AllAnalyst Report
logoMorningstarOctober 01, 2020

The TJX Companies, Inc.: Near-Term Apparel Challenges Remain, but TJX’s Competitive Standing Should Protect Long-Term Returns

Symbols
TJX
Sector(s)
Consumer Cyclical
Rating
Premium
Current Price
$63.22
Fair Value
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Economic Moat
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Stewardship
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Summary

TJX is a leading off-price retailer of apparel, home fashions, and other merchandise. It sells a variety of branded goods, opportunistically buying inventory from a network of over 21,000 vendors worldwide. TJX targets undercutting conventional retailers' regular prices by 20%-60%, capitalizing on a flexible merchandising network, relatively low-frills stores, and a treasure-hunt shopping experience to drive margins and inventory turnover. TJX derived 76% of fiscal 2020 revenue from the United States, with 13% from Europe (mostly the United Kingdom and Germany), 10% from Canada, and the remainder from Australia. The company operated 4,529 stores at the end of fiscal 2020 under the T.J. Maxx, T.K. Maxx, Marshalls, HomeGoods, Winners, Homesense, Winners, and Sierra banners.

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