What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-03-30 compared with 2021-03-31 · 42 added, 41 removed, 194 unchanged (30% of the section changed)

2 unchanged sentences

(together with its subsidiaries, “TJX,” the “Company,” “we,” or “our”) is the leading off-price apparel and home fashions retailer in the United States and worldwide.

We have over 4,500 stores and four distinctive branded e-commerce sites that offer a rapidly changing assortment of quality, fashionable, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty, and major online retailers) regular prices on comparable merchandise, every day.

We have nearly 4,700 stores and five distinctive branded e-commerce sites that offer a rapidly changing assortment of quality, fashionable, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty, and major online retailers) regular prices on comparable merchandise, every day.

Our mission is to deliver great value to our customers every day.

8 unchanged sentences

Further, we can leverage the substantial buying power of our businesses with our global vendor relationships.

During fiscal 2021, our business operations were impacted by the COVID-19 pandemic.

In addition to the temporary closures and reopenings of our stores and other facilities, the pandemic has led to modifications of our operations, including the implementation of health and safety protocols, and has had an impact on our results of operations, financial position and liquidity, as well as consumer behavior.

During fiscal 2022, our business operations continued to be impacted by the COVID-19 pandemic.

In addition to the temporary closures and reopenings of some of our stores, the pandemic has led to continued modifications of our operations, and has had an impact on our results of operations, financial position and liquidity, as well as consumer behavior.

See Risk Factors and Management’s Discussion and Analysis of Financial Condition a nd Results of Operations below for more information.

In this report, fiscal 2022 means the fiscal year ended January 29, 2022;

fiscal 2020 means the fiscal year ended February 1, 2020 and fiscal 2019 means the fiscal year ended February 2, 2019.

fiscal 2021 means the fiscal year ended January 30, 2021 and fiscal 2020 means the fiscal year ended February 1, 2020.

Fiscal 2023 means the fiscal year ending January 28, 2023.

3 unchanged sentences

Marmaxx and HomeGoods, both in the U.S., TJX Canada and TJX International.

In addition to our four main segments, we operate the Sierra business.

The results of Sierra are included with the Marmaxx segment.

Maxx and Marshalls chains in the United States (“Marmaxx”) are collectively the largest off-price retailer in the United States with a total of 2,432 stores.

3 unchanged sentences

We primarily differentiate T.J.

Maxx and Marshalls through different product assortment, including an expanded assortment of fine jewelry and accessories and a high-end designer section called The Runway at T.J.

Maxx and a full line of footwear, a broader men’s offering and a juniors’ department called The Cube at Marshalls, as well as varying in-store initiatives.

Maxx and Marshalls through different product assortment, including an expanded assortment of jewelry and accessories and a high-end designer section called The Runway at T.J.

Maxx and a full line of footwear and a broader men’s offering at Marshalls, as well as varying in-store initiatives.

This differentiated shopping experience at T.J.

Maxx and Marshalls encourages our customers to shop both chains.

Marmaxx currently operates two e-commerce websites, tjmaxx.com, launched in 2013 and marshalls.com launched in 2019.

Our HomeGoods segment, introduced in 1992, is the leading off-price retailer of home fashions in the U.S.

Through its 821 stores, HomeGoods offers an eclectic assortment of home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware as well as expanded pet, kids and gourmet food departments.

In 2017, we launched Homesense in the U.S.

Our 34 Homesense stores complement HomeGoods, offering a differentiated mix and expanded departments, such as large furniture, ceiling lighting and rugs, as well as different departments, such as a general store and an entertaining marketplace.

During the fourth quarter of fiscal 2021, we announced our plan to make online shopping available on www.homegoods.com in late fiscal 2022.

Marmaxx currently operates two e-commerce sites, tjmaxx.com, launched in 2013 and marshalls.com, launched in 2019.

Sierra, acquired in 2012 and rebranded from Sierra Trading Post in 2018, is a leading off-price retailer of brand name active and outdoor apparel, footwear, and gear (including sporting goods, snow and water sport, camping, fishing) for the whole family, as well as home fashions and pet.

Sierra operates sierra.com and 59 retail stores in the U.S.

Our HomeGoods chain, introduced in 1992, is the leading off-price retailer of home fashions in the U.S.

Through its 850 stores and its e-commerce site homegoods.com launched in 2021, HomeGoods offers an eclectic assortment of home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware as well as expanded pet, kids and gourmet food departments.

In 2017, we launched our Homesense chain in the U.S.

Our 39 Homesense stores complement HomeGoods, offering a differentiated mix and expanded departments, such as large furniture, ceiling lighting and rugs, as well as a general store and an entertaining marketplace.

Our TJX Canada segment operates the Winners, HomeSense and Marshalls chains in Canada.

Acquired as a five-store chain in 1990, Winners is now the leading off-price apparel and home fashions retailer in Canada.

The merchandise offering at its 280 stores across Canada is comparable to T.J.

Maxx, with select stores offering fine jewelry, and The Runway, a designer section.

We opened our HomeSense chain in 2001, bringing the home fashions off-price concept to Canada.

HomeSense has 143 stores with a merchandise mix of home fashions similar to HomeGoods in the U.S.

We brought Marshalls to Canada in 2011.

We operate 102 Marshalls stores in Canada and, similar to Marshalls in the U.S., our Canadian stores offer an expanded footwear department and The Cube juniors’ department, differentiating them from Winners stores.

Winners is the leading off-price family apparel and home fashions retailer in Canada and was acquired by TJX in 1990.

Winners operates 293 stores, with select stores offering jewelry and some featuring The Runway, a high-end designer department.

HomeSense introduced the off-price home fashions concept to Canada in 2001.

This chain operates 147 stores and offers an array of home decor, basics, furniture, and seasonal home merchandise.

Marshalls, launched in Canada in 2011, operates 106 stores and offers off-price values on family apparel and home fashions.

Marshalls has an expanded dress department, and The CUBE, a juniors’ department.

TJX INTERNATIONAL

4 unchanged sentences

Maxx introduced off-price retail to Europe and remains Europe’s only major brick-and-mortar off-price retailer of apparel and home fashions.

With 602 stores, T.K.

With 618 stores in Europe, T.K.

Maxx operates in the U.K., Ireland, Germany, Poland, Austria and the Netherlands.

Through its stores and its e-commerce website for the U.K., tkmaxx.com, T.K.

Through its stores and its e-commerce site for the U.K., tkmaxx.com, T.K.

Maxx offers a merchandise mix similar to T.J.

7 unchanged sentences

Maxx in Australia's 68 stores is comparable to T.J.

In addition to our four main segments, we operate Sierra, acquired in 2012 and rebranded from Sierra Trading Post in 2018.

Sierra is an off-price retailer of brand name and quality outdoor gear, family apparel (including footwear), sporting goods and home fashions.

Sierra operates sierra.com and 48 retail stores in the U.S.

The results of Sierra are included in our Marmaxx segment.

Flexible Business Model

21 unchanged sentences

We develop some of this merchandise ourselves in order to supplement the depth of, or fill gaps in, our expected merchandise assortment.

Manufacturers, retailers and other vendors make up our expansive universe of approximately 21,000 vendors, which provides us substantial and diversified access to merchandise.

Manufacturers, retailers and other vendors make up our expansive universe of approximately 21,000 vendors, including thousands of new vendors in 2021, across the globe, which provides us substantial and diversified access to merchandise.

We have not experienced difficulty in obtaining sufficient quality merchandise for our business in either favorable or difficult retail environments and expect this will continue as we continue to grow.

22 unchanged sentences

Customer Service/Shopping Experience

Our general practice is to renovate and upgrade our stores across our retail banners to enhance our customers’ shopping experience and help drive sales.

We strategically renovate and upgrade our stores across our retail banners to enhance our customers’ shopping experience and help drive sales.

Although we offer a self-service format, we train our store Associates to provide friendly and helpful customer service and seek to staff our stores to deliver a positive shopping experience.

5 unchanged sentences

These centers are generally large, and built to suit our specific, off-price business model, with a combination of automated systems and manual processes to manage the variety of merchandise we acquire.

We ship substantially all of our merchandise to our stores through a network of distribution centers and warehouses as well as shipping centers operated by third parties.

We ship substantially all of our merchandise to our stores through a network of distribution centers, fulfillment centers and warehouses as well as shipping centers operated by third parties.

Expansion of our business through the addition of new stores continues to be an important part of our global growth strategy.

30 unchanged sentences

reputation and store location.

We compete with local, regional, national and international department, specialty, off-price, discount, warehouse and outlet stores as well as other retailers that sell apparel, home fashions and other merchandise that we sell, whether in stores, online, through catalogs, or other media channels.

Human Capital

1 unchanged sentence

Approximately 86% of these Associates worked in our retail stores.

We hire thousands of temporary employees each year, particularly during the peak back-to-school and holiday seasons, and offer many entry-level retail positions.

We hire thousands of temporary employees each year, particularly during the peak back-to-school and holiday seasons.

We offer positions at a variety of levels in our stores, distribution and fulfillment centers, and offices, as well as many opportunities for Associates to grow and advance.

Many Associates in our distribution centers in the United States and Canada are covered by collective bargaining agreements and other Associates are members of works councils in Europe.

Our large, global workforce supports the execution of our flexible off-price business model, including the timing and frequency of store deliveries and the management of a rapidly changing mix of merchandise in over 4,500 retail stores in nine countries and across four distinctive branded e-commerce sites.

We believe our Associates are key to our business success.

Focus on Health, Safety and Well-being during the COVID-19 Pandemic

In response to the COVID-19 pandemic, we developed and implemented new practices that prioritized the health and safety of our Associates and customers, and reopened stores only when practices were in place, including social distancing protocols, access to personal protective equipment, occupancy limits and enhanced cleaning regimens.

During fiscal 2021, we also continued to pay or provide benefits for eligible Associates during temporary closures, provided appreciation bonuses to the majority of our store and distribution center Associates, and enhanced our mental health resources and other wellness offerings.

Our large, global workforce supports the execution of our flexible off-price business model, including the timing and frequency of store deliveries and the management of a rapidly changing mix of merchandise in nearly 4,700 retail stores in nine countries and across five distinctive branded e-commerce sites.

We believe our Associates are key to our business success, and we have remained committed to prioritizing the health and safety of our Associates and customers throughout the COVID-19 pandemic.

Workplace and Culture

We work to foster a strong, supportive culture where Associates at TJX feel welcome in the Company, valued for their contributions, and engaged with our business mission.

We work to foster a strong, supportive, and inclusive culture so that Associates at TJX feel welcome in the Company, valued for their contributions, and engaged with our business mission.

We use defined cultural factors and leadership competencies throughout our global business to express our organizational values, such as personal integrity, relationship-building and collaboration, and respect for our business model, and to promote consistency in leadership development.

We have expanded our cultural factors and leadership competencies to include an explicit reference to inclusion and diversity.

Our policies and practices, including our open-door philosophy, encourage open and honest communication and engagement with the business.

The health and safety of our Associates continued to be a top priority during fiscal 2022, as we continued to manage health and safety protocols to address the evolving pandemic across our global operations and maintained many of our broad-based initiatives during fiscal 2022.

Inclusion and Diversity

We strive to create an inclusive workplace, where Associates are inspired to work hard, challenge themselves, and be innovative in their thinking, and we believe the diversity of our Associates strengthens our business.

We have expanded our education programs and resources, including training on unconscious biases, and we sponsor a variety of affinity resource groups to support Associate networking and development.

During fiscal 2021 we accelerated our efforts on inclusion and diversity, including those related to racial justice, and have begun to deploy a global, four-phase strategy to drive these efforts.

We are committed to building a more inclusive and diverse workplace.

Our priorities include a focus on three core areas:

increasing the representation of diverse talent through our talent pipeline, providing leaders with the tools needed to successfully manage individual differences, and integrating inclusive behaviors, language, and practices throughout the business.

Our teams globally are working to support these focus areas with many new programs, including recruitment strategies, mentoring programs, training and education, Associate-led Inclusion and Diversity advisory boards, and additional Associate Resource Groups.

Training and Career Development

We are highly focused on teaching and mentoring to support the career growth and success of our Associates, and we believe these efforts have promoted stability and expertise in our workforce.

We are highly focused on teaching and mentoring to support the career growth and success of our Associates, and we believe these efforts have promoted retention, stability and increased expertise in our workforce.

Training happens broadly throughout the organization, from informal mentoring and direct training to a range of career and leadership development programs such as our TJX University for merchandising Associates.

Compensation and Rewards

Our compensation programs are designed to pay our Associates competitively in the market and based on their skills, qualifications, role, and abilities.

Our compensation programs are designed to pay our Associates competitively in the market and based on their skills, experience level, qualifications, role, and abilities.

Our approach to compensation across the organization reflects our global total rewards principles, which include encouraging teamwork and collaboration, being fair and equitable, and sharing in the success of the Company.

For fiscal 2022, we continued our One TJX approach to annual incentive compensation, with all eligible Associates measured against global TJX performance goals.

We also paid discretionary bonuses to the vast majority of our Associates, including those in our stores and distribution centers, that recognizes the significant contributions of our workforce.

We have the right to use our principal trademarks and service marks, which are T.J.

51 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business