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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 | |
---|---|---|---|---|---|---|---|---|
0.20 | 0.21% | 95.11 | 95.50 | 94.51 | 95.27 | 5,894,078 | 01:00:00 |
☒
|
Quarterly 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
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $1.00 per share
|
TJX
|
New York Stock Exchange
|
Large accelerated filer
|
|
☒
|
|
Accelerated filer
|
|
☐
|
|
|
|
|
|
|
|
Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
|
☐
|
|
|
|
|
|
|
|
Emerging growth company
|
|
☐
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
Twenty-Six Weeks Ended
|
|||||||||||||
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Net sales
|
|
$
|
9,781,596
|
|
|
$
|
9,331,115
|
|
|
$
|
19,059,181
|
|
|
$
|
18,019,835
|
|
Cost of sales, including buying and occupancy costs
|
|
7,026,057
|
|
|
6,635,815
|
|
|
13,663,942
|
|
|
12,814,054
|
|
||||
Selling, general and administrative expenses
|
|
1,731,335
|
|
|
1,699,714
|
|
|
3,433,736
|
|
|
3,250,489
|
|
||||
Interest expense, net
|
|
2,897
|
|
|
3,029
|
|
|
3,714
|
|
|
7,177
|
|
||||
Income before provision for income taxes
|
|
1,021,307
|
|
|
992,557
|
|
|
1,957,789
|
|
|
1,948,115
|
|
||||
Provision for income taxes
|
|
262,345
|
|
|
252,931
|
|
|
498,649
|
|
|
492,108
|
|
||||
Net income
|
|
$
|
758,962
|
|
|
$
|
739,626
|
|
|
$
|
1,459,140
|
|
|
$
|
1,456,007
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
0.63
|
|
|
$
|
0.59
|
|
|
$
|
1.20
|
|
|
$
|
1.16
|
|
Weighted average common shares – basic
|
|
1,210,525
|
|
|
1,246,851
|
|
|
1,212,528
|
|
|
1,250,037
|
|
||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
0.62
|
|
|
$
|
0.58
|
|
|
$
|
1.19
|
|
|
$
|
1.15
|
|
Weighted average common shares – diluted
|
|
1,228,986
|
|
|
1,265,920
|
|
|
1,231,211
|
|
|
1,267,367
|
|
|
|
Thirteen Weeks Ended
|
||||||
|
|
August 3,
2019 |
|
August 4,
2018 |
||||
Net income
|
|
$
|
758,962
|
|
|
$
|
739,626
|
|
Additions to other comprehensive loss:
|
|
|
|
|
||||
Foreign currency translation adjustments, net of related tax provision of $1,681 in fiscal 2020 and benefit of $12,519 in fiscal 2019
|
|
(83,743
|
)
|
|
(59,733
|
)
|
||
Gain on net investment hedges, net of related tax provision of $4,912 in fiscal 2019
|
|
—
|
|
|
13,495
|
|
||
Reclassifications from other comprehensive loss to net income:
|
|
|
|
|
||||
Amortization of prior service cost and deferred gains/losses, net of related tax provisions of $1,453 in fiscal 2020 and $773 in fiscal 2019
|
|
3,992
|
|
|
3,162
|
|
||
Amortization of loss on cash flow hedge, net of related tax provisions of $76 in fiscal 2020 and $76 in fiscal 2019
|
|
208
|
|
|
208
|
|
||
Other comprehensive loss, net of tax
|
|
(79,543
|
)
|
|
(42,868
|
)
|
||
Total comprehensive income
|
|
$
|
679,419
|
|
|
$
|
696,758
|
|
|
|
Twenty-Six Weeks Ended
|
||||||
|
|
August 3,
2019 |
|
August 4,
2018 |
||||
Net income
|
|
$
|
1,459,140
|
|
|
$
|
1,456,007
|
|
Additions to other comprehensive income:
|
|
|
|
|
||||
Foreign currency translation adjustments, net of related tax benefit of $952 in fiscal 2020 and $13,725 in fiscal 2019
|
|
(90,904
|
)
|
|
(182,264
|
)
|
||
Gain on net investment hedges, net of related tax provision of $7,113 in fiscal 2019
|
|
—
|
|
|
19,539
|
|
||
Reclassifications from other comprehensive income to net income:
|
|
|
|
|
||||
Amortization of prior service cost and deferred gains, net of related tax provisions of $2,906 in fiscal 2020 and $2,101 in fiscal 2019
|
|
7,984
|
|
|
5,770
|
|
||
Amortization of loss on cash flow hedge, net of related tax provisions of $152 in fiscal 2020 and $153 in fiscal 2019
|
|
416
|
|
|
416
|
|
||
Other comprehensive loss, net of tax
|
|
(82,504
|
)
|
|
(156,539
|
)
|
||
Total comprehensive income
|
|
$
|
1,376,636
|
|
|
$
|
1,299,468
|
|
|
|
August 3,
2019 |
|
February 2,
2019 |
|
August 4,
2018 |
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
2,186,382
|
|
|
$
|
3,030,229
|
|
|
$
|
2,872,717
|
|
Accounts receivable, net
|
|
377,057
|
|
|
346,298
|
|
|
356,180
|
|
|||
Merchandise inventories
|
|
5,087,046
|
|
|
4,579,033
|
|
|
4,498,523
|
|
|||
Prepaid expenses and other current assets
|
|
618,119
|
|
|
513,662
|
|
|
712,552
|
|
|||
Total current assets
|
|
8,268,604
|
|
|
8,469,222
|
|
|
8,439,972
|
|
|||
Net property at cost
|
|
5,041,878
|
|
|
5,255,208
|
|
|
5,100,454
|
|
|||
Non-current deferred income taxes, net
|
|
5,642
|
|
|
6,467
|
|
|
9
|
|
|||
Operating lease right of use assets
|
|
8,944,302
|
|
|
—
|
|
|
—
|
|
|||
Goodwill
|
|
95,938
|
|
|
97,552
|
|
|
98,114
|
|
|||
Other assets
|
|
498,615
|
|
|
497,580
|
|
|
472,879
|
|
|||
TOTAL ASSETS
|
|
$
|
22,854,979
|
|
|
$
|
14,326,029
|
|
|
$
|
14,111,428
|
|
LIABILITIES
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
$
|
2,607,651
|
|
|
$
|
2,644,143
|
|
|
$
|
2,683,285
|
|
Accrued expenses and other current liabilities
|
|
2,601,851
|
|
|
2,733,076
|
|
|
2,414,186
|
|
|||
Current portion of operating lease liabilities
|
|
1,353,721
|
|
|
—
|
|
|
—
|
|
|||
Federal, state and foreign income taxes payable
|
|
37,518
|
|
|
154,155
|
|
|
40,346
|
|
|||
Total current liabilities
|
|
6,600,741
|
|
|
5,531,374
|
|
|
5,137,817
|
|
|||
Other long-term liabilities
|
|
776,654
|
|
|
1,354,242
|
|
|
1,289,353
|
|
|||
Non-current deferred income taxes, net
|
|
196,985
|
|
|
158,191
|
|
|
225,073
|
|
|||
Long-term operating lease liabilities
|
|
7,742,866
|
|
|
—
|
|
|
—
|
|
|||
Long-term debt
|
|
2,235,121
|
|
|
2,233,616
|
|
|
2,232,112
|
|
|||
Commitments and contingencies (See Note K)
|
|
|
|
|
|
|
||||||
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||||||
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,208,932,667; 1,217,182,508 and 1,241,533,412 respectively
|
|
1,208,933
|
|
|
1,217,183
|
|
|
1,241,533
|
|
|||
Additional paid-in capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Accumulated other comprehensive loss
|
|
(712,825
|
)
|
|
(630,321
|
)
|
|
(598,398
|
)
|
|||
Retained earnings
|
|
4,806,504
|
|
|
4,461,744
|
|
|
4,583,938
|
|
|||
Total shareholders’ equity
|
|
5,302,612
|
|
|
5,048,606
|
|
|
5,227,073
|
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
$
|
22,854,979
|
|
|
$
|
14,326,029
|
|
|
$
|
14,111,428
|
|
|
|
Twenty-Six Weeks Ended
|
||||||
|
|
August 3,
2019 |
|
August 4,
2018 |
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
1,459,140
|
|
|
$
|
1,456,007
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
427,834
|
|
|
396,315
|
|
||
Loss on property disposals and impairment charges
|
|
3,215
|
|
|
8,605
|
|
||
Deferred income tax provision (benefit)
|
|
37,855
|
|
|
(18,227
|
)
|
||
Share-based compensation
|
|
55,400
|
|
|
49,941
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
(Increase) in accounts receivable
|
|
(35,848
|
)
|
|
(33,180
|
)
|
||
(Increase) in merchandise inventories
|
|
(560,386
|
)
|
|
(385,593
|
)
|
||
(Increase) decrease in prepaid expenses and other current assets
|
|
(240,103
|
)
|
|
73,769
|
|
||
(Decrease) increase in accounts payable
|
|
(6,823
|
)
|
|
237,690
|
|
||
(Decrease) in accrued expenses and other liabilities
|
|
(113,799
|
)
|
|
(107,970
|
)
|
||
(Decrease) in income taxes payable
|
|
(116,460
|
)
|
|
(72,534
|
)
|
||
Other
|
|
(10,781
|
)
|
|
(44,158
|
)
|
||
Net cash provided by operating activities
|
|
899,244
|
|
|
1,560,665
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Property additions
|
|
(578,018
|
)
|
|
(573,900
|
)
|
||
Purchase of investments
|
|
(18,994
|
)
|
|
(152,869
|
)
|
||
Sales and maturities of investments
|
|
9,374
|
|
|
629,056
|
|
||
Other
|
|
7,419
|
|
|
26,652
|
|
||
Net cash (used in) investing activities
|
|
(580,219
|
)
|
|
(71,061
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Cash payments for repurchase of common stock
|
|
(699,751
|
)
|
|
(989,999
|
)
|
||
Cash dividends paid
|
|
(517,448
|
)
|
|
(440,874
|
)
|
||
Proceeds from issuance of common stock
|
|
102,475
|
|
|
163,485
|
|
||
Cash payments of employee tax withholdings for performance based stock awards
|
|
(23,297
|
)
|
|
(16,015
|
)
|
||
Other
|
|
—
|
|
|
(2,226
|
)
|
||
Net cash (used in) financing activities
|
|
(1,138,021
|
)
|
|
(1,285,629
|
)
|
||
Effect of exchange rate changes on cash
|
|
(24,851
|
)
|
|
(89,735
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
|
(843,847
|
)
|
|
114,240
|
|
||
Cash and cash equivalents at beginning of year
|
|
3,030,229
|
|
|
2,758,477
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
2,186,382
|
|
|
$
|
2,872,717
|
|
|
|
Thirteen Weeks Ended
|
|||||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Shares
|
|
Par Value
$1
|
|
Additional Paid-In
Capital
|
|
Accumulated Other Comprehensive
Loss
|
|
Retained
Earnings
|
|
Total
|
|||||||||||
Balance, May 4, 2019
|
|
1,212,668
|
|
|
$
|
1,212,668
|
|
|
$
|
—
|
|
|
$
|
(633,282
|
)
|
|
$
|
4,552,509
|
|
|
$
|
5,131,895
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
758,962
|
|
|
758,962
|
|
|||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79,543
|
)
|
|
—
|
|
|
(79,543
|
)
|
|||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278,624
|
)
|
|
(278,624
|
)
|
|||||
Recognition of share-based compensation
|
|
—
|
|
|
—
|
|
|
29,668
|
|
|
—
|
|
|
—
|
|
|
29,668
|
|
|||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings
|
|
1,952
|
|
|
1,952
|
|
|
40,759
|
|
|
—
|
|
|
—
|
|
|
42,711
|
|
|||||
Common stock repurchased and retired
|
|
(5,687
|
)
|
|
(5,687
|
)
|
|
(70,427
|
)
|
|
—
|
|
|
(226,343
|
)
|
|
(302,457
|
)
|
|||||
Balance, August 3, 2019
|
|
1,208,933
|
|
|
$
|
1,208,933
|
|
|
$
|
—
|
|
|
$
|
(712,825
|
)
|
|
$
|
4,806,504
|
|
|
$
|
5,302,612
|
|
|
|
Thirteen Weeks Ended
|
|||||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Shares
|
|
Par Value
$1
|
|
Additional Paid-In
Capital
|
|
Accumulated Other Comprehensive
Loss
|
|
Retained
Earnings
|
|
Total
|
|||||||||||
Balance, May 5, 2018
|
|
1,250,405
|
|
|
$
|
1,250,405
|
|
|
$
|
—
|
|
|
$
|
(555,530
|
)
|
|
$
|
4,567,533
|
|
|
$
|
5,262,408
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
739,626
|
|
|
739,626
|
|
|||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,868
|
)
|
|
—
|
|
|
(42,868
|
)
|
|||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(242,328
|
)
|
|
(242,328
|
)
|
|||||
Recognition of share-based compensation
|
|
—
|
|
|
—
|
|
|
25,912
|
|
|
—
|
|
|
—
|
|
|
25,912
|
|
|||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings
|
|
3,882
|
|
|
3,882
|
|
|
76,982
|
|
|
—
|
|
|
(1,941
|
)
|
|
78,923
|
|
|||||
Common stock repurchased and retired
|
|
(12,754
|
)
|
|
(12,754
|
)
|
|
(102,894
|
)
|
|
—
|
|
|
(478,952
|
)
|
|
(594,600
|
)
|
|||||
Balance, August 4, 2018
|
|
1,241,533
|
|
|
$
|
1,241,533
|
|
|
$
|
—
|
|
|
$
|
(598,398
|
)
|
|
$
|
4,583,938
|
|
|
$
|
5,227,073
|
|
|
|
Twenty-Six Weeks Ended
|
|||||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Shares
|
|
Par Value
$1 |
|
Additional Paid-In
Capital |
|
Accumulated Other Comprehensive
Loss |
|
Retained
Earnings |
|
Total
|
|||||||||||
Balance, February 2, 2019
|
|
1,217,183
|
|
|
$
|
1,217,183
|
|
|
$
|
—
|
|
|
$
|
(630,321
|
)
|
|
$
|
4,461,744
|
|
|
$
|
5,048,606
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,459,140
|
|
|
1,459,140
|
|
|||||
Cumulative effect of accounting change (See Note A)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
403
|
|
|
403
|
|
|||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82,504
|
)
|
|
—
|
|
|
(82,504
|
)
|
|||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(557,860
|
)
|
|
(557,860
|
)
|
|||||
Recognition of share-based compensation
|
|
—
|
|
|
—
|
|
|
55,400
|
|
|
—
|
|
|
—
|
|
|
55,400
|
|
|||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings
|
|
5,094
|
|
|
5,094
|
|
|
74,084
|
|
|
—
|
|
|
—
|
|
|
79,178
|
|
|||||
Common stock repurchased and retired
|
|
(13,344
|
)
|
|
(13,344
|
)
|
|
(129,484
|
)
|
|
—
|
|
|
(556,923
|
)
|
|
(699,751
|
)
|
|||||
Balance, August 3, 2019
|
|
1,208,933
|
|
|
$
|
1,208,933
|
|
|
$
|
—
|
|
|
$
|
(712,825
|
)
|
|
$
|
4,806,504
|
|
|
$
|
5,302,612
|
|
|
|
Twenty-Six Weeks Ended
|
|||||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Shares
|
|
Par Value
$1 |
|
Additional Paid-In
Capital |
|
Accumulated Other Comprehensive
Loss |
|
Retained
Earnings |
|
Total
|
|||||||||||
Balance, February 3, 2018
|
|
1,256,018
|
|
|
$
|
1,256,018
|
|
|
$
|
—
|
|
|
$
|
(441,859
|
)
|
|
$
|
4,334,150
|
|
|
$
|
5,148,309
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,456,007
|
|
|
1,456,007
|
|
|||||
Cumulative effect of accounting change
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,712
|
|
|
58,712
|
|
|||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(156,539
|
)
|
|
—
|
|
|
(156,539
|
)
|
|||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(486,828
|
)
|
|
(486,828
|
)
|
|||||
Recognition of share-based compensation
|
|
—
|
|
|
—
|
|
|
49,941
|
|
|
—
|
|
|
—
|
|
|
49,941
|
|
|||||
Issuance of common stock under Stock Incentive Plan, net of shares used to pay tax withholdings
|
|
7,967
|
|
|
7,967
|
|
|
143,486
|
|
|
—
|
|
|
(3,983
|
)
|
|
147,470
|
|
|||||
Common stock repurchased and retired
|
|
(22,452
|
)
|
|
(22,452
|
)
|
|
(193,427
|
)
|
|
—
|
|
|
(774,120
|
)
|
|
(989,999
|
)
|
|||||
Balance, August 4, 2018
|
|
1,241,533
|
|
|
$
|
1,241,533
|
|
|
$
|
—
|
|
|
$
|
(598,398
|
)
|
|
$
|
4,583,938
|
|
|
$
|
5,227,073
|
|
In thousands
|
|
August 3,
2019 |
|
August 4,
2018 |
||||
Balance, beginning of year
|
|
$
|
450,302
|
|
|
$
|
406,506
|
|
Deferred revenue
|
|
747,827
|
|
|
731,890
|
|
||
Effect of exchange rates changes on deferred revenue
|
|
(826
|
)
|
|
(4,871
|
)
|
||
Revenue recognized
|
|
(791,293
|
)
|
|
(774,955
|
)
|
||
Balance, end of period
|
|
$
|
406,010
|
|
|
$
|
358,570
|
|
In thousands
|
|
As Reported February 2, 2019
|
|
Adjustments
|
|
Adjusted February 3, 2019
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS:
|
|
|
|
|
|
|
||||||
Prepaid expenses and other current assets
|
|
$
|
513,662
|
|
|
$
|
(149,029
|
)
|
(a)
|
$
|
364,633
|
|
Net property at cost
|
|
5,255,208
|
|
|
(281,361
|
)
|
(b),(f)
|
4,973,847
|
|
|||
Operating lease right of use asset
|
|
—
|
|
|
8,704,584
|
|
(c)
|
8,704,584
|
|
|||
Other assets
|
|
497,580
|
|
|
(30,086
|
)
|
(b)
|
467,494
|
|
|||
Total Assets
|
|
$
|
14,326,029
|
|
|
$
|
8,244,108
|
|
|
$
|
22,570,137
|
|
|
|
|
|
|
|
|
||||||
Accrued expenses and other current liabilities
|
|
2,733,076
|
|
|
(3,819
|
)
|
|
2,729,257
|
|
|||
Current portion of operating lease liabilities
|
|
—
|
|
|
1,481,555
|
|
(d)
|
1,481,555
|
|
|||
Other long-term liabilities
|
|
1,354,242
|
|
|
(593,137
|
)
|
(e),(f)
|
761,105
|
|
|||
Long-term operating lease liabilities
|
|
—
|
|
|
7,359,106
|
|
(d)
|
7,359,106
|
|
|||
Retained earnings
|
|
4,461,744
|
|
|
403
|
|
(f),(g)
|
4,462,147
|
|
|||
Total Liabilities and Shareholders' Equity
|
|
$
|
14,326,029
|
|
|
$
|
8,244,108
|
|
|
$
|
22,570,137
|
|
(a)
|
Represents prepaid rent reclassified to operating lease right of use assets and current portion of operating lease liabilities.
|
(b)
|
Represents impact of reclassifying initial direct costs to operating lease right of use assets.
|
(c)
|
Represents capitalization of operating lease right of use assets and reclassification of lease acquisition costs, straight-line rent, prepaid rent and tenant incentives.
|
(d)
|
Represents recognition of current and long-term operating lease liabilities.
|
(e)
|
Represents reclassification of straight-line rent to operating lease right of use assets.
|
(f)
|
Represents de-recognition of assets and liabilities related to non-TJX owned properties under previously existing build-to-suit accounting rules.
|
(g)
|
Represents impairment at transition on operating lease right of use assets.
|
In thousands
|
|
August 3,
2019 |
|
February 2,
2019 |
|
August 4,
2018 |
||||||
Land and buildings(a)
|
|
$
|
1,235,675
|
|
|
$
|
1,457,835
|
|
|
$
|
1,395,034
|
|
Leasehold costs and improvements(a)
|
|
3,410,862
|
|
|
3,377,045
|
|
|
3,263,267
|
|
|||
Furniture, fixtures and equipment
|
|
6,096,876
|
|
|
5,894,239
|
|
|
5,619,196
|
|
|||
Total property at cost
|
|
$
|
10,743,413
|
|
|
$
|
10,729,119
|
|
|
$
|
10,277,497
|
|
Less accumulated depreciation and amortization(a)
|
|
5,701,535
|
|
|
5,473,911
|
|
|
5,177,043
|
|
|||
Net property at cost
|
|
$
|
5,041,878
|
|
|
$
|
5,255,208
|
|
|
$
|
5,100,454
|
|
(a)
|
See Leases in Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for impact of lease accounting changes.
|
In thousands
|
Foreign
Currency
Translation
|
Deferred
Benefit
Costs
|
Cash
Flow
Hedge
on Debt
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
Balance, February 3, 2018
|
$
|
(280,051
|
)
|
$
|
(159,562
|
)
|
$
|
(2,246
|
)
|
$
|
(441,859
|
)
|
Additions to other comprehensive loss:
|
|
|
|
|
||||||||
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
|
|
||||
Reclassifications from other comprehensive loss to net income:
|
|
|
|
|
||||||||
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
|
)
|
Additions to other comprehensive loss:
|
|
|
|
|
||||||||
Foreign currency translation adjustments (net of taxes of $952)
|
(90,904
|
)
|
—
|
|
—
|
|
(90,904
|
)
|
||||
Reclassifications from other comprehensive loss to net income:
|
|
|
|
|
||||||||
Amortization of prior service cost and deferred gains/losses (net of taxes of $2,906)
|
—
|
|
7,984
|
|
—
|
|
7,984
|
|
||||
Amortization of loss on cash flow hedge (net of taxes of $152)
|
—
|
|
—
|
|
416
|
|
416
|
|
||||
Balance, August 3, 2019
|
$
|
(544,081
|
)
|
$
|
(167,761
|
)
|
$
|
(983
|
)
|
$
|
(712,825
|
)
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
In thousands, except per share amounts
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Basic earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
758,962
|
|
|
$
|
739,626
|
|
|
$
|
1,459,140
|
|
|
$
|
1,456,007
|
|
Weighted average common shares outstanding for basic EPS
|
|
1,210,525
|
|
|
1,246,851
|
|
|
1,212,528
|
|
|
1,250,037
|
|
||||
Basic earnings per share
|
|
$
|
0.63
|
|
|
$
|
0.59
|
|
|
$
|
1.20
|
|
|
$
|
1.16
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
758,962
|
|
|
$
|
739,626
|
|
|
$
|
1,459,140
|
|
|
$
|
1,456,007
|
|
Shares for basic and diluted earnings per share calculations:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding for basic EPS
|
|
1,210,525
|
|
|
1,246,851
|
|
|
1,212,528
|
|
|
1,250,037
|
|
||||
Assumed exercise/vesting of stock options and awards
|
|
18,461
|
|
|
19,069
|
|
|
18,683
|
|
|
17,330
|
|
||||
Weighted average common shares outstanding for diluted EPS
|
|
1,228,986
|
|
|
1,265,920
|
|
|
1,231,211
|
|
|
1,267,367
|
|
||||
Diluted earnings per share
|
|
$
|
0.62
|
|
|
$
|
0.58
|
|
|
$
|
1.19
|
|
|
$
|
1.15
|
|
Cash dividends declared per share
|
|
$
|
0.230
|
|
|
$
|
0.195
|
|
|
$
|
0.460
|
|
|
$
|
0.390
|
|
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
|
In thousands
|
|
August 3,
2019 |
|
February 2,
2019 |
|
August 4,
2018 |
||||||
Level 1
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
||||||
Executive Savings Plan investments
|
|
$
|
282,548
|
|
|
$
|
253,215
|
|
|
$
|
258,798
|
|
Level 2
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
||||||
Foreign currency exchange contracts
|
|
24,241
|
|
|
8,136
|
|
|
36,096
|
|
|||
Diesel fuel contracts
|
|
—
|
|
|
—
|
|
|
6,864
|
|
|||
Liabilities:
|
|
|
|
|
|
|
||||||
Foreign currency exchange contracts
|
|
$
|
19,623
|
|
|
$
|
7,415
|
|
|
$
|
14,191
|
|
Diesel fuel contracts
|
|
6,575
|
|
|
3,786
|
|
|
—
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
In thousands
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
In the United States:
|
|
|
|
|
|
|
|
|
||||||||
Marmaxx
|
|
$
|
6,106,697
|
|
|
$
|
5,847,721
|
|
|
$
|
11,908,457
|
|
|
$
|
11,228,639
|
|
HomeGoods
|
|
1,424,836
|
|
|
1,327,346
|
|
|
2,821,701
|
|
|
2,596,677
|
|
||||
TJX Canada
|
|
967,460
|
|
|
937,736
|
|
|
1,815,195
|
|
|
1,791,572
|
|
||||
TJX International
|
|
1,282,603
|
|
|
1,218,312
|
|
|
2,513,828
|
|
|
2,402,947
|
|
||||
|
|
$
|
9,781,596
|
|
|
$
|
9,331,115
|
|
|
$
|
19,059,181
|
|
|
$
|
18,019,835
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
||||||||
In the United States:
|
|
|
|
|
|
|
|
|
||||||||
Marmaxx
|
|
$
|
855,199
|
|
|
$
|
830,315
|
|
|
$
|
1,651,192
|
|
|
$
|
1,580,771
|
|
HomeGoods
|
|
128,942
|
|
|
142,090
|
|
|
265,727
|
|
|
289,450
|
|
||||
TJX Canada
|
|
118,217
|
|
|
138,735
|
|
|
215,249
|
|
|
263,919
|
|
||||
TJX International
|
|
50,459
|
|
|
48,691
|
|
|
78,946
|
|
|
89,517
|
|
||||
|
|
1,152,817
|
|
|
1,159,831
|
|
|
2,211,114
|
|
|
2,223,657
|
|
||||
General corporate expense
|
|
128,613
|
|
|
164,245
|
|
|
249,611
|
|
|
268,365
|
|
||||
Interest expense, net
|
|
2,897
|
|
|
3,029
|
|
|
3,714
|
|
|
7,177
|
|
||||
Income before provision for income taxes
|
|
$
|
1,021,307
|
|
|
$
|
992,557
|
|
|
$
|
1,957,789
|
|
|
$
|
1,948,115
|
|
|
|
Funded Plan
|
|
Unfunded Plan
|
||||||||||||
|
|
Thirteen Weeks Ended
|
|
Thirteen Weeks Ended
|
||||||||||||
In thousands
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Service cost
|
|
$
|
11,049
|
|
|
$
|
11,613
|
|
|
$
|
552
|
|
|
$
|
611
|
|
Interest cost
|
|
12,990
|
|
|
13,965
|
|
|
967
|
|
|
853
|
|
||||
Expected return on plan assets
|
|
(18,488
|
)
|
|
(20,962
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial losses
|
|
4,509
|
|
|
3,114
|
|
|
936
|
|
|
821
|
|
||||
Total expense
|
|
$
|
10,060
|
|
|
$
|
7,730
|
|
|
$
|
2,455
|
|
|
$
|
2,285
|
|
|
|
Funded Plan
|
|
Unfunded Plan
|
||||||||||||
|
|
Twenty-Six Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
In thousands
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Service cost
|
|
$
|
22,098
|
|
|
$
|
23,226
|
|
|
$
|
1,104
|
|
|
$
|
1,222
|
|
Interest cost
|
|
25,980
|
|
|
27,930
|
|
|
1,934
|
|
|
1,706
|
|
||||
Expected return on plan assets
|
|
(36,976
|
)
|
|
(41,924
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial losses
|
|
9,018
|
|
|
6,228
|
|
|
1,872
|
|
|
1,642
|
|
||||
Total expense
|
|
$
|
20,120
|
|
|
$
|
15,460
|
|
|
$
|
4,910
|
|
|
$
|
4,570
|
|
In thousands
|
August 3,
2019 |
February 2,
2019 |
August 4,
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 $167 at August 3, 2019, $189 at February 2, 2019 and $211 at August 4, 2018)
|
$
|
499,833
|
|
$
|
499,811
|
|
$
|
499,789
|
|
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $137 at August 3, 2019, $174 at February 2, 2019 and $212 at August 4, 2018)
|
749,863
|
|
749,826
|
|
749,788
|
|
|||
2.25% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount of $5,284 at August 3, 2019, $5,657 at February 2, 2019 and $6,030 at August 4, 2018)
|
994,716
|
|
994,343
|
|
993,970
|
|
|||
Debt issuance cost
|
(9,291
|
)
|
(10,364
|
)
|
(11,435
|
)
|
|||
Long-term debt
|
$
|
2,235,121
|
|
$
|
2,233,616
|
|
$
|
2,232,112
|
|
|
|
August 3,
2019 |
|
Weighted-average remaining lease term (years)
|
|
7.3
|
|
Weighted-average discount rate
|
|
3.0
|
%
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||
In thousands
|
Classification
|
|
August 3,
2019 |
|
August 3,
2019 |
||||
Operating lease cost
|
Cost of sales, including buying and occupancy costs
|
|
$
|
434,931
|
|
|
$
|
865,262
|
|
Variable and short term lease cost
|
Cost of sales, including buying and occupancy costs
|
|
286,149
|
|
|
567,655
|
|
||
Total lease cost
|
|
|
$
|
721,080
|
|
|
$
|
1,432,917
|
|
|
|
Twenty-Six Weeks Ended
|
||
In thousands
|
|
August 3,
2019 |
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows paid for operating leases
|
|
$
|
846,211
|
|
Lease liabilities arising from obtaining right of use assets
|
|
$
|
993,979
|
|
In thousands
|
|
August 3,
2019 |
||
Fiscal year 2020 (remaining 6 months)
|
|
$
|
866,641
|
|
2021
|
|
1,704,141
|
|
|
2022
|
|
1,562,414
|
|
|
2023
|
|
1,399,075
|
|
|
2024
|
|
1,210,569
|
|
|
Later years
|
|
3,400,328
|
|
|
Total lease payments(a)
|
|
10,143,168
|
|
|
Less: imputed interest(b)
|
|
1,046,581
|
|
|
Total lease liabilities(c)
|
|
$
|
9,096,587
|
|
(a)
|
Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to our Lease Accounting Policy.
|
(b)
|
Calculated using the incremental borrowing rate for each lease.
|
(c)
|
Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.
|
In thousands
|
|
February 2,
2019 |
||
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 lease payments
|
|
$
|
9,791,971
|
|
–
|
Net sales increased 5% to $9.8 billion for the second quarter of fiscal 2020 over last year’s second quarter sales of $9.3 billion. As of August 3, 2019, the number of stores in operation increased 5% and selling square footage increased 4% compared to the end of the fiscal 2019 second quarter.
|
–
|
Comp sales increased 2% for the second quarter of fiscal 2020 over an increase of 6% for the comparable period last year ended August 4, 2018. Customer traffic was the primary driver of the comp sales increase and was up at all four major segments.
|
–
|
Diluted earnings per share for the second quarter of fiscal 2020 were $0.62 versus $0.58 per share in the second quarter of fiscal 2019.
|
–
|
Our pre-tax margin (the ratio of pre-tax income to net sales) for the second quarter of fiscal 2020 was 10.4%, a 0.2 percentage point decrease compared with 10.6% in the second quarter of fiscal 2019.
|
–
|
Our cost of sales, including buying and occupancy costs, ratio for the second quarter of fiscal 2020 was 71.8%, a 0.7 percentage point increase compared with 71.1% in the second quarter of fiscal 2019.
|
–
|
Our selling, general and administrative (“SG&A”) expense ratio for the second quarter of fiscal 2020 was 17.7%, a 0.5 percentage point decrease compared with 18.2% in the second quarter of fiscal 2019.
|
–
|
Our average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites and Sierra stores, were up 6% on a reported basis and 7% on a constant currency basis at the end of the second quarter of fiscal 2020 as compared to a 5% increase in average per store inventories on a reported basis and a 6% increase on a constant currency basis in the second quarter of fiscal 2019.
|
–
|
During the second quarter of fiscal 2020, we returned $579 million to our shareholders through share repurchases and dividends.
|
–
|
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 sites, meaning sierra.com, tjmaxx.com and tkmaxx.com
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||
|
|
August 3, 2019
|
|
August 4, 2018
|
|
August 3, 2019
|
|
August 4, 2018
|
||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales, including buying and occupancy costs
|
|
71.8
|
|
|
71.1
|
|
|
71.7
|
|
|
71.1
|
|
Selling, general and administrative expenses
|
|
17.7
|
|
|
18.2
|
|
|
18.0
|
|
|
18.0
|
|
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income before provision for income taxes*
|
|
10.4
|
%
|
|
10.6
|
%
|
|
10.3
|
%
|
|
10.8
|
%
|
*
|
Figures may not foot due to rounding.
|
–
|
Translation of foreign operating results into U.S. dollars: In our Consolidated Financial Statements, we translate the operations of TJX Canada and TJX International from local currencies into U.S. dollars using currency rates in effect at different points in time. Significant changes in foreign exchange rates between comparable prior periods can result in meaningful variations in 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.
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
In thousands
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Interest expense
|
|
$
|
15,350
|
|
|
$
|
17,283
|
|
|
$
|
30,707
|
|
|
$
|
34,648
|
|
Capitalized interest
|
|
(446
|
)
|
|
(1,328
|
)
|
|
(1,165
|
)
|
|
(2,976
|
)
|
||||
Interest (income)
|
|
(12,007
|
)
|
|
(12,926
|
)
|
|
(25,828
|
)
|
|
(24,495
|
)
|
||||
Interest expense, net
|
|
$
|
2,897
|
|
|
$
|
3,029
|
|
|
$
|
3,714
|
|
|
$
|
7,177
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
U.S. dollars in millions
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Net sales
|
|
$
|
6,107
|
|
|
$
|
5,848
|
|
|
$
|
11,908
|
|
|
$
|
11,229
|
|
Segment profit
|
|
$
|
855
|
|
|
$
|
830
|
|
|
$
|
1,651
|
|
|
$
|
1,581
|
|
Segment profit as a percentage of net sales
|
|
14.0
|
%
|
|
14.2
|
%
|
|
13.9
|
%
|
|
14.1
|
%
|
||||
Increase in comp sales
|
|
2
|
%
|
|
7
|
%
|
|
4
|
%
|
|
6
|
%
|
||||
Stores in operation at end of period:
|
|
|
|
|
|
|
|
|
||||||||
T.J. Maxx
|
|
|
|
|
|
1,260
|
|
|
1,236
|
|
||||||
Marshalls
|
|
|
|
|
|
1,107
|
|
|
1,077
|
|
||||||
Sierra
|
|
|
|
|
|
39
|
|
|
33
|
|
||||||
Total
|
|
|
|
|
|
2,406
|
|
|
2,346
|
|
||||||
Selling square footage at end of period (in thousands):
|
|
|
|
|
|
|
|
|
||||||||
T.J. Maxx
|
|
|
|
|
|
27,577
|
|
|
27,247
|
|
||||||
Marshalls
|
|
|
|
|
|
25,534
|
|
|
25,082
|
|
||||||
Sierra
|
|
|
|
|
|
654
|
|
|
566
|
|
||||||
Total
|
|
|
|
|
|
53,765
|
|
|
52,895
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
U.S. dollars in millions
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Net sales
|
|
$
|
1,425
|
|
|
$
|
1,327
|
|
|
$
|
2,822
|
|
|
$
|
2,597
|
|
Segment profit
|
|
$
|
129
|
|
|
$
|
142
|
|
|
$
|
266
|
|
|
$
|
289
|
|
Segment profit as a percentage of net sales
|
|
9.0
|
%
|
|
10.7
|
%
|
|
9.4
|
%
|
|
11.1
|
%
|
||||
Increase in comp sales
|
|
0
|
%
|
|
3
|
%
|
|
0
|
%
|
|
2
|
%
|
||||
Stores in operation at end of period:
|
|
|
|
|
|
|
|
|
||||||||
HomeGoods
|
|
|
|
|
|
783
|
|
|
716
|
|
||||||
Homesense
|
|
|
|
|
|
23
|
|
|
8
|
|
||||||
Total
|
|
|
|
|
|
806
|
|
|
724
|
|
||||||
Selling square footage at end of period (in thousands):
|
|
|
|
|
|
|
|
|
||||||||
HomeGoods
|
|
|
|
|
|
14,383
|
|
|
13,205
|
|
||||||
Homesense
|
|
|
|
|
|
492
|
|
|
160
|
|
||||||
Total
|
|
|
|
|
|
14,875
|
|
|
13,365
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
U.S. dollars in millions
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Net sales
|
|
$
|
967
|
|
|
$
|
938
|
|
|
$
|
1,815
|
|
|
$
|
1,792
|
|
Segment profit
|
|
$
|
118
|
|
|
$
|
139
|
|
|
$
|
215
|
|
|
$
|
264
|
|
Segment profit as a percentage of net sales
|
|
12.2
|
%
|
|
14.8
|
%
|
|
11.9
|
%
|
|
14.7
|
%
|
||||
Increase in comp sales
|
|
1
|
%
|
|
6
|
%
|
|
1
|
%
|
|
5
|
%
|
||||
Stores in operation at end of period:
|
|
|
|
|
|
|
|
|
||||||||
Winners
|
|
|
|
|
|
274
|
|
|
270
|
|
||||||
HomeSense
|
|
|
|
|
|
132
|
|
|
120
|
|
||||||
Marshalls
|
|
|
|
|
|
91
|
|
|
79
|
|
||||||
Total
|
|
|
|
|
|
497
|
|
|
469
|
|
||||||
Selling square footage at end of period (in thousands):
|
|
|
|
|
|
|
|
|
||||||||
Winners
|
|
|
|
|
|
5,882
|
|
|
5,849
|
|
||||||
HomeSense
|
|
|
|
|
|
2,425
|
|
|
2,232
|
|
||||||
Marshalls
|
|
|
|
|
|
1,929
|
|
|
1,716
|
|
||||||
Total
|
|
|
|
|
|
10,236
|
|
|
9,797
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
U.S. dollars in millions
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
Net sales
|
|
$
|
1,283
|
|
|
$
|
1,218
|
|
|
$
|
2,514
|
|
|
$
|
2,403
|
|
Segment profit
|
|
$
|
50
|
|
|
$
|
49
|
|
|
$
|
79
|
|
|
$
|
90
|
|
Segment profit as a percentage of net sales
|
|
3.9
|
%
|
|
4.0
|
%
|
|
3.1
|
%
|
|
3.7
|
%
|
||||
Increase in comp sales
|
|
6
|
%
|
|
4
|
%
|
|
7
|
%
|
|
3
|
%
|
||||
Stores in operation at end of period:
|
|
|
|
|
|
|
|
|
||||||||
T.K. Maxx
|
|
|
|
|
|
580
|
|
|
552
|
|
||||||
Homesense
|
|
|
|
|
|
72
|
|
|
61
|
|
||||||
T.K. Maxx Australia
|
|
|
|
|
|
51
|
|
|
42
|
|
||||||
Total
|
|
|
|
|
|
703
|
|
|
655
|
|
||||||
Selling square footage at end of period (in thousands):
|
|
|
|
|
|
|
|
|
||||||||
T.K. Maxx
|
|
|
|
|
|
11,849
|
|
|
11,560
|
|
||||||
Homesense
|
|
|
|
|
|
1,074
|
|
|
958
|
|
||||||
T.K. Maxx Australia
|
|
|
|
|
|
937
|
|
|
780
|
|
||||||
Total
|
|
|
|
|
|
13,860
|
|
|
13,298
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
In millions
|
|
August 3,
2019 |
|
August 4,
2018 |
|
August 3,
2019 |
|
August 4,
2018 |
||||||||
General corporate expense
|
|
$
|
129
|
|
|
$
|
164
|
|
|
$
|
250
|
|
|
$
|
268
|
|
|
|
Total
Number of Shares
Repurchased(a) |
|
Average Price Paid
Per Share(b) |
|
Total Number of
Shares Purchased as
Part of Publicly
Announced
Plans or Programs(c)
|
|
Approximate Dollar
Value of Shares that
May Yet be
Purchased Under
the Plans or
Programs(c)
|
||||||
May 5, 2019 through June 1, 2019
|
|
1,715,617
|
|
|
$
|
52.46
|
|
|
1,715,617
|
|
|
$
|
2,740,790,664
|
|
June 2, 2019 through July 6, 2019
|
|
2,207,115
|
|
|
$
|
52.10
|
|
|
2,207,115
|
|
|
$
|
2,625,790,701
|
|
July 7, 2019 through August 3, 2019
|
|
1,721,389
|
|
|
$
|
55.19
|
|
|
1,721,389
|
|
|
$
|
2,530,790,717
|
|
Total
|
|
5,644,121
|
|
|
|
|
5,644,121
|
|
|
|
(a)
|
Consists of shares repurchased under publicly announced stock repurchase programs.
|
(b)
|
Includes commissions for the shares repurchased under stock repurchase programs.
|
(c)
|
In February 2018, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $3.0 billion of TJX common stock from time to time, under which $1.0 billion remained available as of August 3, 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, all of which remained available at August 3, 2019.
|
|
|
Exhibit No.
|
Description
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
101
|
The following materials from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 3, 2019, formatted in Inline 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 Statement of Shareholders’ Equity, and (vi) Notes to Consolidated Financial Statements.
|
104
|
The cover page from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 3, 2019, formatted in Inline XBRL (included in Exhibit 101)
|
|
|
|
|
|
|
|
|
|
THE TJX COMPANIES, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date: August 30, 2019
|
|
|
|
|
|
|
|
|
/s/ Scott Goldenberg
|
|
|
|
|
Scott Goldenberg, Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year TJX Companies Chart |
1 Month TJX Companies Chart |
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