What changed in this filing

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Item 1. Business

2025-04-02 compared with 2024-04-03 · 33 added, 34 removed, 187 unchanged (26% of the section changed)

14 unchanged sentences

In this report, fiscal 2025 means the 52-week fiscal year ended February 1, 2025;

fiscal 2023 means the 52-week fiscal year ended January 28, 2023 and fiscal 2022 means the 52-week fiscal year ended January 29, 2022.

Fiscal 2025 means the 52-week fiscal year ending February 1, 2025.

fiscal 2024 means the 53-week fiscal year ended February 3, 2024 and fiscal 2023 means the 52-week fiscal year ended January 28, 2023.

Fiscal 2026 means the 52-week fiscal year ending January 31, 2026.

Unless otherwise indicated, all store information in this Item 1 is as of February 1, 2025, and references to store square footage are to gross square feet.

Our Businesses

We operate our business in four main segments:

We operate our business in four segments:

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

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

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

The results of Sierra are included with the Marmaxx segment.

1 unchanged sentence

We founded TJ Maxx in 1976 and acquired Marshalls in 1995.

Both chains sell family apparel (including footwear and accessories), home fashions (including home basics, decorative accessories and giftware) and other merchandise.

Both chains sell family apparel (including footwear), accessories (including beauty and jewelry), home fashions (including home basics, decorative accessories and giftware), and other merchandise.

We primarily differentiate TJ Maxx and Marshalls through different product assortment, including an expanded assortment of jewelry and accessories and a high-end designer department called The Runway at TJ Maxx and a full line of footwear and a broader men’s offering at Marshalls, as well as varying in-store initiatives.

4 unchanged sentences

and sierra.com.

Our HomeGoods segment operates HomeGoods and Homesense chains.

Our HomeGoods segment operates HomeGoods and Homesense chains in the U.S.

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

1 unchanged sentence

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

Our 55 Homesense stores complement HomeGoods, offering a differentiated mix and expanded departments, such as large furniture, ceiling lighting, rugs, and an entertainment marketplace.

Our 72 Homesense stores complement HomeGoods, offering a differentiated mix and expanded departments, such as large furniture, ceiling lighting, rugs, and an entertaining marketplace.

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

2 unchanged sentences

This chain operates 160 stores and offers an array of home decor, furniture, and seasonal home merchandise.

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

Marshalls, launched in Canada in 2011, operates 109 stores and offers off-price family apparel, footwear, and home fashions.

TJX INTERNATIONAL

19 unchanged sentences

We seek out and select merchandise from the broad range of opportunities in the market to achieve this end.

Our global buying organization, which numbers over 1,300 Associates and has offices across 4 continents in 12 countries, executes this opportunistic buying strategy, buying merchandise from more than 100 countries in a variety of ways, depending on market conditions and other factors.

Our buying organization, which numbers over 1,300 employees (who we refer to as Associates), has buying offices across the globe and executes this opportunistic buying strategy, buying merchandise from more than 100 countries in a variety of ways, depending on market conditions and other factors.

We take advantage of opportunities to acquire merchandise at substantial discounts that regularly arise from the production and flow of inventory in the apparel and home fashions marketplace.

10 unchanged sentences

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

Manufacturers, retailers and other vendors made up our expansive and changing universe of more than 21,000 vendors across the globe, including thousands of new vendors in 2023, which provides us substantial and diversified access to merchandise.

Collectively, these represent a small percentage of our product/merchandise mix.

Manufacturers, retailers and other vendors made up our expansive and changing universe of more than 21,000 vendors across the globe, including thousands of new vendors in fiscal 2025, 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 should we meet or exceed our plans for growth.

3 unchanged sentences

we pay promptly according to our payment terms;

our practice is to not ask for typical retail concessions (such as advertising, promotional and markdown allowances), delivery concessions (such as drop shipments to stores or delayed deliveries) or return privileges;

and we have an excellent credit rating.

3 unchanged sentences

Our specialized inventory planning, purchasing, monitoring and markdown systems, coupled with distribution center storage, processing, handling and shipping systems, enable us to tailor the merchandise in our stores to local preferences and demographics, achieve rapid in-store inventory turnover on a vast array of products and generally sell through most merchandise within the period we planned.

We make pricing and markdown decisions and store inventory replenishment determinations centrally, using information provided by specialized computer systems designed to move inventory through our stores in a timely and disciplined manner.

We make pricing, markdown and store inventory decisions centrally, using information provided by specialized computer systems designed to move inventory through our stores in a timely and disciplined manner.

We invest in our supply chain with the goal of continuing to operate with low inventory levels, to ship more efficiently and quickly, and to more precisely and effectively allocate merchandise to each store.

5 unchanged sentences

We operate with a low cost structure compared to many traditional retailers with a prudent focus on expenses throughout our business.

Our advertising is generally focused on promoting our retail banners rather than individual products, including at times promoting multiple banners together, which contributes to our advertising budget (as a percentage of sales) remaining low compared to many traditional retailers.

Our advertising is generally focused on promoting our retail banners rather than individual products, which contributes to our advertising budget (as a percentage of sales) remaining low compared to many traditional retailers.

We design our stores to provide a pleasant, convenient shopping environment without spending heavily on store fixtures.

11 unchanged sentences

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

The following table provides store growth information for our four major segments for the two most recently completed fiscal years, as well as our estimates of the long-term store growth potential of these segments in their current geographies:

The following table provides store growth information for our divisions for the two most recently completed fiscal years, as well as our estimates of the long-term store growth potential of these divisions in their current geographies:

Average Store

7 unchanged sentences

Total HomeGoods 974 1,015 1,800

Sierra 21,000 95 117 325

Winners 27,000 302 307

7 unchanged sentences

Total TJX International 803 814 1,225 (a)

TJX Total (b)

4,954 5,085 7,000

(a) Reflects store growth potential for TK Maxx in current geographies and for Homesense in the United Kingdom and Ireland.

(b) Includes 78 Sierra stores in fiscal 2023 and 95 Sierra stores for fiscal 2024.

Sierra stores are not included in estimated store potential.

(a) Reflects store growth potential for TK Maxx in current geographies and the expansion into Spain and for Homesense in the United Kingdom and Ireland.

Some of our home fashion stores are co-located with one of our apparel stores in a combo or superstore format.

6 unchanged sentences

Human Capital

As of February 3, 2024, we had approximately 349,000 employees (who we refer to as Associates), many of whom worked less than 40 hours per week.

As of February 1, 2025, we had approximately 364,000 Associates, many of whom worked less than 40 hours per week.

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

6 unchanged sentences

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 use leadership competency and cultural factors focused on inclusion-based values and behaviors in our Leadership Development Toolkit.

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

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

Inclusion and Diversity (“I&D”)

Our global workforce reflects a diversity of races, ethnicities, sexual orientations, gender identities, abilities, experiences, religions, and much more, and we are committed to continuing to build and support an inclusive and diverse workplace.

As a global company appealing to a broad customer demographic and with hundreds of thousands of Associates in several geographies, we recognize the importance of diversity to our Company’s culture.

Our global workforce reflects a diversity of races, ethnicities, sexual orientations, gender identities, abilities, religions, with a broad range of backgrounds and experience.

We are committed to continuing to build and support an inclusive and diverse workplace.

Our global strategies include increasing the representation of diverse talent through our talent pipeline;

1 unchanged sentence

and integrating inclusive behaviors, language and practices throughout the business.

Over the past two years, with the benefit of information gathered from a global inclusion and diversity survey of our Associates, our teams globally have developed and launched many new programs, including recruitment strategies, training and education, Associate-led I&D advisory boards, and additional Associate Resource Groups.

Over the past several years, with the benefit of information gathered from Associates through our Global Inclusion Surveys, our teams globally have developed and launched many new programs, including recruitment strategies, training and education, Associate-led I&D advisory boards, and additional Associate Resource Groups.

Training and Career Development

4 unchanged sentences

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

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

For fiscal 2025, we continued our One TJX approach to annual incentive compensation, with all eligible Associates measured against global TJX performance goals.

11 unchanged sentences

Name Age Office and Business Experience

Peter Benjamin 62 Senior Executive Vice President, Group President since February 2025.

President, Marmaxx from 2023 to February 2025.

Executive Vice President, Chief Merchandising Officer, Marmaxx, from 2015 through 2022.

Executive Vice President, Chief Operating Officer, Marmaxx, 2012 to 2015.

Executive Vice President, Planning and Allocation, Marmaxx 2011 to 2012.

Senior Vice President, Planning and Allocation, Marmaxx, 2004 to 2011.

Various merchandising positions with TJX from 1990 to 2004.

Kenneth Canestrari 63 Senior Executive Vice President, Group President since September 2014.

2 unchanged sentences

Various financial positions with TJX from 1988 to 2008.

Louise Greenlees 61 Senior Executive Vice President, Group President since June 2022.

President, TJX Europe from January 2015 to June 2022.

Managing Director, TJX Europe from January 2014 to January 2015.

Group Buying Director, TJX Europe from April 2013 to January 2014.

Homesense Managing Director, from December 2010 to April 2013.

Ernie Herrman 64 Chief Executive Officer since January 2016.

1 unchanged sentence

President since January 2011.

Senior Executive Vice President, Group President from August 2008 to January 2011.

Senior Executive Vice President, Group President from 2008 to 2011.

President, Marmaxx from 2005 to 2008.

8 unchanged sentences

Vice President, Corporate Finance from 2011 to 2011.

Vice President, Divisional Chief Financial Officer for AJWright from 2007 to 2011.

Various financial positions with TJX since joining in 2000.

5 unchanged sentences

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.

President, Marmaxx from 2001 to 2005 and 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.

3 unchanged sentences

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 2006.

1 unchanged sentence

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