606) in the first quarter of fiscal 2019, the sales return reserve balance now reflects the gross sales amount whereas prior years' reflect the sales net of estimated value of merchandise to be returned.
|
(2)
|
During fiscal 2019, the Company identified that while the net sales return reserve balances recorded on our balance sheets and in this schedule for fiscal 2018 and 2017 were properly stated, the amounts disclosed as “Amounts Charged to Net Income” and “Write Offs Against Reserve” were understated by $0.5 billion and $0.4 billion in fiscal 2018 and fiscal 2017, respectively. The Company concluded these errors are not material to prior periods, however, the amounts disclosed in the above schedule have been revised to reflect the correct activity.
|
|
|
Incorporate by Reference
|
||
Exhibit No.
|
Description
|
Form
|
Exhibit No.
|
Filing
Date
|
3(i).1
|
|
|
|
|
3(ii).1
|
8-K
|
3.1
|
2/5/2018
|
|
4.01
|
Indenture between TJX and U.S. Bank National Association dated as of April 2, 2009
(File No. 333-158360)
|
S-3
|
4.1
|
4/2/2009
|
4.02
|
8-K
|
4.2
|
5/2/2013
|
|
4.03
|
8-K
|
4.2
|
6/5/2014
|
|
4.04
|
8-K
|
4.1
|
9/12/2016
|
|
4.05
|
8-K
|
4.2
|
9/12/2016
|
|
10.01
|
10-Q
|
10.2
|
12/4/2018
|
|
10.02
|
10-Q
|
10.3
|
12/4/2018
|
|
10.03
|
|
|
|
|
10.04
|
10-Q
|
10.4
|
12/4/2018
|
|
10.05
|
|
|
|
|
10.06
|
10-K
|
10.4
|
3/28/2017
|
|
10.07
|
10-K
|
10.3
|
4/4/2018
|
|
|
Incorporate by Reference
|
||
Exhibit No.
|
Description
|
Form
|
Exhibit No.
|
Filing
Date
|
10.08
|
10-K
|
10.4
|
4/4/2018
|
|
10.09
|
10-Q
|
10.6
|
12/4/2018
|
|
10.10
|
|
|
|
|
10.11
|
10-K
|
10.5
|
4/4/2018
|
|
10.12
|
10-Q
|
10.5
|
12/4/2018
|
|
10.13
|
|
|
|
|
10.14
|
10-K
|
10.6
|
4/4/2018
|
|
10.15
|
10-Q
|
10.7
|
12/4/2018
|
|
10.16
|
|
|
|
|
10.17
|
10-K
|
10.7
|
4/4/2018
|
|
10.18
|
10-Q
|
10.8
|
12/4/2018
|
|
10.19
|
|
|
|
|
10.20
|
10-Q
|
10.1
|
5/31/2013
|
|
10.21
|
10-Q
|
10.1
|
8/26/2016
|
|
10.22
|
10-K
|
10.8
|
3/28/2017
|
|
10.23
|
|
|
|
|
10.24
|
10-Q
|
10.1
|
12/4/2018
|
|
10.25
|
10-Q
|
12.1
|
12/1/2009
|
|
10.26
|
10-Q
|
12.2
|
12/1/2009
|
|
10.27
|
10-Q
|
10.2
|
11/24/2010
|
|
10.28
|
10-K
|
10.19
|
3/27/2012
|
|
10.29
|
10-Q
|
10.1
|
11/29/2012
|
|
10.30
|
10-Q
|
10.2
|
11/29/2012
|
|
10.31
|
10-Q
|
10.1
|
12/3/2013
|
|
10.32
|
10-Q
|
10.2
|
12/3/2013
|
|
10.33
|
10-Q
|
10.4
|
12/2/2014
|
|
10.34
|
10-Q
|
10.5
|
12/2/2014
|
|
10.35
|
10-Q
|
10.1
|
12/1/2015
|
|
10.36
|
10-Q
|
10.2
|
12/1/2015
|
|
10.37
|
10-Q
|
10.1
|
5/27/2016
|
|
10.38
|
10-Q
|
10.1
|
5/26/2017
|
|
|
Incorporate by Reference
|
||
Exhibit No.
|
Description
|
Form
|
Exhibit No.
|
Filing
Date
|
10.39
|
10-K
|
10.18
|
3/29/2016
|
|
10.40
|
10-K
|
10.19
|
3/29/2016
|
|
10.41
|
10-Q
|
10.1
|
6/1/2018
|
|
10.42
|
10-Q
|
10.2
|
6/1/2018
|
|
10.43
|
10-K
|
10.20
|
3/31/2015
|
|
10.44
|
10-Q
|
10.2
|
8/26/2016
|
|
10.45
|
|
|
|
|
10.46
|
10-K
|
10.22
|
4/2/2013
|
|
10.47
|
10-K
|
10.9
|
4/29/1999
|
|
10.48
|
10-K
|
10.10
|
4/28/2000
|
|
10.49
|
10-K
|
10.17
|
3/29/2006
|
|
10.50
|
10-K
|
10.17
|
3/31/2009
|
|
10.51
|
10-Q
|
10.3
|
5/29/2015
|
|
10.52
|
10-K
|
10.25
|
3/31/2015
|
|
10.53
|
10-K
|
10.25
|
3/29/2016
|
|
10.54
|
The Form of TJX Indemnification Agreement for its executive officers and directors*(p)
|
10-K
|
10(r)
|
4/27/1990
|
10.55
|
The Trust Agreement dated as of April 8, 1988 between TJX and State Street Bank and Trust Company*(p)
|
10-K
|
10(y)
|
4/28/1988
|
10.56
|
The Trust Agreement dated as of April 8, 1988 between TJX and Fleet Bank (formerly Shawmut Bank of Boston, N.A.)*(p)
|
10-K
|
10(z)
|
4/28/1988
|
10.57
|
10-Q
|
10.5
|
10/31/2015
|
|
21
|
|
|
|
|
23
|
|
|
|
|
24
|
|
|
|
|
31.1
|
|
|
|
|
31.2
|
|
|
|
|
32.1
|
|
|
|
|
32.2
|
|
|
|
|
101
|
The following materials from The TJX Companies, Inc.’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders’ Equity, and (vi) Notes to Consolidated Financial Statements
|
|
|
|
(p)
|
Paper filing.
|
|
|
|
|
THE TJX COMPANIES, INC.
|
||
|
|
|
||||
|
|
|
|
|
||
|
|
|
|
|||
|
|
|
|
|
|
/s/ SCOTT GOLDENBERG
|
Dated:
|
April 3, 2019
|
|
|
|
|
Scott Goldenberg, Chief Financial Officer
|
|
|
*BY
|
/s/ SCOTT GOLDENBERG
|
Dated:
|
April 3, 2019
|
|
Scott Goldenberg,
as attorney-in-fact
|
Consolidated Financial Statements:
|
|
Financial Statement Schedules:
|
|
|
Fiscal Year Ended
|
||||||||
Amounts in thousands except per share amounts
|
February 2
2019 |
February 3
2018 |
January 28
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net sales
|
$
|
38,972,934
|
|
$
|
35,864,664
|
|
$
|
33,183,744
|
|
Cost of sales, including buying and occupancy costs
|
27,831,177
|
|
25,502,167
|
|
23,565,754
|
|
|||
Selling, general and administrative expenses
|
6,923,564
|
|
6,375,071
|
|
5,768,467
|
|
|||
Impairment of goodwill and other long-lived assets, related to Sierra
|
—
|
|
99,250
|
|
—
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
—
|
|
51,773
|
|
|||
Pension settlement charge
|
36,122
|
|
—
|
|
31,173
|
|
|||
Interest expense, net
|
8,860
|
|
31,588
|
|
43,534
|
|
|||
Income before provision for income taxes
|
4,173,211
|
|
3,856,588
|
|
3,723,043
|
|
|||
Provision for income taxes
|
1,113,413
|
|
1,248,640
|
|
1,424,809
|
|
|||
Net income
|
$
|
3,059,798
|
|
$
|
2,607,948
|
|
$
|
2,298,234
|
|
Basic earnings per share:
|
|
|
|
||||||
Net income
|
$
|
2.47
|
|
$
|
2.05
|
|
$
|
1.75
|
|
Weighted average common shares – basic
|
1,241,153
|
|
1,273,654
|
|
1,311,294
|
|
|||
Diluted earnings per share:
|
|
|
|
||||||
Net income
|
$
|
2.43
|
|
$
|
2.02
|
|
$
|
1.73
|
|
Weighted average common shares – diluted
|
1,259,252
|
|
1,292,209
|
|
1,328,864
|
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2
2019 |
February 3
2018 |
January 28
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net income
|
$
|
3,059,798
|
|
$
|
2,607,948
|
|
$
|
2,298,234
|
|
Additions to other comprehensive income:
|
|
|
|
||||||
Foreign currency translation adjustments, net of related tax benefit of $8,233 in fiscal 2019, and provisions of $36,929 and $25,656 in fiscal 2018 and fiscal 2017, respectively
|
(192,664
|
)
|
211,752
|
|
(52,611
|
)
|
|||
Gain on net investment hedges, net of related tax provision of $7,113 in fiscal 2019
|
19,538
|
|
—
|
|
—
|
|
|||
Recognition of net gains/losses on benefit obligations, net of related tax benefit of $19,813 in fiscal 2019, provision of $8,989 in fiscal 2018 and benefit of $7,394 in fiscal 2017
|
(54,420
|
)
|
24,691
|
|
(11,239
|
)
|
|||
Reclassifications from other comprehensive income to net income:
|
|
|
|
||||||
Pension settlement charge, net of related tax provision of $9,641 in fiscal 2019 and $12,369 in fiscal 2017
|
26,481
|
|
—
|
|
18,804
|
|
|||
Amortization of loss on cash flow hedge, net of related tax provisions of $304, $438 and $450 in fiscal 2019, 2018 and 2017, respectively
|
847
|
|
696
|
|
684
|
|
|||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $4,280, $9,592, and $11,584 in fiscal 2019, 2018 and 2017, respectively
|
11,756
|
|
15,228
|
|
17,608
|
|
|||
Other comprehensive (loss) income, net of tax
|
(188,462
|
)
|
252,367
|
|
(26,754
|
)
|
|||
Total comprehensive income
|
$
|
2,871,336
|
|
$
|
2,860,315
|
|
$
|
2,271,480
|
|
|
Fiscal Year Ended
|
|||||
Amounts in thousands except share amounts
|
February 2,
2019 |
February 3,
2018 |
||||
ASSETS
|
|
|
||||
Current assets:
|
|
|
||||
Cash and cash equivalents
|
$
|
3,030,229
|
|
$
|
2,758,477
|
|
Short-term investments
|
—
|
|
506,165
|
|
||
Accounts receivable, net
|
346,298
|
|
327,166
|
|
||
Merchandise inventories
|
4,579,033
|
|
4,187,243
|
|
||
Prepaid expenses and other current assets
|
513,662
|
|
706,676
|
|
||
Total current assets
|
8,469,222
|
|
8,485,727
|
|
||
Net property at cost
|
5,255,208
|
|
5,006,053
|
|
||
Non-current deferred income taxes, net
|
6,467
|
|
6,558
|
|
||
Goodwill
|
97,552
|
|
100,069
|
|
||
Other assets
|
497,580
|
|
459,608
|
|
||
TOTAL ASSETS
|
$
|
14,326,029
|
|
$
|
14,058,015
|
|
LIABILITIES
|
|
|
||||
Current liabilities:
|
|
|
||||
Accounts payable
|
$
|
2,644,143
|
|
$
|
2,488,373
|
|
Accrued expenses and other current liabilities
|
2,733,076
|
|
2,522,961
|
|
||
Federal, state and foreign income taxes payable
|
154,155
|
|
114,203
|
|
||
Total current liabilities
|
5,531,374
|
|
5,125,537
|
|
||
Other long-term liabilities
|
1,354,242
|
|
1,320,505
|
|
||
Non-current deferred income taxes, net
|
158,191
|
|
233,057
|
|
||
Long-term debt
|
2,233,616
|
|
2,230,607
|
|
||
Commitments and contingencies (See Note L and Note N)
|
|
|
||||
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 1,217,182,508 and 1,256,018,044, respectively
|
1,217,183
|
|
1,256,018
|
|
||
Additional paid-in capital
|
—
|
|
—
|
|
||
Accumulated other comprehensive (loss) income
|
(630,321
|
)
|
(441,859
|
)
|
||
Retained earnings
|
4,461,744
|
|
4,334,150
|
|
||
Total shareholders’ equity
|
5,048,606
|
|
5,148,309
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
14,326,029
|
|
$
|
14,058,015
|
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Cash flows from operating activities:
|
|
|
|
||||||
Net income
|
$
|
3,059,798
|
|
$
|
2,607,948
|
|
$
|
2,298,234
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||||
Depreciation and amortization
|
819,655
|
|
725,957
|
|
658,796
|
|
|||
Loss on property disposals and impairment charges
|
17,653
|
|
8,871
|
|
5,207
|
|
|||
Deferred income tax (benefit)
|
(88,594
|
)
|
(137,440
|
)
|
(5,503
|
)
|
|||
Share-based compensation
|
103,557
|
|
101,362
|
|
102,251
|
|
|||
Impairment of goodwill and long-lived assets, related to Sierra
|
—
|
|
99,250
|
|
—
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
—
|
|
51,773
|
|
|||
Pension settlement charge
|
36,122
|
|
—
|
|
31,173
|
|
|||
Excess tax benefits from share-based compensation
|
—
|
|
—
|
|
(70,999
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
||||||
(Increase) in accounts receivable
|
(23,532
|
)
|
(62,358
|
)
|
(23,235
|
)
|
|||
(Increase) decrease in merchandise inventories
|
(465,429
|
)
|
(450,377
|
)
|
11,862
|
|
|||
Decrease (increase) in prepaid expenses and other current assets
|
236,342
|
|
(317,850
|
)
|
(9,600
|
)
|
|||
Increase in accounts payable
|
198,212
|
|
205,111
|
|
48,253
|
|
|||
Increase in accrued expenses and other liabilities
|
169,418
|
|
334,522
|
|
389,399
|
|
|||
Increase (decrease) in income taxes payable
|
40,965
|
|
(94,492
|
)
|
146,766
|
|
|||
Other
|
(15,708
|
)
|
5,120
|
|
(7,518
|
)
|
|||
Net cash provided by operating activities
|
4,088,459
|
|
3,025,624
|
|
3,626,859
|
|
|||
Cash flows from investing activities:
|
|
|
|
||||||
Property additions
|
(1,125,139
|
)
|
(1,057,617
|
)
|
(1,024,747
|
)
|
|||
Purchases of investments
|
(161,625
|
)
|
(861,256
|
)
|
(716,953
|
)
|
|||
Sales and maturities of investments
|
636,560
|
|
906,137
|
|
529,146
|
|
|||
Other
|
26,652
|
|
—
|
|
(2,324
|
)
|
|||
Net cash (used in) investing activities
|
(623,552
|
)
|
(1,012,736
|
)
|
(1,214,878
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
||||||
Proceeds from issuance of long-term debt
|
—
|
|
—
|
|
992,540
|
|
|||
Cash payments for extinguishment of debt
|
—
|
|
—
|
|
(425,584
|
)
|
|||
Cash payments for debt issuance expenses
|
—
|
|
—
|
|
(9,921
|
)
|
|||
Cash payments on build to suit leases
|
(7,115
|
)
|
(3,138
|
)
|
—
|
|
|||
Cash payments for rate lock agreement
|
—
|
|
—
|
|
(3,150
|
)
|
|||
Cash payments for repurchase of common stock
|
(2,406,997
|
)
|
(1,644,581
|
)
|
(1,699,998
|
)
|
|||
Proceeds from issuance of common stock
|
255,241
|
|
133,687
|
|
164,190
|
|
|||
Cash payments of employee tax withholdings for performance based stock awards
|
(16,014
|
)
|
(19,274
|
)
|
(24,965
|
)
|
|||
Excess tax benefits from share-based compensation
|
—
|
|
—
|
|
70,999
|
|
|||
Cash dividends paid
|
(922,596
|
)
|
(764,040
|
)
|
(650,988
|
)
|
|||
Net cash (used in) financing activities
|
(3,097,481
|
)
|
(2,297,346
|
)
|
(1,586,877
|
)
|
|||
Effect of exchange rate changes on cash
|
(95,674
|
)
|
113,086
|
|
9,272
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
271,752
|
|
(171,372
|
)
|
834,376
|
|
|||
Cash and cash equivalents at beginning of year
|
2,758,477
|
|
2,929,849
|
|
2,095,473
|
|
|||
Cash and cash equivalents at end of year
|
$
|
3,030,229
|
|
$
|
2,758,477
|
|
$
|
2,929,849
|
|
|
Common Stock
|
Additional
Paid-In
Capital
|
Accumulated
Other
Comprehensive(Loss) Income
|
Retained
Earnings
|
Total
|
||||||||||||
In thousands
|
Shares
|
Par Value
$1
|
|||||||||||||||
Balance, January 30, 2016
|
1,326,992
|
|
$
|
1,326,992
|
|
$
|
—
|
|
$
|
(667,472
|
)
|
$
|
3,647,555
|
|
$
|
4,307,075
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
2,298,234
|
|
2,298,234
|
|
|||||
Other comprehensive (loss), net of tax
|
—
|
|
—
|
|
—
|
|
(26,754
|
)
|
—
|
|
(26,754
|
)
|
|||||
Cash dividends declared on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(680,183
|
)
|
(680,183
|
)
|
|||||
Recognition of share-based compensation
|
—
|
|
—
|
|
102,251
|
|
—
|
|
—
|
|
102,251
|
|
|||||
Issuance of common stock under stock incentive plan and related tax effect
|
10,202
|
|
10,202
|
|
204,873
|
|
—
|
|
(5,101
|
)
|
209,974
|
|
|||||
Common stock repurchased
|
(44,556
|
)
|
(44,556
|
)
|
(307,124
|
)
|
—
|
|
(1,348,318
|
)
|
(1,699,998
|
)
|
|||||
Balance, January 28, 2017
|
1,292,638
|
|
1,292,638
|
|
—
|
|
(694,226
|
)
|
3,912,187
|
|
4,510,599
|
|
|||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
2,607,948
|
|
2,607,948
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
—
|
|
—
|
|
252,367
|
|
—
|
|
252,367
|
|
|||||
Cash dividends declared on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(793,878
|
)
|
(793,878
|
)
|
|||||
Recognition of share-based compensation
|
—
|
|
—
|
|
101,362
|
|
—
|
|
—
|
|
101,362
|
|
|||||
Issuance of common stock under stock incentive plan and related tax effect
|
7,790
|
|
7,790
|
|
110,597
|
|
—
|
|
(3,895
|
)
|
114,492
|
|
|||||
Common stock repurchased
|
(44,410
|
)
|
(44,410
|
)
|
(211,959
|
)
|
—
|
|
(1,388,212
|
)
|
(1,644,581
|
)
|
|||||
Balance, February 3, 2018
|
1,256,018
|
|
1,256,018
|
|
—
|
|
(441,859
|
)
|
4,334,150
|
|
5,148,309
|
|
|||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
3,059,798
|
|
3,059,798
|
|
|||||
Cumulative effect of accounting change (See Note A)
|
—
|
|
—
|
|
—
|
|
—
|
|
58,712
|
|
58,712
|
|
|||||
Other comprehensive (loss), net of tax
|
—
|
|
—
|
|
—
|
|
(188,462
|
)
|
—
|
|
(188,462
|
)
|
|||||
Cash dividends declared on common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(965,539
|
)
|
(965,539
|
)
|
|||||
Recognition of share-based compensation
|
—
|
|
—
|
|
103,557
|
|
—
|
|
—
|
|
103,557
|
|
|||||
Issuance of common stock under stock incentive plan and related tax effect
|
11,988
|
|
11,988
|
|
227,240
|
|
—
|
|
—
|
|
239,228
|
|
|||||
Common stock repurchased
|
(50,823
|
)
|
(50,823
|
)
|
(330,797
|
)
|
—
|
|
(2,025,377
|
)
|
(2,406,997
|
)
|
|||||
Balance, February 2, 2019
|
1,217,183
|
|
$
|
1,217,183
|
|
$
|
—
|
|
$
|
(630,321
|
)
|
4,461,744
|
|
$
|
5,048,606
|
|
|
|
|
Fiscal Period
|
||
In thousands
|
|
|
February 2,
2019 |
||
Balance, February 3, 2018
|
|
|
$
|
406,506
|
|
Deferred revenue
|
|
|
1,677,251
|
|
|
Effect of exchange rates changes on deferred revenue
|
|
|
(6,279
|
)
|
|
Revenue recognized
|
|
|
(1,627,176
|
)
|
|
Balance, February 2, 2019
|
|
|
$
|
450,302
|
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Interest expense
|
$
|
69,102
|
|
$
|
69,237
|
|
$
|
69,219
|
|
Capitalized interest
|
(4,263
|
)
|
(4,942
|
)
|
(7,548
|
)
|
|||
Interest (income)
|
(55,979
|
)
|
(32,707
|
)
|
(18,137
|
)
|
|||
Interest expense, net
|
$
|
8,860
|
|
$
|
31,588
|
|
$
|
43,534
|
|
|
Fiscal Year Ended
|
|||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
Land and buildings
|
$
|
1,457,835
|
|
$
|
1,355,777
|
|
Leasehold costs and improvements
|
3,377,045
|
|
3,254,830
|
|
||
Furniture, fixtures and equipment
|
5,894,239
|
|
5,357,701
|
|
||
Total property at cost
|
$
|
10,729,119
|
|
$
|
9,968,308
|
|
Less accumulated depreciation and amortization
|
5,473,911
|
|
4,962,255
|
|
||
Net property at cost
|
$
|
5,255,208
|
|
$
|
5,006,053
|
|
|
Fiscal Year Ended
|
|||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
United States
|
$
|
3,756,929
|
|
$
|
3,514,628
|
|
Canada
|
303,414
|
|
308,259
|
|
||
Europe
|
1,154,564
|
|
1,151,972
|
|
||
Australia
|
40,301
|
|
31,194
|
|
||
Total long-lived assets
|
$
|
5,255,208
|
|
$
|
5,006,053
|
|
In thousands
|
Foreign
Currency
Translation
|
Deferred
Benefit Costs
|
Cash Flow
Hedge on Debt
|
Accumulated
Other Comprehensive(Loss) Income |
||||||||
Balance, January 30, 2016
|
$
|
(439,192
|
)
|
$
|
(224,654
|
)
|
$
|
(3,626
|
)
|
$
|
(667,472
|
)
|
Foreign currency translation adjustments (net of taxes of $25,656)
|
(52,611
|
)
|
—
|
|
—
|
|
(52,611
|
)
|
||||
Recognition of net gains/losses on benefit obligations (net of taxes of $7,394)
|
—
|
|
(11,239
|
)
|
—
|
|
(11,239
|
)
|
||||
Pension settlement charge (net of taxes of $12,369)
|
—
|
|
18,804
|
|
—
|
|
18,804
|
|
||||
Amortization of loss on cash flow hedge (net of taxes of $450)
|
—
|
|
—
|
|
684
|
|
684
|
|
||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $11,584)
|
—
|
|
17,608
|
|
—
|
|
17,608
|
|
||||
Balance, January 28, 2017
|
(491,803
|
)
|
(199,481
|
)
|
(2,942
|
)
|
(694,226
|
)
|
||||
Foreign currency translation adjustments (net of taxes of $36,929)
|
211,752
|
|
—
|
|
—
|
|
211,752
|
|
||||
Recognition of net gains/losses on benefit obligations (net of taxes of $8,989)
|
—
|
|
24,691
|
|
—
|
|
24,691
|
|
||||
Amortization of loss on cash flow hedge (net of taxes of $438)
|
—
|
|
—
|
|
696
|
|
696
|
|
||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $9,592)
|
—
|
|
15,228
|
|
—
|
|
15,228
|
|
||||
Balance, February 3, 2018
|
(280,051
|
)
|
(159,562
|
)
|
(2,246
|
)
|
(441,859
|
)
|
||||
Foreign currency translation adjustments (net of taxes of $8,233)
|
(192,664
|
)
|
—
|
|
—
|
|
(192,664
|
)
|
||||
Recognition of net gains/losses on investment hedges (net of taxes $7,113)
|
19,538
|
|
—
|
|
—
|
|
19,538
|
|
||||
Recognition of net gains/losses on benefit obligations (net of taxes of $19,813)
|
—
|
|
(54,420
|
)
|
—
|
|
(54,420
|
)
|
||||
Pension settlement charge (net of taxes of $9,641)
|
—
|
|
26,481
|
|
—
|
|
26,481
|
|
||||
Amortization of loss on cash flow hedge (net of taxes of $304)
|
—
|
|
—
|
|
847
|
|
847
|
|
||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $4,280)
|
—
|
|
11,756
|
|
—
|
|
11,756
|
|
||||
Balance, February 2, 2019
|
$
|
(453,177
|
)
|
$
|
(175,745
|
)
|
$
|
(1,399
|
)
|
$
|
(630,321
|
)
|
|
Fiscal Year Ended
|
||||||||
Amounts in thousands except per share amounts
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Basic earnings per share:
|
|
||||||||
Net income
|
$
|
3,059,798
|
|
$
|
2,607,948
|
|
$
|
2,298,234
|
|
Weighted average common stock outstanding for basic earnings per share calculation
|
1,241,153
|
|
1,273,654
|
|
1,311,294
|
|
|||
Basic earnings per share
|
$
|
2.47
|
|
$
|
2.05
|
|
$
|
1.75
|
|
Diluted earnings per share:
|
|
||||||||
Net income
|
$
|
3,059,798
|
|
$
|
2,607,948
|
|
$
|
2,298,234
|
|
Weighted average common stock outstanding for basic earnings per share calculation
|
1,241,153
|
|
1,273,654
|
|
1,311,294
|
|
|||
Assumed exercise / vesting of:
|
|
||||||||
Stock options and awards
|
18,099
|
|
18,555
|
|
17,570
|
|
|||
Weighted average common stock outstanding for diluted earnings per share calculation
|
1,259,252
|
|
1,292,209
|
|
1,328,864
|
|
|||
Diluted earnings per share
|
$
|
2.43
|
|
$
|
2.02
|
|
$
|
1.73
|
|
Cash dividends declared per share
|
$
|
0.78
|
|
$
|
0.63
|
|
$
|
0.52
|
|
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
|
|
Fiscal Year Ended
|
|||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
Level 1
|
|
|
||||
Assets:
|
|
|
||||
Executive Savings Plan investments
|
$
|
253,215
|
|
$
|
249,045
|
|
Level 2
|
|
|
||||
Assets:
|
|
|
||||
Short-term investments
|
$
|
—
|
|
$
|
506,165
|
|
Foreign currency exchange contracts
|
8,136
|
|
4,363
|
|
||
Diesel fuel contracts
|
—
|
|
7,854
|
|
||
Liabilities:
|
|
|
||||
Foreign currency exchange contracts
|
$
|
7,415
|
|
$
|
20,557
|
|
Diesel fuel contracts
|
3,786
|
|
—
|
|
|
Fiscal
2019 |
Fiscal
2018 |
Fiscal
2017 |
|||
Apparel
|
|
|
|
|||
Clothing including footwear
|
52
|
%
|
52
|
%
|
54
|
%
|
Jewelry and accessories
|
15
|
|
15
|
|
15
|
|
Home fashions
|
33
|
|
33
|
|
31
|
|
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Net sales:
|
|
|
|
||||||
In the United States
|
|
|
|
||||||
Marmaxx
|
$
|
24,057,970
|
|
$
|
22,249,105
|
|
$
|
21,246,034
|
|
HomeGoods
|
5,787,365
|
|
5,116,328
|
|
4,404,607
|
|
|||
TJX Canada
|
3,869,779
|
|
3,642,282
|
|
3,171,127
|
|
|||
TJX International
|
5,257,820
|
|
4,856,949
|
|
4,361,976
|
|
|||
|
$
|
38,972,934
|
|
$
|
35,864,664
|
|
$
|
33,183,744
|
|
Segment profit:
|
|
|
|
||||||
In the United States
|
|
|
|
||||||
Marmaxx
(1)
|
$
|
3,253,949
|
|
$
|
2,949,358
|
|
$
|
2,995,045
|
|
HomeGoods
|
671,871
|
|
674,511
|
|
613,778
|
|
|||
TJX Canada
|
551,617
|
|
530,113
|
|
413,417
|
|
|||
TJX International
|
285,790
|
|
249,226
|
|
235,519
|
|
|||
|
4,763,227
|
|
$
|
4,403,208
|
|
$
|
4,257,759
|
|
|
General corporate expense
|
545,034
|
|
515,032
|
|
408,236
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
—
|
|
51,773
|
|
|||
Pension settlement charge
|
36,122
|
|
—
|
|
31,173
|
|
|||
Interest expense, net
|
8,860
|
|
31,588
|
|
43,534
|
|
|||
Income before provision for income taxes
|
$
|
4,173,211
|
|
$
|
3,856,588
|
|
$
|
3,723,043
|
|
(1)
|
Fiscal
2018
amount includes an impairment charge of
$99.3 million
for goodwill and certain long-lived assets of Sierra.
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
Identifiable assets:
|
|
|
|
||||||
In the United States
|
|
|
|
||||||
Marmaxx
|
$
|
6,223,110
|
|
$
|
5,676,464
|
|
$
|
5,440,448
|
|
HomeGoods
|
1,416,687
|
|
1,237,811
|
|
1,086,947
|
|
|||
TJX Canada
|
914,789
|
|
1,459,924
|
|
1,345,003
|
|
|||
TJX International
|
2,344,033
|
|
2,321,001
|
|
1,789,140
|
|
|||
Corporate
(1)
|
3,427,410
|
|
3,362,815
|
|
3,222,270
|
|
|||
Total identifiable assets
|
$
|
14,326,029
|
|
$
|
14,058,015
|
|
$
|
12,883,808
|
|
Capital expenditures:
|
|
|
|
||||||
In the United States
|
|
|
|
||||||
Marmaxx
|
$
|
598,955
|
|
$
|
532,348
|
|
$
|
449,169
|
|
HomeGoods
|
170,978
|
|
149,505
|
|
173,979
|
|
|||
TJX Canada
|
82,333
|
|
88,761
|
|
100,437
|
|
|||
TJX International
|
272,873
|
|
287,003
|
|
301,162
|
|
|||
Total capital expenditures
|
$
|
1,125,139
|
|
$
|
1,057,617
|
|
$
|
1,024,747
|
|
Depreciation and amortization:
|
|
|
|
||||||
In the United States
|
|
|
|
||||||
Marmaxx
|
$
|
456,420
|
|
$
|
399,014
|
|
$
|
385,007
|
|
HomeGoods
|
110,978
|
|
94,709
|
|
77,287
|
|
|||
TJX Canada
|
66,365
|
|
68,033
|
|
62,427
|
|
|||
TJX International
|
180,631
|
|
159,010
|
|
129,376
|
|
|||
Corporate
(2)
|
5,261
|
|
5,191
|
|
4,699
|
|
|||
Total depreciation and amortization
|
$
|
819,655
|
|
$
|
725,957
|
|
$
|
658,796
|
|
(1)
|
Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, prepaid service contracts and the trust assets in connection with the Executive Savings Plan. Consolidated cash, including cash held in our foreign entities, is included with corporate assets for consistency with the reporting of cash for our segments in the U.S.
|
(2)
|
Includes debt discount accretion and debt expense amortization.
|
|
Fiscal Year Ended
|
||||||||
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
Risk-free interest rate
|
2.88
|
%
|
1.75
|
%
|
1.20
|
%
|
|||
Dividend yield
|
1.4
|
%
|
1.5
|
%
|
1.2
|
%
|
|||
Expected volatility factor
|
23.5
|
%
|
23.5
|
%
|
23.8
|
%
|
|||
Expected option life in years
|
4.9
|
|
4.8
|
|
4.8
|
|
|||
Weighted average fair value of options issued
|
$
|
11.85
|
|
$
|
7.16
|
|
$
|
7.28
|
|
|
Fiscal Year Ended
|
||||||||||||||
Shares in thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||||||||
|
Options
|
WAEP
|
Options
|
WAEP
|
Options
|
WAEP
|
|||||||||
Outstanding at beginning of year
|
55,260
|
|
$
|
27.52
|
|
54,706
|
|
$
|
24.35
|
|
57,372
|
|
$
|
20.84
|
|
Granted
|
6,143
|
|
53.98
|
|
9,404
|
|
36.61
|
|
8,610
|
|
37.52
|
|
|||
Exercised
|
(11,670
|
)
|
21.88
|
|
(8,192
|
)
|
16.12
|
|
(10,530
|
)
|
15.42
|
|
|||
Forfeitures
|
(680
|
)
|
38.59
|
|
(658
|
)
|
35.70
|
|
(746
|
)
|
33.08
|
|
|||
Outstanding at end of year
|
49,053
|
|
$
|
32.02
|
|
55,260
|
|
$
|
27.52
|
|
54,706
|
|
$
|
24.35
|
|
Options exercisable at end of year
|
34,344
|
|
$
|
26.95
|
|
37,952
|
|
$
|
23.28
|
|
37,960
|
|
$
|
19.35
|
|
(1)
|
Reflects
14.6 million
unvested options, net of anticipated forfeitures.
|
Shares in thousands
|
Stock Awards
|
Weighted
Average
Grant Date
Fair Value
|
|||
Nonvested at beginning of year
|
3,045
|
|
$
|
38.68
|
|
Granted
|
1,268
|
|
41.17
|
|
|
Vested
|
(859
|
)
|
35.03
|
|
|
Forfeited
|
(32
|
)
|
39.93
|
|
|
Nonvested at end of year
|
3,422
|
|
$
|
40.51
|
|
|
Funded Plan
Fiscal Year Ended
|
Unfunded Plan
Fiscal Year Ended
|
||||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
February 2,
2019 |
February 3,
2018 |
||||||||
Change in projected benefit obligation:
|
|
|
|
|
||||||||
Projected benefit obligation at beginning of year
|
$
|
1,404,089
|
|
$
|
1,269,010
|
|
$
|
91,047
|
|
$
|
86,309
|
|
Service cost
|
45,342
|
|
46,845
|
|
2,391
|
|
1,888
|
|
||||
Interest cost
|
54,355
|
|
55,301
|
|
3,600
|
|
3,316
|
|
||||
Actuarial (gains)/losses
|
(38,304
|
)
|
67,232
|
|
5,955
|
|
4,580
|
|
||||
Settlements
|
(207,369
|
)
|
—
|
|
—
|
|
—
|
|
||||
Benefits paid
|
(33,226
|
)
|
(30,993
|
)
|
(6,234
|
)
|
(5,046
|
)
|
||||
Expenses paid
|
(3,717
|
)
|
(3,306
|
)
|
—
|
|
—
|
|
||||
Projected benefit obligation at end of year
|
$
|
1,221,170
|
|
$
|
1,404,089
|
|
$
|
96,759
|
|
$
|
91,047
|
|
Accumulated benefit obligation at end of year
|
$
|
1,100,358
|
|
$
|
1,277,216
|
|
$
|
80,166
|
|
$
|
77,668
|
|
|
Funded Plan
Fiscal Year Ended
|
Unfunded Plan
Fiscal Year Ended
|
||||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
February 2,
2019 |
February 3,
2018 |
||||||||
Change in plan assets:
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
1,417,531
|
|
$
|
1,176,960
|
|
$
|
—
|
|
$
|
—
|
|
Actual return on plan assets
|
(27,884
|
)
|
174,870
|
|
—
|
|
—
|
|
||||
Employer contribution
|
100,000
|
|
100,000
|
|
6,234
|
|
5,046
|
|
||||
Settlements
|
(207,369
|
)
|
—
|
|
—
|
|
—
|
|
||||
Benefits paid
|
(33,226
|
)
|
(30,993
|
)
|
(6,234
|
)
|
(5,046
|
)
|
||||
Expenses paid
|
(3,717
|
)
|
(3,306
|
)
|
—
|
|
—
|
|
||||
Fair value of plan assets at end of year
|
$
|
1,245,335
|
|
$
|
1,417,531
|
|
$
|
—
|
|
$
|
—
|
|
Reconciliation of funded status:
|
|
|
|
|
||||||||
Projected benefit obligation at end of year
|
$
|
1,221,170
|
|
$
|
1,404,089
|
|
$
|
96,759
|
|
$
|
91,047
|
|
Fair value of plan assets at end of year
|
1,245,335
|
|
1,417,531
|
|
—
|
|
—
|
|
||||
Funded status – excess (asset) obligation
|
$
|
(24,165
|
)
|
$
|
(13,442
|
)
|
$
|
96,759
|
|
$
|
91,047
|
|
Net (asset) liability recognized on consolidated balance sheets
|
$
|
(24,165
|
)
|
$
|
(13,442
|
)
|
$
|
96,759
|
|
$
|
91,047
|
|
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss):
|
|
|
|
|
||||||||
Prior service cost
|
$
|
1,558
|
|
$
|
1,935
|
|
$
|
—
|
|
$
|
—
|
|
Accumulated actuarial losses
|
264,160
|
|
243,761
|
|
30,709
|
|
28,164
|
|
||||
Amounts included in accumulated other comprehensive income (loss)
|
$
|
265,718
|
|
$
|
245,696
|
|
$
|
30,709
|
|
$
|
28,164
|
|
|
Funded Plan
Fiscal Year Ended
|
Unfunded Plan
Fiscal Year Ended
|
||
|
February 2,
2019 |
February 3,
2018 |
February 2,
2019 |
February 3,
2018 |
Discount rate
|
4.30%
|
4.00%
|
4.10%
|
3.80%
|
Rate of compensation increase
|
4.00%
|
4.00%
|
6.00%
|
6.00%
|
|
Funded Plan
Fiscal Year Ended
|
Unfunded Plan
Fiscal Year Ended
|
||||||||||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||||||||
Net periodic pension cost:
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
45,342
|
|
$
|
46,845
|
|
$
|
45,440
|
|
$
|
2,391
|
|
$
|
1,888
|
|
$
|
1,835
|
|
Interest cost
|
54,355
|
|
55,301
|
|
56,094
|
|
3,600
|
|
3,316
|
|
3,391
|
|
||||||
Expected return on plan assets
|
(79,190
|
)
|
(69,345
|
)
|
(70,535
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Amortization of prior service cost
|
377
|
|
377
|
|
377
|
|
—
|
|
—
|
|
—
|
|
||||||
Amortization of net actuarial loss
|
12,250
|
|
21,557
|
|
31,397
|
|
3,409
|
|
2,852
|
|
3,349
|
|
||||||
Settlement charge
|
36,122
|
|
—
|
|
31,173
|
|
—
|
|
—
|
|
—
|
|
||||||
Total expense
|
$
|
69,256
|
|
$
|
54,735
|
|
$
|
93,946
|
|
$
|
9,400
|
|
$
|
8,056
|
|
$
|
8,575
|
|
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
|
|
|
|
|
|
|
||||||||||||
Net (gain) loss
|
$
|
68,770
|
|
$
|
(38,293
|
)
|
$
|
17,894
|
|
$
|
5,955
|
|
$
|
4,580
|
|
$
|
740
|
|
Amortization of net (loss)
|
(12,250
|
)
|
(21,557
|
)
|
(31,397
|
)
|
(3,409
|
)
|
(2,852
|
)
|
(3,349
|
)
|
||||||
Settlement charge
|
(36,122
|
)
|
—
|
|
(31,173
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Amortization of prior service cost
|
(377
|
)
|
(377
|
)
|
(377
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Total recognized in other comprehensive income (loss)
|
$
|
20,021
|
|
$
|
(60,227
|
)
|
$
|
(45,053
|
)
|
$
|
2,546
|
|
$
|
1,728
|
|
$
|
(2,609
|
)
|
Total recognized in net periodic benefit cost and other comprehensive income (loss)
|
$
|
89,277
|
|
$
|
(5,492
|
)
|
$
|
48,893
|
|
$
|
11,946
|
|
$
|
9,784
|
|
$
|
5,966
|
|
Weighted average assumptions for expense purposes:
|
|
|
|
|
|
|
||||||||||||
Discount rate
|
4.00%/4.40%
|
4.40%
|
4.80%/3.80%
|
3.80%
|
4.00%
|
4.20%
|
||||||||||||
Expected rate of return on plan assets
|
6.00%/6.00%
|
6.00%
|
6.50%/6.00%
|
N/A
|
N/A
|
N/A
|
||||||||||||
Rate of compensation increase
|
4.00%
|
4.00%
|
4.00%
|
6.00%
|
6.00%
|
6.00%
|
In thousands
|
Funded Plan
Expected Benefit Payments
|
Unfunded Plan
Expected Benefit Payments
|
||||
Fiscal Year
|
|
|
||||
2020
|
$
|
25,557
|
|
$
|
4,799
|
|
2021
|
30,134
|
|
3,684
|
|
||
2022
|
35,072
|
|
4,625
|
|
||
2023
|
40,515
|
|
47,780
|
|
||
2024
|
46,200
|
|
6,104
|
|
||
2025 through 2029
|
313,971
|
|
32,706
|
|
|
Funded Plan at February 2, 2019
|
||||||||
In thousands
|
Level 1
|
Level 2
|
Total
|
||||||
Asset category:
|
|
|
|
||||||
Short-term investments
|
$
|
111,803
|
|
$
|
—
|
|
$
|
111,803
|
|
Equity Securities
|
226,042
|
|
—
|
|
226,042
|
|
|||
Fixed Income Securities:
|
|
|
|
||||||
Corporate and government bond funds
|
—
|
|
376,438
|
|
376,438
|
|
|||
Futures Contracts
|
—
|
|
1,029
|
|
1,029
|
|
|||
Total assets in the fair value hierarchy
|
$
|
337,845
|
|
$
|
377,467
|
|
$
|
715,312
|
|
Assets measured at net asset value*
|
—
|
|
—
|
|
530,023
|
|
|||
Fair value of assets
|
$
|
337,845
|
|
$
|
377,467
|
|
$
|
1,245,335
|
|
|
Funded Plan at February 3, 2018
|
||||||||
In thousands
|
Level 1
|
Level 2
|
Total
|
||||||
Asset category:
|
|
|
|
||||||
Short-term investments
|
$
|
109,183
|
|
$
|
—
|
|
$
|
109,183
|
|
Equity Securities
|
279,635
|
|
—
|
|
279,635
|
|
|||
Fixed Income Securities:
|
|
|
|
||||||
Corporate and government bond funds
|
—
|
|
420,117
|
|
420,117
|
|
|||
Futures Contracts
|
—
|
|
337
|
|
337
|
|
|||
Total assets in the fair value hierarchy
|
$
|
388,818
|
|
$
|
420,454
|
|
$
|
809,272
|
|
Assets measured at net asset value*
|
—
|
|
—
|
|
608,259
|
|
|||
Fair value of assets
|
$
|
388,818
|
|
$
|
420,454
|
|
$
|
1,417,531
|
|
*
|
In accordance with Subtopic 820-10, certain investments that were measured using net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of assets presented above.
|
|
Target Allocation
|
February 2,
2019 |
February 3,
2018 |
Return-seeking assets
|
50%
|
43%
|
47%
|
Liability-hedging assets
|
50%
|
49%
|
46%
|
All other – primarily cash
|
—%
|
8%
|
7%
|
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
General corporate debt:
|
|
|
||||
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $189 and $234 in fiscal 2019 and 2018, respectively)
|
$
|
499,811
|
|
$
|
499,766
|
|
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $174 and $250 in fiscal 2019 and 2018, respectively)
|
$
|
749,826
|
|
$
|
749,750
|
|
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,657 and $6,403 in fiscal 2019 and 2018, respectively)
|
$
|
994,343
|
|
$
|
993,597
|
|
Debt issuance cost
|
$
|
(10,364
|
)
|
$
|
(12,506
|
)
|
Total long-term debt
|
$
|
2,233,616
|
|
$
|
2,230,607
|
|
In thousands
|
Long-Term
Debt
|
||
Fiscal Year 2020
|
$
|
—
|
|
2021
|
—
|
|
|
2022
|
750,000
|
|
|
2023
|
—
|
|
|
2024
|
500,000
|
|
|
Later years
|
1,000,000
|
|
|
Less amount representing unamortized debt discount
|
(6,020
|
)
|
|
Less amount representing debt issuance cost
|
(10,364
|
)
|
|
Aggregate maturities of long-term debt
|
$
|
2,233,616
|
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
United States
|
$
|
3,463,785
|
|
$
|
3,255,057
|
|
$
|
3,196,370
|
|
Foreign
|
$
|
709,426
|
|
$
|
601,531
|
|
$
|
526,673
|
|
Income before provision for income taxes
|
$
|
4,173,211
|
|
$
|
3,856,588
|
|
$
|
3,723,043
|
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Current:
|
|
|
|
||||||
Federal
|
$
|
711,369
|
|
$
|
1,063,141
|
|
$
|
1,068,778
|
|
State
|
251,187
|
|
160,650
|
|
213,505
|
|
|||
Foreign
|
238,692
|
|
161,974
|
|
148,367
|
|
|||
Deferred:
|
|
|
|
||||||
Federal
|
(62,278
|
)
|
(164,523
|
)
|
(3,107
|
)
|
|||
State
|
(27,831
|
)
|
27,595
|
|
(10,583
|
)
|
|||
Foreign
|
2,274
|
|
(197
|
)
|
7,849
|
|
|||
Provision for income taxes
|
$
|
1,113,413
|
|
$
|
1,248,640
|
|
$
|
1,424,809
|
|
|
Fiscal Year Ended
|
|||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
Deferred tax assets:
|
|
|
||||
Net operating loss carryforward
|
$
|
49,489
|
|
$
|
40,088
|
|
Reserves for lease obligations
|
2,799
|
|
3,637
|
|
||
Pension, stock compensation, postretirement and employee benefits
|
273,482
|
|
232,887
|
|
||
Leases
|
45,740
|
|
42,999
|
|
||
Accruals and reserves
|
42,709
|
|
51,281
|
|
||
Other
|
65,776
|
|
25,599
|
|
||
Total gross deferred tax assets
|
$
|
479,995
|
|
$
|
396,491
|
|
Valuation allowance
|
(51,711
|
)
|
(42,332
|
)
|
||
Net deferred tax asset
|
$
|
428,284
|
|
$
|
354,159
|
|
Deferred tax liabilities:
|
|
|
||||
Property, plant and equipment
|
$
|
497,906
|
|
$
|
437,621
|
|
Capitalized inventory
|
42,981
|
|
45,125
|
|
||
Tradename/intangibles
|
14,019
|
|
12,628
|
|
||
Undistributed foreign earnings
|
1,856
|
|
65,013
|
|
||
Other
|
23,246
|
|
20,271
|
|
||
Total deferred tax liabilities
|
$
|
580,008
|
|
$
|
580,658
|
|
Net deferred tax (liability)
|
$
|
(151,724
|
)
|
$
|
(226,499
|
)
|
Non-current asset
|
$
|
6,467
|
|
$
|
6,558
|
|
Non-current liability
|
(158,191
|
)
|
(233,057
|
)
|
||
Total
|
$
|
(151,724
|
)
|
$
|
(226,499
|
)
|
|
Fiscal Year Ended
|
|||||
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
|||
|
|
(53 weeks)
|
|
|||
U.S. federal statutory income tax rate
|
21.0
|
%
|
33.7
|
%
|
35.0
|
%
|
Effective state income tax rate
|
4.5
|
|
3.6
|
|
3.5
|
|
Impact of foreign operations
|
1.2
|
|
(0.1
|
)
|
(0.2
|
)
|
Excess share-based compensation
|
(1.2
|
)
|
(1.3
|
)
|
—
|
|
Impact of 2017 Tax Act
|
1.5
|
|
(2.3
|
)
|
—
|
|
All other
|
(0.3
|
)
|
(1.2
|
)
|
—
|
|
Worldwide effective income tax rate
|
26.7
|
%
|
32.4
|
%
|
38.3
|
%
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
Balance at beginning of year
|
$
|
61,704
|
|
$
|
49,092
|
|
$
|
43,326
|
|
Additions for uncertain tax positions taken in current year
|
7,406
|
|
6,504
|
|
7,018
|
|
|||
Additions for uncertain tax positions taken in prior years
|
177,741
|
|
7,990
|
|
327
|
|
|||
Reductions for uncertain tax positions taken in prior years
|
—
|
|
(587
|
)
|
(334
|
)
|
|||
Reductions resulting from lapse of statute of limitations
|
(1,388
|
)
|
(1,295
|
)
|
(1,245
|
)
|
|||
Settlements with tax authorities
|
(1,268
|
)
|
—
|
|
—
|
|
|||
Balance at end of year
|
$
|
244,195
|
|
$
|
61,704
|
|
$
|
49,092
|
|
In thousands
|
Operating
Leases
|
||
Fiscal Year 2020
|
$
|
1,676,700
|
|
2021
|
1,603,378
|
|
|
2022
|
1,441,444
|
|
|
2023
|
1,253,420
|
|
|
2024
|
1,042,184
|
|
|
Later years
|
2,774,845
|
|
|
Total future minimum lease payments
|
$
|
9,791,971
|
|
|
Fiscal Year Ended
|
|||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
Employee compensation and benefits, current
|
$
|
737,920
|
|
$
|
686,294
|
|
Dividends payable
|
241,972
|
|
199,029
|
|
||
Accrued capital additions
|
119,172
|
|
90,336
|
|
||
Rent, utilities and occupancy, including real estate taxes
|
243,192
|
|
234,183
|
|
||
Merchandise credits and gift certificates
|
450,302
|
|
399,482
|
|
||
Sales tax collections and V.A.T. taxes
|
170,249
|
|
200,005
|
|
||
All other current liabilities
|
770,269
|
|
713,632
|
|
||
Total accrued expenses and other current liabilities
|
$
|
2,733,076
|
|
$
|
2,522,961
|
|
|
Fiscal Year Ended
|
|||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
||||
Employee compensation and benefits, long-term
|
$
|
449,065
|
|
$
|
442,624
|
|
Accrued rent
|
269,057
|
|
263,178
|
|
||
Landlord allowances
|
80,425
|
|
88,747
|
|
||
Income taxes payable
|
—
|
|
176,772
|
|
||
Tax reserve, long-term
|
235,467
|
|
44,753
|
|
||
Build-to-suit lease obligations
|
243,258
|
|
221,917
|
|
||
Asset retirement obligation
|
49,692
|
|
49,266
|
|
||
All other long-term liabilities
|
27,278
|
|
33,248
|
|
||
Total other long-term liabilities
|
$
|
1,354,242
|
|
$
|
1,320,505
|
|
|
Fiscal Year Ended
|
||||||||
In thousands
|
February 2,
2019 |
February 3,
2018 |
January 28,
2017 |
||||||
|
|
(53 weeks)
|
|
||||||
Cash paid for:
|
|
|
|
||||||
Interest on debt
|
$
|
64,007
|
|
$
|
64,308
|
|
$
|
72,619
|
|
Income taxes
|
1,147,511
|
|
1,289,964
|
|
1,282,172
|
|
|||
Non-cash investing and financing activity:
|
|
|
|
||||||
Build-to-suit construction in progress
|
$
|
(40,911
|
)
|
$
|
(27,207
|
)
|
$
|
(94,291
|
)
|
Build-to-suit lease obligation
|
40,911
|
|
27,207
|
|
94,291
|
|
|||
Dividends payable
|
42,943
|
|
29,836
|
|
29,195
|
|
|||
Property additions
|
28,836
|
|
(21,627
|
)
|
(20,908
|
)
|
Amounts in thousands except per share amounts
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
(2)
|
Fourth
Quarter
(3)
|
||||||||
Fiscal Year Ended February 2, 2019 (52 weeks)
|
|
|
|
|
||||||||
Net sales
|
$
|
8,688,720
|
|
$
|
9,331,115
|
|
$
|
9,825,759
|
|
$
|
11,127,340
|
|
Gross earnings
(1)
|
2,510,481
|
|
2,695,300
|
|
2,842,276
|
|
3,093,700
|
|
||||
Net income
|
716,381
|
|
739,626
|
|
762,253
|
|
841,538
|
|
||||
Basic earnings per share
(4)
|
0.57
|
|
0.59
|
|
0.62
|
|
0.69
|
|
||||
Diluted earnings per share
(4)
|
0.56
|
|
0.58
|
|
0.61
|
|
0.68
|
|
||||
Fiscal Year Ended February 3, 2018 (53 weeks)
|
|
|
|
|
||||||||
Net sales
|
$
|
7,784,024
|
|
$
|
8,357,700
|
|
$
|
8,762,220
|
|
$
|
10,960,720
|
|
Gross earnings
(1)
|
2,253,952
|
|
2,385,025
|
|
2,612,200
|
|
3,111,320
|
|
||||
Net income
|
536,279
|
|
552,957
|
|
641,436
|
|
877,276
|
|
||||
Basic earnings per share
(4)
|
0.41
|
|
0.43
|
|
0.51
|
|
0.70
|
|
||||
Diluted earnings per share
(4)
|
0.41
|
|
0.42
|
|
0.50
|
|
0.69
|
|
(1)
|
Gross earnings equal net sales less cost of sales, including buying and occupancy costs.
|
(2)
|
The third quarter of fiscal 2019 includes a
$36.1 million
pension settlement charge.
|
(3)
|
The fourth quarter of fiscal 2018 includes 14 weeks, a
$99.3 million
impairment charge and a net benefit related to the 2017 Tax Act.
|
(4)
|
Adjusted for
two
-for-one stock split completed in November 2018. See Note D - Capital Stock and Earnings Per Share.
|
1 Year TJX Companies Chart |
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