Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(mark one)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended November 2, 2024


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 1-4908

The TJX Companies, Inc.

(Exact name of registrant as specified in its charter)


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)

(508) 390-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

The number of shares of registrant’s common stock outstanding as of November 22, 2024: 1,124,158,029

The TJX Companies, Inc.

TABLE OF CONTENTS


PART I
ITEM 1. Consolidated Financial Statements			3
Consolidated Statements of Income			3
Consolidated Statements of Comprehensive Income			4
Consolidated Balance Sheets			5
Consolidated Statements of Cash Flows			6
Consolidated Statements of Shareholders' Equity			7
Notes To Consolidated Financial Statements			9
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			22
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk			33
ITEM 4. Controls and Procedures			33

PART II
ITEM 1. Legal Proceedings			34
ITEM 1A. Risk Factors			34
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
ITEM 5. Other Information			34
ITEM 6. Exhibits			35

SIGNATURE			35

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

THE TJX COMPANIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

IN MILLIONS EXCEPT PER SHARE AMOUNTS


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net sales	$	14,063	$	13,265	$	40,010	$	37,806
Cost of sales, including buying and occupancy costs	9,622		9,139		27,741		26,423





Selling, general and administrative expenses	2,748		2,578		7,814		7,375




Interest (income) expense, net	(43)		(41)		(139)		(116)
Income before income taxes	1,736		1,589		4,594		4,124
Provision for income taxes	439		398		1,128		1,053
Net income	$	1,297	$	1,191	$	3,466	$	3,071
Basic earnings per share	$	1.15	$	1.04	$	3.07	$	2.68
Weighted average common shares – basic	1,127		1,144		1,130		1,148
Diluted earnings per share	$	1.14	$	1.03	$	3.03	$	2.65
Weighted average common shares – diluted	1,141		1,158		1,144		1,161

The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.

THE TJX COMPANIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

IN MILLIONS


	Thirteen Weeks Ended
	November 2, 2024		October 28, 2023
Net income	$	1,297	$	1,191
Additions to other comprehensive (loss), net of tax:
Foreign currency translation adjustments, net of related tax benefits of $1 in fiscal 2025 and $4 in fiscal 2024	(15)		(102)
Reclassifications from other comprehensive (loss), net of tax, to net income:

Amortization of prior service cost and deferred gains, net of related tax provisions of $0.1 in fiscal 2025 and $0.2 in fiscal 2024	0		0

Other comprehensive (loss), net of tax	(15)		(102)
Total comprehensive income	$	1,282	$	1,089


	Thirty-Nine Weeks Ended
	November 2, 2024		October 28, 2023
Net income	$	3,466	$	3,071
Additions to other comprehensive (loss), net of tax:
Foreign currency translation adjustments, net of related tax benefits of $4 in fiscal 2025 and $3 in fiscal 2024	(15)		(48)


Reclassifications from other comprehensive (loss), net of tax, to net income:

Amortization of prior service cost and deferred gains, net of related tax provisions of $0.1 in fiscal 2025 and $0.4 in fiscal 2024	0		1

Other comprehensive (loss), net of tax	(15)		(47)
Total comprehensive income	$	3,451	$	3,024

The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.

THE TJX COMPANIES, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

IN MILLIONS, EXCEPT SHARE AMOUNTS


	November 2, 2024		February 3, 2024		October 28, 2023
Assets
Current assets:
Cash and cash equivalents	$	4,718	$	5,600	$	4,290

Accounts receivable, net	599		529		560
Merchandise inventories	8,371		5,965		8,285
Prepaid expenses and other current assets	546		511		535
Federal, state and foreign income taxes recoverable	118		59		136
Total current assets	14,352		12,664		13,806
Net property at cost	7,136		6,571		6,262
Non-current deferred income taxes, net	142		172		152
Operating lease right of use assets	9,570		9,396		9,289
Goodwill	95		95		94
Other assets	1,141		849		748
Total assets	$	32,436	$	29,747	$	30,351
Liabilities
Current liabilities:
Accounts payable	$	5,617	$	3,862	$	5,425
Accrued expenses and other current liabilities	4,714		4,870		4,482
Current portion of operating lease liabilities	1,642		1,620		1,682

Federal, state and foreign income taxes payable	44		99		51
Total current liabilities	12,017		10,451		11,640
Other long-term liabilities	1,002		924		908
Non-current deferred income taxes, net	172		148		133
Long-term operating lease liabilities	8,207		8,060		7,976
Long-term debt	2,865		2,862		2,861
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 1,124,355,838; 1,133,586,545 and 1,140,732,746 respectively	1,124		1,134		1,141
Additional paid-in capital	—		—		—
Accumulated other comprehensive (loss) income	(547)		(532)		(653)
Retained earnings	7,596		6,700		6,345
Total shareholders’ equity	8,173		7,302		6,833
Total liabilities and shareholders’ equity	$	32,436	$	29,747	$	30,351

The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.

THE TJX COMPANIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

IN MILLIONS


	Thirty-Nine Weeks Ended
	November 2, 2024		October 28, 2023
Cash flows from operating activities:
Net income	$	3,466	$	3,071
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	795		712


Loss on property disposals and impairment charges	3		46

Deferred income tax provision	58		13
Share-based compensation	131		114
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(70)		1
(Increase) in merchandise inventories	(2,415)		(2,528)
(Increase) in income taxes recoverable	(59)		(17)
(Increase) in prepaid expenses and other current assets	(28)		(20)
Increase in accounts payable	1,760		1,666
(Decrease) increase in accrued expenses and other liabilities	(85)		161
(Decrease) in income taxes payable	(56)		(5)
(Decrease) increase in net operating lease liabilities	(7)		75
Other, net	(81)		(32)
Net cash provided by operating activities	3,412		3,257
Cash flows from investing activities:
Property additions	(1,404)		(1,280)
Purchase of equity investment	(192)		—

Purchases of investments	(29)		(22)
Sales and maturities of investments	18		21

Net cash (used in) investing activities	(1,607)		(1,281)
Cash flows from financing activities:
Repayment of debt	—		(500)


Payments for repurchase of common stock	(1,661)		(1,687)
Cash dividends paid	(1,226)		(1,105)
Proceeds from issuance of common stock	254		203

Other	(42)		(29)
Net cash (used in) financing activities	(2,675)		(3,118)
Effect of exchange rate changes on cash	(12)		(45)
Net (decrease) in cash and cash equivalents	(882)		(1,187)
Cash and cash equivalents at beginning of year	5,600		5,477
Cash and cash equivalents at end of period	$	4,718	$	4,290

The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.

THE TJX COMPANIES, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

IN MILLIONS


	Thirteen Weeks Ended
	Common Stock
	Shares	Par Value $1		Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
Balance, August 3, 2024	1,128	$	1,128	$	—	$	(532)	$	7,186	$	7,782
Net income	—	—		—		—		1,297		1,297

Other comprehensive (loss), net of tax	—	—		—		(15)		—		(15)
Cash dividends declared on common stock	—	—		—		—		(422)		(422)
Recognition of share-based compensation	—	—		47		—		—		47
Issuance of common stock under stock incentive plan and related tax effect	1	1		62		—		—		63
Common stock repurchased	(5)	(5)		(109)		—		(465)		(579)
Balance, November 2, 2024	1,124	$	1,124	$	—	$	(547)	$	7,596	$	8,173


	Thirteen Weeks Ended
	Common Stock
	Shares	Par Value $1		Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
Balance, July 29, 2023	1,145	$	1,145	$	—	$	(551)	$	6,014	$	6,608
Net income	—	—		—		—		1,191		1,191

Other comprehensive (loss), net of tax	—	—		—		(102)		—		(102)
Cash dividends declared on common stock	—	—		—		—		(380)		(380)
Recognition of share-based compensation	—	—		44		—		—		44
Issuance of common stock under stock incentive plan and related tax effect	3	3		119		—		—		122
Common stock repurchased	(7)	(7)		(163)		—		(480)		(650)
Balance, October, 28, 2023	1,141	$	1,141	$	—	$	(653)	$	6,345	$	6,833

The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.

THE TJX COMPANIES, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

IN MILLIONS


	Thirty-Nine Weeks Ended
	Common Stock
	Shares	Par Value $1		Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
Balance, February 3, 2024	1,134	$	1,134	$	—	$	(532)	$	6,700	$	7,302
Net income	—	—		—		—		3,466		3,466

Other comprehensive (loss), net of tax	—	—		—		(15)		—		(15)
Cash dividends declared on common stock	—	—		—		—		(1,271)		(1,271)
Recognition of share-based compensation	—	—		131		—		—		131
Issuance of common stock under stock incentive plan and related tax effect	5	5		207		—		—		212
Common stock repurchased	(15)	(15)		(338)		—		(1,299)		(1,652)
Balance, November 2, 2024	1,124	$	1,124	$	—	$	(547)	$	7,596	$	8,173


	Thirty-Nine Weeks Ended
	Common Stock
	Shares	Par Value $1		Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
Balance, January 28, 2023	1,155	$	1,155	$	—	$	(606)	$	5,815	$	6,364
Net income	—	—		—		—		3,071		3,071

Other comprehensive (loss), net of tax	—	—		—		(47)		—		(47)
Cash dividends declared on common stock	—	—		—		—		(1,144)		(1,144)
Recognition of share-based compensation	—	—		114		—		—		114
Issuance of common stock under stock incentive plan and related tax effect	6	6		170		—		(1)		175
Common stock repurchased	(20)	(20)		(284)		—		(1,396)		(1,700)
Balance, October, 28, 2023	1,141	$	1,141	$	—	$	(653)	$	6,345	$	6,833

The accompanying notes are an integral part of the unaudited Consolidated Financial Statements.

THE TJX COMPANIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note A. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (“fiscal 2024”).

These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year.

The February 3, 2024 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.

Fiscal Year

TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 1, 2025 (“fiscal 2025”) and is a 52-week fiscal year. Fiscal 2024 was a 53-week fiscal year. “Fiscal 2026” will be a 52-week fiscal year and will end January 31, 2026. “Fiscal 2027” will be a 52-week fiscal year and will end January 30, 2027.

Use of Estimates

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.

Deferred Gift Card Revenue

The following table presents deferred gift card revenue activity:


In millions	November 2, 2024		October 28, 2023
Balance, beginning of year	$	773	$	721
Deferred revenue	1,315		1,283
Effect of exchange rate changes on deferred revenue	(2)		(4)
Revenue recognized	(1,371)		(1,342)
Balance, end of period	$	715	$	658

TJX recognized $431 million in gift card revenue for the three months ended November 2, 2024 and $426 million for the three months ended October 28, 2023. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period.

Equity Investment

On June 7, 2024, the Company announced that it entered into a definitive agreement for a joint venture with Grupo Axo, S.A.P.I de C.V. (“Axo”) in which TJX will hold a 49% ownership stake, with respect to Multibrand Outlet Stores S.A.P.I. de C.V. (“MOS”), Axo’s off-price, physical store business in Mexico. TJX has the option to increase its ownership interest in the joint venture over the long term. On September 3, 2024, TJX completed this investment for $192 million, which includes a purchase price of $179 million and acquisition costs of $13 million. This investment is accounted for under the equity method of accounting and recorded in Other assets on our Consolidated Balance Sheets.

On August 21, 2024, the Company announced that it entered into a definitive agreement to acquire a 35% ownership stake in privately held Brands for Less (“BFL”), representing a non-controlling, minority position. BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, and is the region’s only major off-price branded apparel, toys and home fashions retailer. During the fourth quarter of fiscal 2025, TJX completed this investment for a purchase price of $344 million. This investment will be accounted for under the equity method of accounting from the date of investment forward and will be recorded in Other assets on our Consolidated Balance Sheets.

TJX will report the results of its share of the investments with Axo and BFL on a one-quarter lag as their results are not expected to be available in time to be recorded in the concurrent period. TJX does not expect these investments to have a material impact on its fiscal 2025 results.

Leases

Supplemental cash flow information related to leases is as follows:


	Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023
Operating cash flows paid for operating leases	$	1,575	$	1,508
Lease liabilities arising from obtaining right of use assets	$	1,503	$	1,595

Future Adoption of New Accounting Standards

From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption, and, therefore, the guidance is not disclosed.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued guidance related to improvements to reportable segment disclosures. The new standard improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This standard is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2025 Form 10-K and does not anticipate a material impact on its financial statement disclosures.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance related to improvements to income tax disclosures. The new standard updates the income tax disclosure related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The standard also provides for further disclosure comparability. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2026 Form 10-K and is currently evaluating the impact of the adoption of this standard on its financial statement disclosures.

Improvements to Disaggregation of Income Statement Expenses

In November 2024, the FASB issued new guidance to enhance the disclosure of expenses by requiring further disaggregation of relevant expenses in a separate note to the financial statements. This standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this adoption on its consolidated financial statement disclosures and plans to adopt this standard for the fiscal 2028 Form 10-K.

SEC Rule Changes

In March 2024, the SEC adopted new rules phasing in for fiscal years beginning on or after January 1, 2025 that will require registrants to provide certain climate-related information in their registration statements and annual reports. In April 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the potential impact of these rules on its Consolidated Financial Statements and, subject to such new rules taking effect, are expected to result in additional disclosures.

Note B. Property at Cost

The following table presents the components of property at cost:


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Land and buildings	$	2,436	$	2,179	$	2,097
Leasehold costs and improvements	4,670		4,306		4,163
Furniture, fixtures and equipment	8,540		8,134		7,843
Total property at cost	$	15,646	$	14,619	$	14,103
Less: accumulated depreciation and amortization	8,510		8,048		7,841
Net property at cost	$	7,136	$	6,571	$	6,262

Depreciation expense was $265 million for the three months ended November 2, 2024 and $243 million for the three months ended October 28, 2023. Depreciation expense was $791 million for the nine months ended November 2, 2024 and $707 million for the nine months ended October 28, 2023.

Non-cash investing activities consist of accrued capital additions of $199 million and $168 million as of the periods ended November 2, 2024 and October 28, 2023, respectively.

Note C. Accumulated Other Comprehensive (Loss) Income

Amounts included in Accumulated other comprehensive (loss) income are recorded net of taxes. The following table details the changes in Accumulated other comprehensive (loss) income for the twelve months ended February 3, 2024 and the nine months ended November 2, 2024:


In millions and net of immaterial taxes	Foreign Currency Translation		Deferred Benefit Costs		Accumulated Other Comprehensive (Loss) Income
Balance, January 28, 2023	$	(544)	$	(62)	$	(606)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	30		—		30

Recognition of net gains on benefit obligations, net of taxes	—		43		43

Reclassifications from other comprehensive (loss) to net income:

Amortization of prior service cost and deferred gains, net of taxes	—		1		1
Balance, February 3, 2024	$	(514)	$	(18)	$	(532)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	(15)		—		(15)
Reclassifications from other comprehensive (loss) to net income:


Amortization of prior service cost and deferred gains, net of taxes	—		0		0
Balance, November 2, 2024	$	(529)	$	(18)	$	(547)

Note D. Capital Stock and Earnings Per Share

Capital Stock

In February 2024, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $2.5 billion of TJX common stock from time to time. Under this program, TJX had approximately $1.9 billion available for repurchase as of November 2, 2024.

The following table provides share repurchases, excluding applicable excise tax:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Total number of shares repurchased and retired	5.0		7.2		15.4		20.4
Total cost(a)	$	574	$	650	$	1,642	$	1,700

(a) Prior year amounts are recast to conform with current year presentation and exclude applicable excise tax.

All shares repurchased under the stock repurchase programs have been retired. These expenditures were funded by cash generated from operations.

Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
Amounts in millions, except per share amounts	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Basic earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071
Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Basic earnings per share	$	1.15	$	1.04	$	3.07	$	2.68
Diluted earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071

Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Assumed exercise/vesting of stock options and awards	14		14		14		13
Weighted average common shares outstanding for diluted earnings per share calculation	1,141		1,158		1,144		1,161
Diluted earnings per share	$	1.14	$	1.03	$	3.03	$	2.65
Cash dividends declared per share	$	0.375	$	0.3325	$	1.125	$	0.9975

The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the average price of TJX’s common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were 4 million options excluded for the thirteen weeks and thirty-nine weeks ended November 2, 2024. There were 5 million such options excluded for the thirteen weeks and thirty-nine weeks ended October 28, 2023.

Note E. Financial Instruments

As a result of its operating and financing activities, TJX is exposed to market risks from changes in interest and foreign currency exchange rates and fuel costs. These market risks may adversely affect TJX’s operating results and financial position. TJX seeks to minimize risk from changes in interest and foreign currency exchange rates and fuel costs through the use of derivative financial instruments when and to the extent deemed appropriate. TJX does not use derivative financial instruments for trading or other speculative purposes and does not use any leveraged derivative financial instruments. TJX recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheet and measures those instruments at fair value. The fair values of the derivatives are classified as assets or liabilities, current or non-current, based upon valuation results and settlement dates of the individual contracts. Changes to the fair value of derivative contracts that do not qualify for hedge accounting are reported in earnings in the period of the change. For derivatives that qualify for hedge accounting, changes in the fair value of the derivatives are either recorded in shareholders’ equity as a component of Accumulated other comprehensive (loss) income or are recognized currently in earnings, along with an offsetting adjustment against the basis of the item being hedged. Gains and losses on derivative instruments are reported in the Consolidated Statements of Cash Flows in operating activities, under Other, net.

Diesel Fuel Contracts

TJX hedges portions of its estimated notional diesel fuel requirements based on the diesel fuel expected to be consumed by independent freight carriers transporting TJX’s inventory. Independent freight carriers transporting TJX’s inventory charge TJX a mileage surcharge based on the price of diesel fuel. The hedge agreements are designed to mitigate the volatility of diesel fuel pricing, and the resulting per mile surcharges payable by TJX, by setting a fixed price per gallon for the period being hedged. During fiscal 2024, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for fiscal 2025, and during the first nine months of fiscal 2025, TJX entered into agreements to hedge a portion of its estimated notional diesel fuel requirements for the first nine months of fiscal 2026. The hedge agreements outstanding at November 2, 2024 relate to approximately 50% of TJX’s estimated notional diesel fuel requirements for the remainder of fiscal 2025 and the first nine months of fiscal 2026. These diesel fuel hedge agreements will settle throughout fiscal 2025 and throughout the first ten months of fiscal 2026. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Cost of sales, including buying and occupancy costs. TJX elected not to apply hedge accounting to these contracts.

Foreign Currency Contracts

TJX enters into forward foreign currency exchange contracts to obtain economic hedges on portions of merchandise purchases made and anticipated to be made by the Company’s operations in currencies other than their respective functional currencies. The contracts outstanding at November 2, 2024 cover merchandise purchases the Company is committed to over the next several months in fiscal 2025. Additionally, TJX’s operations in Europe are subject to foreign currency exposure as a result of their buying function being centralized in the U.K. Merchandise is purchased centrally in the U.K. and then shipped and billed to the retail entities in other countries. This intercompany billing to TJX’s European businesses’ Euro denominated operations creates exposure to the central buying entity for changes in the exchange rate between the Euro and British Pound. A portion of the inflows of Euros to the central buying entity provides a natural hedge for Euro denominated merchandise purchases from third-party vendors. TJX calculates any excess Euro exposure each month and enters into forward contracts of approximately 30 days' duration to mitigate this excess exposure. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Cost of sales, including buying and occupancy costs.

TJX also enters into derivative contracts, generally designated as fair value hedges, to hedge intercompany debt. The changes in fair value of these contracts are recorded in Selling, general and administrative expenses and are offset by marking the underlying item to fair value in the same period. Upon settlement, the realized gains and losses on these contracts are offset by the realized gains and losses of the underlying item in Selling, general and administrative expenses.

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 2, 2024:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at November 2, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8546	Prepaid Exp	$	1.3	$	—	$	1.3
	A$	210	U.S.$	139	0.6637	Prepaid Exp	1.5		—		1.5
	U.S.$	70	£	55	0.7898	Prepaid Exp	1.3		—		1.3
	£	100	U.S.$	127	1.2712	(Accrued Exp)	—		(2.3)		(2.3)
	€	200	U.S.$	219	1.0970	Prepaid Exp / (Accrued Exp)	0.6		(0.2)		0.4

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.1M – 4.2M gal per month	Float on 3.1M – 4.2M gal per month		N/A	(Accrued Exp)	—		(16.3)		(16.3)
Intercompany billings in TJX International, primarily merchandise:
	€	181	£	151	0.8341	(Accrued Exp)	—		(1.2)		(1.2)
Merchandise purchase commitments:
	C$	834	U.S.$	610	0.7318	Prepaid Exp	10.5		—		10.5
	C$	33	€	22	0.6636	Prepaid Exp / (Accrued Exp)	0.1		(0.0)		0.1
	£	478	U.S.$	619	1.2960	Prepaid Exp / (Accrued Exp)	4.7		(3.5)		1.2
	zł	524	£	102	0.1951	Prepaid Exp / (Accrued Exp)	2.3		(0.1)		2.2
	A$	92	U.S.$	62	0.6694	Prepaid Exp	1.2		—		1.2

	U.S.$	127	€	116	0.9114	Prepaid Exp / (Accrued Exp)	0.1		(1.4)		(1.3)
Total fair value of derivative financial instruments							$	23.6	$	(25.0)	$	(1.4)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2024:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at February 3, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8622	Prepaid Exp / (Accrued Exp)	$	0.1	$	(0.1)	$	0.0
	A$	140	U.S.$	95	0.6751	Prepaid Exp	2.7		—		2.7
	U.S.$	70	£	55	0.7898	(Accrued Exp)	—		(0.2)		(0.2)
	£	100	U.S.$	127	1.2727	Prepaid Exp	0.8		—		0.8
	€	200	U.S.$	219	1.0969	Prepaid Exp / (Accrued Exp)	3.0		(0.3)		2.7
Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 3.8M gal per month	Float on 3.0M– 3.8M gal per month		N/A	(Accrued Exp)	—		(7.2)		(7.2)
Intercompany billings in TJX International, primarily merchandise:
	€	130	£	112	0.8604	Prepaid Exp	0.9		—		0.9
Merchandise purchase commitments:
	C$	668	U.S.$	495	0.7408	Prepaid Exp / (Accrued Exp)	1.4		(3.6)		(2.2)
	C$	29	€	20	0.6797	(Accrued Exp)	—		(0.3)		(0.3)
	£	353	U.S.$	443	1.2549	Prepaid Exp / (Accrued Exp)	1.5		(5.0)		(3.5)
	zł	508	£	98	0.1930	Prepaid Exp / (Accrued Exp)	0.0		(3.1)		(3.1)
	A$	82	U.S.$	55	0.6620	Prepaid Exp / (Accrued Exp)	0.8		(0.1)		0.7
	U.S.$	109	€	100	0.9191	Prepaid Exp / (Accrued Exp)	0.3		(1.0)		(0.7)
Total fair value of derivative financial instruments							$	11.5	$	(20.9)	$	(9.4)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 28, 2023:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt:

	€	60	£	52	0.8738	(Accrued Exp)	$	—	$	(0.1)	$	(0.1)
	A$	150	U.S.$	104	0.6937	Prepaid Exp	8.4		—		8.4
	U.S.$	69	£	55	0.8010	(Accrued Exp)	—		(2.0)		(2.0)
	£	150	U.S.$	186	1.2396	Prepaid Exp	3.9		—		3.9
	€	200	U.S.$	220	1.1008	Prepaid Exp	7.8		—		7.8

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 3.8M gal per month	Float on 3.0M – 3.8M gal per month		N/A	Prepaid Exp	2.7		—		2.7
Intercompany billings in TJX International, primarily merchandise:
	€	118	£	102	0.8646	(Accrued Exp)	—		(1.1)		(1.1)


Merchandise purchase commitments:
	C$	773	U.S.$	575	0.7440	Prepaid Exp	16.8		—		16.8
	C$	35	€	24	0.6826	Prepaid Exp / (Accrued Exp)	0.2		(0.1)		0.1
	£	365	U.S.$	458	1.2537	Prepaid Exp / (Accrued Exp)	14.7		(0.1)		14.6
	zł	581	£	110	0.1900	(Accrued Exp)	—		(3.6)		(3.6)
	A$	58	U.S.$	39	0.6677	Prepaid Exp	1.9		—		1.9

	U.S.$	120	€	110	0.9190	(Accrued Exp)	—		(3.2)		(3.2)
Total fair value of derivative financial instruments							$	56.4	$	(10.2)	$	46.2

The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:


		Amount of (Loss) Gain Recognized in Income by Derivative
	Location of (Loss) Gain Recognized in Income by Derivative	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions		November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt	Selling, general and administrative expenses	$	2	$	26	$	3	$	29
Economic hedges for which hedge accounting was not elected:

Diesel fuel contracts	Cost of sales, including buying and occupancy costs	(6)		2		(22)		(6)
Intercompany billings in TJX International, primarily merchandise	Cost of sales, including buying and occupancy costs	4		(2)		5		2

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs	1		49		15		27
Gain recognized in income		$	1	$	75	$	1	$	52

Note F. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as exit price). The inputs used to measure fair value are generally classified into the following hierarchy:


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

The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Level 1
Assets:
Executive Savings Plan investments	$	465.8	$	405.7	$	366.6
Level 2
Assets:

Foreign currency exchange contracts	$	23.6	$	11.5	$	53.7
Diesel fuel contracts	—		—		2.7
Liabilities:
Foreign currency exchange contracts	$	8.7	$	13.7	$	10.2
Diesel fuel contracts	16.3		7.2		—

Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices.

Foreign currency exchange contracts and diesel fuel contracts are valued using broker quotations, which include observable market information. TJX does not make adjustments to quotes or prices obtained from brokers or pricing services but does assess the credit risk of counterparties and will adjust final valuations when appropriate. Where independent pricing services provide fair values, TJX obtains an understanding of the methods used in pricing. As such, these instruments are classified within Level 2.

The fair value of TJX’s general corporate debt was estimated by obtaining market quotes given the trading levels of other bonds of the same general issuer type and market perceived credit quality. These inputs are considered to be Level 2 inputs. These estimates do not necessarily reflect provisions or restrictions in the various debt agreements that might affect TJX’s ability to settle these obligations.

The following table summarizes the carrying value and fair value estimates of our components of long-term debt:


	November 2, 2024				February 3, 2024				October 28, 2023
In Millions	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Level 2

Long-term debt	$	2,865	$	2,640	$	2,862	$	2,630	$	2,861	$	2,470

For additional information on long-term debt, see Note I—Long-Term Debt and Credit Lines.

TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments.

Certain assets and liabilities are measured at fair value on a nonrecurring basis, whereas the majority of assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. For the periods ended November 2, 2024, February 3, 2024 and October 28, 2023, the Company did not record any material impairments to long-lived assets.

Note G. Segment Information

TJX operates four main business segments. In the United States, the Marmaxx segment operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com and the HomeGoods segment operates HomeGoods and Homesense. The TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia. In addition to the Company’s four main business segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.

All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions.

TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, interest (income) expense, net and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. This measure of performance should not be considered an alternative to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.

Presented below is financial information with respect to TJX’s business segments:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net sales:
In the United States:
Marmaxx	$	8,438	$	8,107	$	24,633	$	23,376
HomeGoods	2,355		2,208		6,535		6,185
TJX Canada	1,382		1,317		3,739		3,578
TJX International	1,888		1,633		5,103		4,667
Total net sales	$	14,063	$	13,265	$	40,010	$	37,806
Segment profit:
In the United States:
Marmaxx	$	1,207	$	1,134	$	3,495	$	3,246
HomeGoods	290		228		679		547
TJX Canada	209		223		533		532
TJX International	137		88		271		158
Total segment profit	1,843		1,673		4,978		4,483
General corporate expense	150		125		523		475



Interest (income) expense, net	(43)		(41)		(139)		(116)
Income before income taxes	$	1,736	$	1,589	$	4,594	$	4,124

Note H. Pension Plans and Other Retirement Benefits

Presented below is financial information relating to TJX’s funded defined benefit pension plan (“qualified pension plan” or “funded plan”) and its unfunded supplemental pension plan (“unfunded plan”) for the periods shown:


	Funded Plan				Unfunded Plan
	Thirteen Weeks Ended				Thirteen Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	8	$	8	$	1	$	1
Interest cost	17		18		1		2
Expected return on plan assets	(21)		(20)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(0)		0		0		0


Total expense	$	4	$	6	$	2	$	3

	Funded Plan				Unfunded Plan
	Thirty-Nine Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	24	$	25	$	2	$	2
Interest cost	53		54		4		5
Expected return on plan assets	(60)		(60)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(1)		0		1		1


Total expense	$	16	$	19	$	7	$	8

TJX’s policy with respect to the funded plan is to fund, at a minimum, the amount required to maintain a funded status of 80% of the applicable pension liability (the Funding Target pursuant to the Internal Revenue Code section 430) or such other amount as is sufficient to avoid restrictions with respect to the funding of nonqualified plans under the Internal Revenue Code. The Company does not anticipate any required funding in fiscal 2025 for the funded plan. The Company anticipates making contributions of $11 million to provide current benefits coming due under the unfunded plan in fiscal 2025.

The amounts included in Amortization of net actuarial loss and prior service cost in the table above have been reclassified in their entirety from Accumulated other comprehensive (loss) income to the Consolidated Statements of Income, net of related tax effects, for the periods presented.

Note I. Long-Term Debt and Credit Lines

The table below presents long-term debt as of November 2, 2024, February 3, 2024 and October 28, 2023. All amounts are net of unamortized debt discounts.


In millions and net of immaterial unamortized debt discounts	November 2, 2024		February 3, 2024		October 28, 2023
General corporate debt:

2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)	$	998	$	998	$	998
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount)	500		499		499
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount)	496		496		496
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount)	500		500		500
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount)	383		383		383
Total debt	2,877		2,876		2,876

Debt issuance costs	(12)		(14)		(15)
Long-term debt	$	2,865	$	2,862	$	2,861

Credit Facilities

The Company has two TJX revolving credit facilities, a $1 billion senior unsecured revolving credit facility maturing in June 2026 (the “2026 Revolving Credit Facility”) and a $500 million revolving credit facility that was set to mature in May 2024 (the “2024 Revolving Credit Facility”). On May 8, 2023, the Company amended the 2024 Revolving Credit Facility (as amended, the “2028 Revolving Credit Facility”) to (i) extend the maturity to May 8, 2028 and (ii) replace the London Interbank Offered Rate (“LIBOR”) with a term secured overnight financing rate plus a 0.10% credit spread adjustment (“Adjusted Term SOFR”). Term SOFR borrowings under the 2028 Revolving Credit Facility bear interest at the Adjusted Term SOFR plus a margin of 45.0 - 87.5 basis points and a quarterly facility fee payment of 5.0 - 12.5 basis points on the total commitments under the 2028 Revolving Credit Facility, in each case, based on the Company’s long-term debt ratings. All other material terms and conditions of the 2028 Revolving Credit Facility were unchanged from the 2024 Revolving Credit Facility.

Additionally, on May 8, 2023, the Company amended its 2026 Revolving Credit Facility to replace the LIBOR with Adjusted Term SOFR. Term SOFR borrowings under the 2026 Revolving Credit Facility, as amended, bear interest at the Adjusted Term SOFR plus a variable margin based on the Company’s long-term debt ratings. All other material terms and conditions of the 2026 Revolving Credit Facility were unchanged.

Under these credit facilities, the Company has maintained a borrowing capacity of $1.5 billion. As of November 2, 2024, February 3, 2024 and October 28, 2023, and during the quarters and year then ended, there were no amounts outstanding under these facilities. Each of these facilities require TJX to maintain a ratio of funded debt to earnings before interest, taxes, depreciation and amortization and rentals (EBITDAR) of not more than 3.50 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented.

In addition, as of November 2, 2024, February 3, 2024 and October 28, 2023, TJX Canada had two credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of November 2, 2024, February 3, 2024 and October 28, 2023, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of November 2, 2024, February 3, 2024 and October 28, 2023, the Company’s European business at TJX International had a credit line of £5 million. As of November 2, 2024, February 3, 2024 and October 28, 2023, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.

Note J. Income Taxes

In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules did not have a material impact on our financial statements for the third quarter or the first nine months of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.

The effective income tax rate was 25.3% for the third quarter of fiscal 2025 and 25.0% for the third quarter of fiscal 2024. The increase in the effective income tax rate in the third quarter of fiscal 2025 was primarily due to the decrease in excess tax benefit from share-based compensation, partially offset by the resolution of various tax matters.

TJX had net unrecognized tax benefits of $203 million as of November 2, 2024, $228 million as of February 3, 2024 and $266 million as of October 28, 2023.

TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination.

TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties on the Consolidated Balance Sheets were $27 million as of November 2, 2024, $32 million as of February 3, 2024 and $42 million as of October 28, 2023.

Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the Consolidated Financial Statements as of November 2, 2024. During the next twelve months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $23 million, which would reduce the provision for taxes on earnings.

Note K. Contingent Obligations, Contingencies, and Commitments

Contingent Contractual Obligations

TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations.

Legal Contingencies

TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The Thirteen Weeks (third quarter) and Thirty-Nine Weeks (nine months) Ended November 2, 2024

Compared to

The Thirteen Weeks (third quarter) and Thirty-Nine Weeks (nine months) Ended October 28, 2023

OVERVIEW

We are the leading off-price apparel and home fashions retailer in the U.S. and worldwide. Our mission is to deliver great value to our customers every day. We do this by selling a rapidly changing assortment of apparel, home fashions and other 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 through our stores and six e-commerce sites. We operate over 5,000 stores through our four main segments: in the U.S., Marmaxx (which operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com) and HomeGoods (which operates HomeGoods and Homesense); TJX Canada (which operates Winners, HomeSense and Marshalls in Canada); and TJX International (which operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe, and TK Maxx in Australia). In addition to our four main segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.

RESULTS OF OPERATIONS

As an overview of our financial performance, results for the quarter ended November 2, 2024 include the following:

–Net sales increased 6% to $14.1 billion for the third quarter of fiscal 2025 versus last year’s third quarter sales of $13.3 billion. As of November 2, 2024, both the number of stores in operation and the selling square footage increased 2% compared to the end of the third quarter of fiscal 2024.

–Consolidated comp store sales increased 3% for the third quarter of fiscal 2025. See Net Sales below for our definition of comp store sales.

–Diluted earnings per share for the third quarter of fiscal 2025 were $1.14 versus $1.03 in the third quarter of fiscal 2024.

–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the third quarter of fiscal 2025 was 12.3%, a 0.3 percentage point increase compared with 12.0% in the third quarter of fiscal 2024.

–Our cost of sales, including buying and occupancy costs, ratio for the third quarter of fiscal 2025 was 68.4%, a 0.5 percentage point decrease compared with 68.9% in the third quarter of fiscal 2024.

–Our selling, general and administrative (“SG&A”) expense ratio for the third quarter of fiscal 2025 was 19.5%, a 0.1 percentage point increase compared with 19.4% in the third quarter of fiscal 2024.

–Our consolidated 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 down 2% at the end of the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024.

–During the third quarter of fiscal 2025, we returned $997 million to our shareholders through share repurchases and dividends.

–We announced that we plan to enter Spain with our TK Maxx banner in fiscal 2027.

Equity Investments

On June 7, 2024, we announced that we entered into a definitive agreement for a joint venture with Grupo Axo, S.A.P.I de C.V. (“Axo”) to hold a 49% ownership stake in Multibrand Outlet Stores S.A.P.I. de C.V. (“MOS”), Axo’s off-price, physical store business in Mexico. We have the option to increase our ownership interest in the joint venture over the long term. On September 3, 2024, we completed this investment for $192 million, which includes a purchase price of $179 million and acquisition costs of $13 million. This investment is accounted for under the equity method of accounting.

On August 21, 2024, we announced that we entered into a definitive agreement to acquire a 35% ownership stake in privately held Brands for Less (“BFL”), representing a non-controlling, minority position. BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, and is the region’s only major off-price branded apparel, toys and home fashions retailer. During the fourth quarter of fiscal 2025, we completed this investment for a purchase price of $344 million. This investment will be accounted for under the equity method of accounting from the date of investment forward.

We will report the results of our share of the investments with Axo and BFL on a one-quarter lag as their results are not expected to be available in time to be recorded in the concurrent period. We do not expect these investments to have a material impact on our fiscal 2025 results.

Recent Events and Trends

Global Economic Conditions and Industry Trends

We continue to closely monitor changes in international trade relations, economic and monetary policies, or legislation and regulations including those related to tariffs on imports from China and other countries, which could adversely impact the global economy and our operating results. In particular, the potential impact on our direct imports, vendor and competitor pricing, consumer demand and tariff pass-throughs remains uncertain.

Operating Results as a Percentage of Net Sales

The following table sets forth our consolidated operating results as a percentage of net sales:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	November 2, 2024		October 28, 2023			November 2, 2024		October 28, 2023
Net sales	100.0	%	100.0	%		100.0	%	100.0	%
Cost of sales, including buying and occupancy costs	68.4		68.9			69.3		69.9
Selling, general and administrative expenses	19.5		19.4			19.5		19.5


Interest (income) expense, net	(0.3)		(0.3)			(0.3)		(0.3)
Income before income taxes*	12.3	%	12.0	%		11.5	%	10.9	%

*Figures may not foot due to rounding.

Net Sales

Net sales for the quarter ended November 2, 2024 totaled $14.1 billion, a 6% increase versus third quarter fiscal 2024 net sales of $13.3 billion. This increase reflects a 3% increase in comp store sales, a 2% increase from non-comp store sales and a 1% positive foreign currency exchange rate impact. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the third quarters of fiscal 2025 and fiscal 2024.

Net sales for the nine months ended November 2, 2024 totaled $40.0 billion, a 6% increase versus net sales of $37.8 billion for the first nine months fiscal 2024. This increase reflects a 3% increase in comp store sales, a 3% increase from non-comp store sales and a neutral foreign currency exchange rate impact. Net sales from our e-commerce sites combined amounted to less than 2% of total sales for each of the first nine months of fiscal 2025 and fiscal 2024.

Comp store sales increased 3% for the third quarter of fiscal 2025 and increased 6% for the third quarter of fiscal 2024. Comp store sales increased 3% for the first nine months of fiscal 2025 and increased 5% for the first nine months of fiscal 2024. While both home comp store sales growth (as defined below) and apparel comp store sales growth (as defined below) were positive, home comp store sales growth outperformed apparel comp store sales growth for both the third quarter and the first nine months of fiscal 2025. Comp store sales for the third quarter of fiscal 2025 were driven by an increase in customer transactions, partially offset by a decrease in average basket. Comp store sales for the first nine months of fiscal 2025 were driven by an increase in customer transactions.

As of November 2, 2024, both our store count and selling square footage increased 2% compared to the end of the third quarter last year.

Definition of Comparable Store Sales

We define comparable store sales, or comp store sales, to be sales of stores that have been in operation for all or a portion of two consecutive fiscal years, or, in other words, stores that are starting their third fiscal year of operation. We calculate comp store sales on a 52-week basis by comparing the current and prior year weekly periods that are most closely aligned. Relocated stores and stores that have changed in size are generally classified in the same way as the original store, and we believe that the impact of these stores on the consolidated comp store sales percentage is immaterial.

Sales excluded from comp store sales (“non-comp store sales”) consist of sales from:

–New stores - stores that have not yet met the comp store sales criteria, which represents a substantial majority of non-comp store sales

–Stores that are closed permanently or for an extended period of time

–Sales from our e-commerce sites

We determine which stores are included in the comp store sales calculation at the beginning of a fiscal year, and the classification remains constant throughout that year unless a store is closed permanently or for an extended period during that fiscal year.

Comp store sales of our foreign segments are calculated on a constant currency basis. We define constant currency basis as translating the current year’s results using the prior year’s exchange rates. This removes the effect of changes in currency exchange rates, which we believe is a more appropriate measure of performance.

Comp store sales may be referred to as “same store” sales by other retail companies. The method for calculating comp store sales varies across the retail industry; therefore, our measure of comp store sales may not be comparable to that of other retail companies. Comparable store sales for a category such as home or apparel include sales from merchandise within such category combined across all divisions at the stores that fall within the Company’s definition of comparable stores for such period.

Historically, we defined customer traffic to be the number of transactions in stores included in the comp store sales calculation; since the end of fiscal 2024, we refer to this as customer transactions. We define average ticket to be the average retail price of the units sold. We define average basket to be the average dollar value of transactions.

Impact of Foreign Currency Exchange Rates

Our operating results are affected by foreign currency exchange rates as a result of changes in the value of the U.S. dollar or a division’s local currency in relation to other currencies. We specifically refer to “foreign currency” as the impact of translational foreign currency exchange and mark-to-market of inventory derivatives, as described in detail below. This does not include the impact foreign currency exchange rates can have on various transactions that are denominated in a currency other than an operating division's local currency, which is referred to as “transactional foreign exchange,” and also described below.

Translation Foreign Exchange

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 assets, liabilities, net sales, net income and earnings per share 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.

Mark-to-Market Inventory 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 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.

Transactional Foreign Exchange

When discussing the impact on our results of the effect of foreign currency exchange rates on certain transactions, we refer to it as “transactional foreign exchange”. This primarily includes the impact that foreign currency exchange rates may have on the year-over-year comparison of merchandise margin as well as “foreign currency gains and losses” on transactions that are denominated in a currency other than the operating division's local currency. These two items can impact segment margin comparison of our foreign divisions and we have highlighted them when they are meaningful to understanding operating trends.

Cost of Sales, Including Buying and Occupancy Costs

Cost of sales, including buying and occupancy costs, as a percentage of net sales was 68.4% for the third quarter of fiscal 2025, a decrease of 0.5 percentage points compared to 68.9% for the third quarter of fiscal 2024. The decrease in the cost of sales ratio, including buying and occupancy costs, for the third quarter of fiscal 2025 was attributable to higher merchandise margin due to higher markon, partially offset by the unfavorable year-over-year impacts related to the mark-to-market adjustment on inventory hedges.

Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.3% for the first nine months of fiscal 2025, a decrease of 0.6 percentage points compared to 69.9% for the first nine months of fiscal 2024. The decrease in the cost of sales ratio, including buying and occupancy costs, for the first nine months of fiscal 2025 was attributable to higher merchandise margin due to higher markon and lower freight costs, partially offset by higher supply chain costs.

Selling, General and Administrative Expenses

SG&A expenses, as a percentage of net sales, was 19.5% for the third quarter of fiscal 2025, an increase of 0.1 percentage points compared to 19.4% for the third quarter of fiscal 2024. The increase in the SG&A ratio for the third quarter of fiscal 2025 was due to incremental store wage and payroll costs, partially offset by the year-over-year benefit from closing HomeGoods’ e-commerce business last year.

SG&A expenses, as a percentage of net sales, was 19.5% for the first nine months of fiscal 2025, flat compared to the first nine months of fiscal 2024. The SG&A ratio was flat for the first nine months of fiscal 2025 due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable and the year-over-year benefit from closing HomeGoods’ e-commerce business last year, offset by incremental store wage and payroll costs.

Interest (Income) Expense, net

The components of interest (income) expense, net are summarized below:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023			November 2, 2024		October 28, 2023
Interest expense	$	20	$	20		$	59	$	63
Capitalized interest	—		(1)			(0)		(3)
Interest (income)	(63)		(60)			(198)		(176)
Interest (income) expense, net	$	(43)	$	(41)		$	(139)	$	(116)

Interest (income) expense, net increased for both the third quarter of fiscal 2025 and first nine months ended November 2, 2024 compared to the same periods in fiscal 2024 due to an increase in interest income driven by higher average cash balances.

Provision for Income Taxes

In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. These rules did not have a material impact on our financial statements for the third quarter or the first nine months of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in.

The effective income tax rate was 25.3% for the third quarter of fiscal 2025 and 25.0% for the third quarter of fiscal 2024. The effective income tax rate was 24.6% for the first nine months of fiscal 2025 and 25.5% for the first nine months of fiscal 2024. This increase in the effective income tax rate for the third quarter and the decrease in the effective income tax rate for the first nine months of fiscal 2025 were primarily due to the impact of excess tax benefit from share-based compensation and the resolution of various tax matters.

Net Income and Diluted Earnings Per Share

Net income was $1.3 billion, or $1.14 per diluted share, and $1.2 billion, or $1.03 per diluted share, for the third quarter of fiscal 2025 and fiscal 2024, respectively. Foreign currency had a $0.01 positive impact on diluted earnings per share for the third quarter of fiscal 2025 and a $0.02 positive impact on diluted earnings per share for the third quarter of fiscal 2024.

Net income was $3.5 billion, or $3.03 per diluted share, and $3.1 billion, or $2.65 per diluted share, for the first nine months of fiscal 2025 and fiscal 2024, respectively. Foreign currency had a $0.01 positive impact on diluted earnings per share for the first nine months of fiscal 2025 and the first nine month of fiscal 2024.

Segment Information

We operate four main business segments. In the United States, our Marmaxx segment operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com and our HomeGoods segment operates HomeGoods and Homesense. Our TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and our TJX International segment operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe and TK Maxx in Australia. In addition to our four main segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.

We evaluate the performance of our segments based on “segment profit or loss,” which we define as pre-tax income or loss before general corporate expense and interest (income) expense, net, and certain separately disclosed unusual or infrequent items. “Segment profit or loss,” as we define the term, may not be comparable to similarly titled measures used by other companies. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered an alternative to net income or cash flows from operating activities, as an indicator of our performance or as a measure of liquidity.

Presented below is selected financial information related to our business segments.

U.S. SEGMENTS

Marmaxx


	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
U.S. dollars in millions	November 2, 2024			October 28, 2023				November 2, 2024			October 28, 2023
Net sales	$	8,438		$	8,107			$	24,633		$	23,376
Segment profit	$	1,207		$	1,134			$	3,495		$	3,246
Segment profit margin	14.3		%	14.0		%		14.2		%	13.9		%
Comp store sales	2		%	7		%		3		%	7		%
Stores in operation at end of period:
TJ Maxx								1,331			1,317
Marshalls								1,219			1,196
Sierra								109			90
Total								2,659			2,603
Selling square footage at end of period (in millions):
TJ Maxx								30			29
Marshalls								27			27
Sierra								1			1
Total								58			57

Net Sales

Net sales for Marmaxx were $8.4 billion for the third quarter of fiscal 2025, an increase of 4% compared to $8.1 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 2% increase from comp store sales and a 2% increase from non-comp store sales.

Net sales for Marmaxx were $24.6 billion for the first nine months of fiscal 2025, an increase of 5% compared to $23.4 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 3% increase from comp store sales and a 2% increase from non-comp store sales.

For the third quarter, the increase in comp store sales was driven by an increase in customer transactions, partially offset by average basket. For the first nine months of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions. While both Marmaxx home and apparel comp store sales growth were positive, home comp store sales growth outperformed apparel comp store sales growth for both the third quarter and the first nine months of fiscal 2025. Geographically, comp store sales growth was strongest in the West region for both the third quarter and the first nine months of fiscal 2025.

Segment Profit Margin

Segment profit margin increased to 14.3% for the third quarter of fiscal 2025 compared to 14.0% for the same period last year. The increase in segment profit margin for the third quarter of fiscal 2025 was primarily driven by higher merchandise margin, partially offset by incremental store wage and payroll costs and expense deleverage on occupancy and administrative costs. Merchandise margin reflects higher markon and lower freight costs.

Segment profit margin increased to 14.2% for the first nine months of fiscal 2025 compared to 13.9% for the same period last year. The increase in segment profit margin for the first nine months of fiscal 2025 was primarily driven by higher merchandise margin, partially offset by incremental store wage and payroll costs and higher supply chain costs. Merchandise margin reflects higher markon and lower freight costs.

Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented less than 3% of Marmaxx’s net sales for both the third quarter and first nine months of fiscal 2025 and fiscal 2024, and did not have a significant impact on year-over-year segment margin comparisons.

HomeGoods


	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
U.S. dollars in millions	November 2, 2024			October 28, 2023				November 2, 2024			October 28, 2023
Net sales	$	2,355		$	2,208			$	6,535		$	6,185
Segment profit	$	290		$	228			$	679		$	547
Segment profit margin	12.3		%	10.3		%		10.4		%	8.8		%
Comp store sales	3		%	9		%		3		%	2		%
Stores in operation at end of period:
HomeGoods								941			914
Homesense								67			54
Total								1,008			968
Selling square footage at end of period (in millions):
HomeGoods								17			17
Homesense								2			1
Total								19			18

Net Sales

Net sales for HomeGoods were $2.4 billion for the third quarter of fiscal 2025, an increase of 7%, compared to $2.2 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 4% increase from non-comp store sales and a 3% increase from comp store sales.

Net sales for HomeGoods were $6.5 billion for the first nine months of fiscal 2025, an increase of 6%, compared to $6.2 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 3% increase from comp store sales and a 3% increase from non-comp store sales.

For both the third quarter and first nine months of fiscal 2025, the increase in comp store sales was driven by an increase in customer transactions, partially offset by a decrease in average basket. Geographically, comp store sales growth was strongest in the West for the third quarter of fiscal 2025 and in the West and Midwest regions for the first nine months of fiscal 2025.

Segment Profit Margin

Segment profit margin increased to 12.3% for the third quarter of fiscal 2025 compared to 10.3% for the same period last year. This increase in segment profit margin for the third quarter of fiscal 2025 was primarily driven by the year-over-year benefit from closing HomeGoods’ e-commerce business last year.

Segment profit margin increased to 10.4% for the first nine months of fiscal 2025 compared to 8.8% for the same period last year. This increase in segment profit margin for the first nine months of fiscal 2025 was primarily driven by higher merchandise margin and the year-over-year benefit from closing HomeGoods’ e-commerce business last year, partially offset by incremental store wage and payroll costs. Merchandise margin reflects lower freight costs and higher markon.

FOREIGN SEGMENTS

TJX Canada


	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
U.S. dollars in millions	November 2, 2024			October 28, 2023				November 2, 2024			October 28, 2023
Net sales	$	1,382		$	1,317			$	3,739		$	3,578
Segment profit	$	209		$	223			$	533		$	532
Segment profit margin	15.1		%	16.9		%		14.3		%	14.9		%
Comp store sales	2		%	3		%		3		%	2		%
Stores in operation at end of period:
Winners								307			302
HomeSense								160			157
Marshalls								109			106
Total								576			565
Selling square footage at end of period (in millions):
Winners								7			7
HomeSense								3			3
Marshalls								2			2
Total								12			12

Net Sales

Net sales for TJX Canada were $1.4 billion for the third quarter of fiscal 2025, an increase of 5%, compared to $1.3 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 4% increase in non-comp store sales, a 2% increase in comp store sales, partially offset by a negative foreign currency exchange rate impact of 1%.

Net sales for TJX Canada were $3.7 billion for the first nine months of fiscal 2025, an increase of 4%, compared to $3.6 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 3% increase in comp store sales, a 3% increase in non-comp store sales, partially offset by a negative foreign currency exchange rate impact of 2%.

The increase in comp store sales for the third quarter of fiscal 2025 was driven by an increase in customer transactions, partially offset by a decrease in average basket. The increase in comp store sales for the first nine months of fiscal 2025 was driven by an increase in customer transactions.

Segment Profit Margin

Segment profit margin decreased to 15.1% for the third quarter of fiscal 2025 compared to 16.9% for the same period last year. This decrease for the third quarter of fiscal 2025 was primarily driven by lower merchandise margin, the unfavorable year-over-year impact related to an insurance claim recovery last year and third-party storage facility exit costs this year. Merchandise margin reflects lower markon and higher freight costs as a result of the Canada rail shutdown.

Segment profit margin decreased to 14.3% for the first nine months of fiscal 2025, compared to 14.9% for the same period last year. This decrease for the first nine months of fiscal 2025 primarily driven by incremental store wage and payroll costs, the unfavorable year-over-year impact related to an insurance claim recovery last year and third-party storage facility exit costs this year. These were partially offset by favorable supply chain costs.

TJX International


	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
U.S. dollars in millions	November 2, 2024			October 28, 2023				November 2, 2024			October 28, 2023
Net sales	$	1,888		$	1,633			$	5,103		$	4,667
Segment profit	$	137		$	88			$	271		$	158
Segment profit margin	7.3		%	5.4		%		5.3		%	3.4		%
Comp store sales	7		%	1		%		4		%	3		%
Stores in operation at end of period:
TK Maxx								653			641
Homesense								77			79
TK Maxx Australia								84			78
Total								814			798
Selling square footage at end of period (in millions):
TK Maxx								13			13
Homesense								1			1
TK Maxx Australia								1			1
Total								15			15

Net Sales

Net sales for TJX International were $1.9 billion for the third quarter of fiscal 2025, an increase of 16%, compared to $1.6 billion for the third quarter of fiscal 2024. This increase in the third quarter reflects a 7% increase in comp store sales, a positive foreign currency exchange rate impact of 5% and a 4% increase in non-comp store sales.

Net sales for TJX International were $5.1 billion for the first nine months of fiscal 2025, an increase of 9%, compared to $4.7 billion for the first nine months of fiscal 2024. This increase in the first nine months reflects a 4% increase in comp store sales, a 3% increase in non-comp store sales and a positive foreign currency exchange rate impact of 2%.

The increase in comp store sales for both the third quarter and first nine months was driven by an increase in customer transactions.

E-commerce sales represented less than 4% of TJX International’s net sales for both the third quarter and first nine months of fiscal 2025 and fiscal 2024.

Segment Profit Margin

Segment profit margin increased to 7.3% for the third quarter of fiscal 2025 compared to 5.4% for the same period last year. This increase for the third quarter of fiscal 2025 was primarily due to favorable occupancy costs, the favorable impact of transactional foreign exchange, and expense leverage on the higher comp store sales.

Segment profit margin increased to 5.3% for the first nine months of fiscal 2025 compared to 3.4% for the same period last year. This increase for the first nine months of fiscal 2025 was due to a favorable year-over-year impact from a prior year reserve related to a German COVID program receivable, higher merchandise margin and favorable occupancy costs, partially offset by incremental store wage. Merchandise margin reflects higher markon and lower markdowns.

GENERAL CORPORATE EXPENSE


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023			November 2, 2024		October 28, 2023
General corporate expense	$	150	$	125		$	523	$	475

General corporate expense for segment reporting purposes represents those costs not specifically related to the operations of our business segments. General corporate expenses are primarily included in SG&A expenses. The mark-to-market adjustment of our fuel and inventory hedges is included in cost of sales, including buying and occupancy costs.

The increase in general corporate expense for the third quarter of fiscal 2025 was primarily driven by unfavorable year-over-year impacts related to the mark-to-market adjustments on inventory hedges.

The increase in general corporate expense for the first nine months of fiscal 2025 was primarily driven by higher other administrative costs and the unfavorable year-over-year impacts related to the mark-to-market adjustments on inventory hedges and fuel hedges.

ANALYSIS OF FINANCIAL CONDITION

Liquidity and Capital Resources

Our liquidity requirements have traditionally been funded through cash generated from operations, supplemented, as needed, by short-term bank borrowings and the issuance of commercial paper. As of November 2, 2024, there were no short-term bank borrowings or commercial paper outstanding. We believe our existing cash and cash equivalents, internally generated funds and our credit facilities, under which facilities we have $1.5 billion available as of the period ended November 2, 2024, as described in Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements, are adequate to meet our operating needs for the foreseeable future.

As of November 2, 2024, we held $4.7 billion in cash. Approximately $1.7 billion of our cash was held by our foreign subsidiaries with $956 million held in countries where we intend to indefinitely reinvest any undistributed earnings. We have provided for all applicable state and foreign withholding taxes on all undistributed earnings of our foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through November 2, 2024. If we repatriate cash from such subsidiaries, we should not incur additional tax expense and our cash would be reduced by the amount of withholding taxes paid.

We monitor debt financing markets on an ongoing basis and from time to time may incur additional long-term indebtedness depending on prevailing market conditions, liquidity requirements, existing economic conditions and other factors. Periodically, we have used, and in the future we may again use, operating cash flow and cash on hand to repay portions of our indebtedness, depending on prevailing market conditions, liquidity requirements, existing economic conditions, contractual restrictions and other factors. As such, we may, from time to time, seek to retire, redeem, prepay or purchase our outstanding debt through redemptions, cash purchases, prepayments, refinancings and/or exchanges, in open market purchases, privately negotiated transactions, by tender offer or otherwise. If we use our operating cash flow and/or cash on hand to repay our debt, it will reduce the amount of cash available for additional capital expenditures.

Operating Activities

Operating activities resulted in net cash inflows of $3.4 billion for the nine months ended November 2, 2024 and net cash inflows of $3.3 billion for the nine months ended October 28, 2023.

Operating cash flows increased $155 million compared to fiscal 2024 primarily due to a $395 million increase in net income, partially offset by a $246 million decrease in accrued expenses primarily due to incentive compensation costs.

Investing Activities

Investing activities resulted in net cash outflows of $1.6 billion for the nine months ended November 2, 2024 and $1.3 billion for the nine months ended October 28, 2023. The cash outflows for both periods were driven by capital expenditures. In addition, the first nine months of fiscal 2025 includes the purchase of an equity method investment.

Capital expenditures in the first nine months of fiscal 2025 primarily reflected store improvements and renovations, investments in our new stores, as well as investments in our distribution centers and offices, including information technology. We anticipate that capital spending for the full fiscal year 2025 will be approximately $2.0 billion to $2.1 billion.

On June 7, 2024, we announced that we entered into a definitive agreement for a joint venture with Axo to hold a 49% ownership stake in MOS, Axo’s off-price, physical store business in Mexico. We and Axo both expect to make additional future investments in the joint venture to support the expected growth of the business. We have the option to increase our ownership interest in the joint venture over the long term. On September 3, 2024, we completed this investment for $192 million, which includes a purchase price of $179 million and acquisition costs of $13 million.

On August 21, 2024, we announced that we entered into a definitive agreement to make an investment for a 35% ownership stake in privately held BFL, representing a non-controlling, minority position. During the fourth quarter of fiscal 2025, we completed this investment for a purchase price of $344 million.

We funded these expenditures and investments with our existing cash balances and through internally generated funds.

Financing Activities

Financing activities resulted in net cash outflows of $2.7 billion for the first nine months of fiscal 2025 and net cash outflows of $3.1 billion for the first nine months of fiscal 2024. The cash outflows for both periods were primarily driven by equity repurchases and dividend payments.

Debt

The cash outflows in the first nine months of fiscal 2024 were due to the repayment of our $500 million 2.500% ten-year Notes due May 2023 during the second quarter of fiscal 2024. For further information regarding long-term debt, see Note I – Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements.

Equity

Under our stock repurchase programs, we paid $1.7 billion to repurchase and retire 15.4 million shares of our stock in the first nine months of fiscal 2025. During the second quarter of fiscal 2025, we completed stock repurchases representing all of the $1 billion that remained as of February 3, 2024 from the previously announced stock repurchase program. As of November 2, 2024, approximately $1.9 billion remained available under our existing stock repurchase program. We paid $1.7 billion to repurchase and retire 20.3 million shares of our stock in the first nine months of fiscal 2024. We currently plan to repurchase approximately $2.25 billion to $2.5 billion of stock under our stock repurchase programs in fiscal 2025. For further information regarding equity repurchases, see Note D – Capital Stock and Earnings Per Share of Notes to Consolidated Financial Statements.

Dividends

We declared quarterly dividends on our common stock of $0.375 per share for each of the quarters in the first nine months of fiscal 2025 and $0.3325 per share for each of the quarters in the first nine months of fiscal 2024. Cash payments for dividends on our common stock totaled $1.2 billion for the first nine months of fiscal 2025 and $1.1 billion for the first nine months of fiscal 2024.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the critical accounting estimates as discussed in TJX's Annual Report on Form 10-K for the fiscal year ended February 3, 2024.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

For a discussion of accounting standards, see Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements included in TJX’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 and Note A—Basis of Presentation and Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements”. These forward-looking statements generally can be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "seek," "should," "will," "would," or any variations of these words or other words with similar meanings. These forward-looking statements address various matters that we intend, expect, or believe may occur in the future, including, among others, statements regarding the Company's anticipated operating and financial performance, business plans and prospects, investments, anticipated dividends and share repurchases, and plans with respect to long-term indebtedness. Each forward-looking statement is inherently subject to risks, uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from those expressed or implied by such statement. We cannot guarantee that the results and other expectations expressed, anticipated or implied in any forward-looking statement will be realized. Applicable risks and uncertainties include, among others: execution of buying strategy and inventory management; customer trends and preferences; competition; various marketing efforts; operational and business expansion; management of large size and scale; merchandise sourcing and transport; data security and maintenance and development of information technology systems; labor costs and workforce challenges; personnel recruitment, training and retention; corporate and retail banner reputation; evolving corporate governance and public disclosure regulations and expectations with respect to environmental, social and governance matters; expanding international operations; fluctuations in quarterly operating results and market expectations; inventory or asset loss; cash flow; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; real estate activities; economic conditions and consumer spending; market instability; severe weather, serious disruptions or catastrophic events; disproportionate impact of disruptions during this fiscal year; commodity availability and pricing; fluctuations in currency exchange rates; compliance with laws, regulations and orders and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; quality, safety and other issues with our merchandise; tax matters; and other factors that may be described in our filings with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K filed with the SEC. We caution investors, potential investors and others not to place considerable reliance on the forward-looking statements contained in this Form 10-Q. You are encouraged to read any further disclosures we may make in our future reports to the SEC, available at www.sec.gov, on our website, or otherwise. The forward-looking statements in this report speak only as of the date of this Form 10-Q, and we undertake no obligation to update or revise any of these statements, even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in our primary risk exposures or management of market risks from those disclosed in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024.

Item 4. Controls and Procedures

We have carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of November 2, 2024 pursuant to Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at the reasonable assurance level in ensuring that information required to be disclosed by us in the reports that we file or submit under the Act is (i) recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms; and (ii) accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosures. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of implementing controls and procedures.

Effective September 30, 2024, we implemented a new treasury management system to simplify and standardize our global treasury process while aimed at enhancing the control environment surrounding the Company's treasury related activities. Except as described above, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Act) during the fiscal quarter ended November 2, 2024 identified in connection with the evaluation by our management, including our Chief Executive Officer and Chief Financial Officer, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

See Legal Contingencies in Note K—Contingent Obligations, Contingencies, and Commitments of Notes to Consolidated Financial Statements for information on legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended February 3, 2024, as filed with the Securities Exchange Commission on April 3, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

INFORMATION ON SHARE REPURCHASES

The number of shares of common stock repurchased by TJX during the third quarter of fiscal 2025 and the average price paid per share are as follows:


	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(a)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(c)
August 4, 2024 through August 31, 2024	827,558	$	113.71	827,558	$	2,384,700,434
September 1, 2024 through October 5, 2024	2,210,950	$	117.51	2,210,950	$	2,124,902,644
October 6, 2024 through November 2, 2024	1,925,050	$	114.59	1,925,050	$	1,904,302,038
Total	4,963,558			4,963,558

(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 2024, we announced that our Board of Directors had approved a new stock repurchase program that authorized the repurchase of up to an additional $2.5 billion of our common stock from time to time. Under this program, we had approximately $1.9 billion available for repurchase as of November 2, 2024.

Item 5. Other Information

During the fiscal quarter ended November 2, 2024, none of our directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

Incorporate by Reference

Exhibit No.

Description

Form

Exhibit No.

Filing
Date

3.1

By-laws as amended and restated through September 18, 2024

8-K

3.1

9/23/2024

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith

32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith

32.2

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith

101

The following materials from The TJX Companies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended November 2, 2024, 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 Statements 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 November 2, 2024, formatted in Inline XBRL (included in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

THE TJX COMPANIES, INC.

(Registrant)

Date: December 4, 2024

/s/ John Klinger

John Klinger, Chief Financial Officer

(Principal Financial and Accounting Officer)

Exhibit 31.1

Section 302 Certification

CERTIFICATION

I, Ernie Herrman, certify that:


1.	I have reviewed this quarterly report on Form 10-Q of The TJX Companies, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 4, 2024

/s/ Ernie Herrman

Name: Ernie Herrman
Title: Chief Executive Officer and President

Exhibit 31.2

Section 302 Certification

CERTIFICATION

I, John Klinger, certify that:


1.	I have reviewed this quarterly report on Form 10-Q of The TJX Companies, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 4, 2024

/s/ John Klinger

Name: John Klinger
Title: Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of The TJX Companies, Inc. (the “Company”), does hereby certify that to my knowledge:


1			the Company’s Form 10-Q for the fiscal quarter ended November 2, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2			the information contained in the Company’s Form 10-Q for the fiscal quarter ended November 2, 2024 fairly presents, in all material respects, the financial condition and results of operations of the Company.






			/s/ Ernie Herrman
			Name: Ernie Herrman Title: Chief Executive Officer and President

Dated: December 4, 2024

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of The TJX Companies, Inc. (the “Company”), does hereby certify that to my knowledge:


1			the Company’s Form 10-Q for the fiscal quarter ended November 2, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2			the information contained in the Company’s Form 10-Q for the fiscal quarter ended November 2, 2024 fairly presents, in all material respects, the financial condition and results of operations of the Company.





			/s/ John Klinger
			Name: John Klinger Title: Chief Financial Officer

Dated: December 4, 2024

Cover - shares	9 Months Ended
Cover - shares	Nov. 02, 2024	Nov. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 02, 2024
Document Transition Report	false
Entity File Number	1-4908
Entity Registrant Name	The TJX Companies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2207613
Entity Address, Address Line One	770 Cochituate Road
Entity Address, City or Town	Framingham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01701
City Area Code	508
Local Phone Number	390-1000
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	TJX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,124,158,029
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000109198
Current Fiscal Year End Date	--02-01

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Statement [Abstract]
Net sales	$ 14,063	$ 13,265	$ 40,010	$ 37,806
Cost of sales, including buying and occupancy costs	9,622	9,139	27,741	26,423
Selling, general and administrative expenses	2,748	2,578	7,814	7,375
Interest (income) expense, net	(43)	(41)	(139)	(116)
Income before income taxes	1,736	1,589	4,594	4,124
Provision for income taxes	439	398	1,128	1,053
Net income	$ 1,297	$ 1,191	$ 3,466	$ 3,071
Basic earnings per share (in dollars per share)	$ 1.15	$ 1.04	$ 3.07	$ 2.68
Weighted average common shares – basic (in shares)	1,127	1,144	1,130	1,148
Diluted earnings per share (in dollars per share)	$ 1.14	$ 1.03	$ 3.03	$ 2.65
Weighted average common shares – diluted (in shares)	1,141	1,158	1,144	1,161

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,297	$ 1,191	$ 3,466	$ 3,071
Additions to other comprehensive (loss), net of tax:
Foreign currency translation adjustments, net of related tax provisions and benefits	(15)	(102)	(15)	(48)
Reclassifications from other comprehensive (loss), net of tax, to net income:
Amortization of prior service cost and deferred gains/(losses), net of related tax provisions and benefits	0	0	0	1
Other comprehensive (loss), net of tax	(15)	(102)	(15)	(47)
Total comprehensive income	$ 1,282	$ 1,089	$ 3,451	$ 3,024

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax provision (benefit)	$ (1.0)	$ (4.0)	$ (4.0)	$ (3.0)
Amortization of prior service cost and deferred gains / (losses), tax benefit (provision)	$ (0.1)	$ (0.2)	$ (0.1)	$ (0.4)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Current assets:
Cash and cash equivalents	$ 4,718	$ 5,600	$ 4,290
Accounts receivable, net	599	529	560
Merchandise inventories	8,371	5,965	8,285
Prepaid expenses and other current assets	546	511	535
Federal, state and foreign income taxes recoverable	118	59	136
Total current assets	14,352	12,664	13,806
Net property at cost	7,136	6,571	6,262
Non-current deferred income taxes, net	142	172	152
Operating lease right of use assets	9,570	9,396	9,289
Goodwill	95	95	94
Other assets	1,141	849	748
Total assets	32,436	29,747	30,351
Current liabilities:
Accounts payable	5,617	3,862	5,425
Accrued expenses and other current liabilities	4,714	4,870	4,482
Current portion of operating lease liabilities	1,642	1,620	1,682
Federal, state and foreign income taxes payable	44	99	51
Total current liabilities	12,017	10,451	11,640
Other long-term liabilities	1,002	924	908
Non-current deferred income taxes, net	172	148	133
Long-term operating lease liabilities	8,207	8,060	7,976
Long-term debt	2,865	2,862	2,861
Commitments and contingencies (See Note K)
Shareholders’ equity
Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued	0	0	0
Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,124,355,838; 1,133,586,545 and 1,140,732,746 respectively	1,124	1,134	1,141
Additional paid-in capital	0	0	0
Accumulated other comprehensive (loss) income	(547)	(532)	(653)
Retained earnings	7,596	6,700	6,345
Total shareholders’ equity	8,173	7,302	6,833
Total liabilities and shareholders’ equity	$ 32,436	$ 29,747	$ 30,351

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Preferred stock, shares issued (in shares)	0	0	0
Common stock, shares authorized (in shares)	1,800,000,000	1,800,000,000	1,800,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock, shares issued (in shares)	1,124,355,838	1,133,586,545	1,140,732,746
Common stock, shares outstanding (in shares)	1,124,355,838	1,133,586,545	1,140,732,746

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Cash flows from operating activities:
Net income	$ 3,466	$ 3,071
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	795	712
Loss on property disposals and impairment charges	3	46
Deferred income tax provision	58	13
Share-based compensation	131	114
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(70)	1
(Increase) in merchandise inventories	(2,415)	(2,528)
(Increase) in income taxes recoverable	(59)	(17)
(Increase) in prepaid expenses and other current assets	(28)	(20)
Increase in accounts payable	1,760	1,666
(Decrease) increase in accrued expenses and other liabilities	(85)	161
(Decrease) in income taxes payable	(56)	(5)
(Decrease) increase in net operating lease liabilities	(7)	75
Other, net	(81)	(32)
Net cash provided by operating activities	3,412	3,257
Cash flows from investing activities:
Property additions	(1,404)	(1,280)
Purchase of equity investment	(192)	0
Purchases of investments	(29)	(22)
Sales and maturities of investments	18	21
Net cash (used in) investing activities	(1,607)	(1,281)
Cash flows from financing activities:
Repayment of debt	0	(500)
Payments for repurchase of common stock	(1,661)	(1,687)
Cash dividends paid	(1,226)	(1,105)
Proceeds from issuance of common stock	254	203
Other	(42)	(29)
Net cash (used in) financing activities	(2,675)	(3,118)
Effect of exchange rate changes on cash	(12)	(45)
Net (decrease) in cash and cash equivalents	(882)	(1,187)
Cash and cash equivalents at beginning of year	5,600	5,477
Cash and cash equivalents at end of period	$ 4,718	$ 4,290

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Beginning balance (in shares) at Jan. 28, 2023		1,155,000,000
Beginning balance at Jan. 28, 2023	$ 6,364	$ 1,155	$ 0	$ (606)	$ 5,815
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,071				3,071
Other comprehensive (loss), net of tax	(47)			(47)
Cash dividends declared on common stock	(1,144)				(1,144)
Recognition of share-based compensation	114		114
Issuance of common stock under stock incentive plan and related tax effect (in shares)		6,000,000
Issuance of common stock under stock incentive plan and related tax effect	175	$ 6	170		(1)
Common stock repurchased (in shares)		(20,000,000)
Common stock repurchased	$ (1,700)	$ (20)	(284)		(1,396)
Ending balance (in shares) at Oct. 28, 2023	1,140,732,746	1,141,000,000
Ending balance at Oct. 28, 2023	$ 6,833	$ 1,141	0	(653)	6,345
Beginning balance (in shares) at Jul. 29, 2023		1,145,000,000
Beginning balance at Jul. 29, 2023	6,608	$ 1,145	0	(551)	6,014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,191				1,191
Other comprehensive (loss), net of tax	(102)			(102)
Cash dividends declared on common stock	(380)				(380)
Recognition of share-based compensation	44		44
Issuance of common stock under stock incentive plan and related tax effect (in shares)		3,000,000
Issuance of common stock under stock incentive plan and related tax effect	122	$ 3	119
Common stock repurchased (in shares)		(7,000,000)
Common stock repurchased	$ (650)	$ (7)	(163)		(480)
Ending balance (in shares) at Oct. 28, 2023	1,140,732,746	1,141,000,000
Ending balance at Oct. 28, 2023	$ 6,833	$ 1,141	0	(653)	6,345
Beginning balance (in shares) at Feb. 03, 2024	1,133,586,545	1,134,000,000
Beginning balance at Feb. 03, 2024	$ 7,302	$ 1,134	0	(532)	6,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,466				3,466
Other comprehensive (loss), net of tax	(15)			(15)
Cash dividends declared on common stock	(1,271)				(1,271)
Recognition of share-based compensation	131		131
Issuance of common stock under stock incentive plan and related tax effect (in shares)		5,000,000
Issuance of common stock under stock incentive plan and related tax effect	212	$ 5	207
Common stock repurchased (in shares)		(15,000,000)
Common stock repurchased	$ (1,652)	$ (15)	(338)		(1,299)
Ending balance (in shares) at Nov. 02, 2024	1,124,355,838	1,124,000,000
Ending balance at Nov. 02, 2024	$ 8,173	$ 1,124	0	(547)	7,596
Beginning balance (in shares) at Aug. 03, 2024		1,128,000,000
Beginning balance at Aug. 03, 2024	7,782	$ 1,128	0	(532)	7,186
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,297				1,297
Other comprehensive (loss), net of tax	(15)			(15)
Cash dividends declared on common stock	(422)				(422)
Recognition of share-based compensation	47		47
Issuance of common stock under stock incentive plan and related tax effect (in shares)		1,000,000
Issuance of common stock under stock incentive plan and related tax effect	63	$ 1	62
Common stock repurchased (in shares)		(5,000,000)
Common stock repurchased	$ (579)	$ (5)	(109)		(465)
Ending balance (in shares) at Nov. 02, 2024	1,124,355,838	1,124,000,000
Ending balance at Nov. 02, 2024	$ 8,173	$ 1,124	$ 0	$ (547)	$ 7,596

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	Nov. 02, 2024	Aug. 03, 2024	Feb. 03, 2024	Oct. 28, 2023	Jul. 29, 2023	Jan. 28, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Nov. 02, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The February 3, 2024 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.

Fiscal Year

Use of Estimates

Deferred Gift Card Revenue

The following table presents deferred gift card revenue activity:


In millions	November 2, 2024		October 28, 2023
Balance, beginning of year	$	773	$	721
Deferred revenue	1,315		1,283
Effect of exchange rate changes on deferred revenue	(2)		(4)
Revenue recognized	(1,371)		(1,342)
Balance, end of period	$	715	$	658

Equity Investment

Leases

Supplemental cash flow information related to leases is as follows:


	Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023
Operating cash flows paid for operating leases	$	1,575	$	1,508
Lease liabilities arising from obtaining right of use assets	$	1,503	$	1,595

Future Adoption of New Accounting Standards

Improvements to Reportable Segment Disclosures

Improvements to Income Tax Disclosures

Improvements to Disaggregation of Income Statement Expenses

SEC Rule Changes

Property at Cost

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

Property at Cost

The following table presents the components of property at cost:


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Land and buildings	$	2,436	$	2,179	$	2,097
Leasehold costs and improvements	4,670		4,306		4,163
Furniture, fixtures and equipment	8,540		8,134		7,843
Total property at cost	$	15,646	$	14,619	$	14,103
Less: accumulated depreciation and amortization	8,510		8,048		7,841
Net property at cost	$	7,136	$	6,571	$	6,262

Non-cash investing activities consist of accrued capital additions of $199 million and $168 million as of the periods ended November 2, 2024 and October 28, 2023, respectively.

Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Nov. 02, 2024

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income


In millions and net of immaterial taxes	Foreign Currency Translation		Deferred Benefit Costs		Accumulated Other Comprehensive (Loss) Income
Balance, January 28, 2023	$	(544)	$	(62)	$	(606)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	30		—		30

Recognition of net gains on benefit obligations, net of taxes	—		43		43

Reclassifications from other comprehensive (loss) to net income:

Amortization of prior service cost and deferred gains, net of taxes	—		1		1
Balance, February 3, 2024	$	(514)	$	(18)	$	(532)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	(15)		—		(15)
Reclassifications from other comprehensive (loss) to net income:


Amortization of prior service cost and deferred gains, net of taxes	—		0		0
Balance, November 2, 2024	$	(529)	$	(18)	$	(547)

Capital Stock and Earnings Per Share

9 Months Ended

Nov. 02, 2024

Equity [Abstract]

Capital Stock and Earnings Per Share

Capital Stock

The following table provides share repurchases, excluding applicable excise tax:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Total number of shares repurchased and retired	5.0		7.2		15.4		20.4
Total cost(a)	$	574	$	650	$	1,642	$	1,700

(a) Prior year amounts are recast to conform with current year presentation and exclude applicable excise tax.

All shares repurchased under the stock repurchase programs have been retired. These expenditures were funded by cash generated from operations.

Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
Amounts in millions, except per share amounts	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Basic earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071
Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Basic earnings per share	$	1.15	$	1.04	$	3.07	$	2.68
Diluted earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071

Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Assumed exercise/vesting of stock options and awards	14		14		14		13
Weighted average common shares outstanding for diluted earnings per share calculation	1,141		1,158		1,144		1,161
Diluted earnings per share	$	1.14	$	1.03	$	3.03	$	2.65
Cash dividends declared per share	$	0.375	$	0.3325	$	1.125	$	0.9975

Financial Instruments

9 Months Ended

Nov. 02, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Diesel Fuel Contracts

Foreign Currency Contracts

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 2, 2024:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at November 2, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8546	Prepaid Exp	$	1.3	$	—	$	1.3
	A$	210	U.S.$	139	0.6637	Prepaid Exp	1.5		—		1.5
	U.S.$	70	£	55	0.7898	Prepaid Exp	1.3		—		1.3
	£	100	U.S.$	127	1.2712	(Accrued Exp)	—		(2.3)		(2.3)
	€	200	U.S.$	219	1.0970	Prepaid Exp / (Accrued Exp)	0.6		(0.2)		0.4

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.1M – 4.2M gal per month	Float on 3.1M – 4.2M gal per month		N/A	(Accrued Exp)	—		(16.3)		(16.3)
Intercompany billings in TJX International, primarily merchandise:
	€	181	£	151	0.8341	(Accrued Exp)	—		(1.2)		(1.2)
Merchandise purchase commitments:
	C$	834	U.S.$	610	0.7318	Prepaid Exp	10.5		—		10.5
	C$	33	€	22	0.6636	Prepaid Exp / (Accrued Exp)	0.1		(0.0)		0.1
	£	478	U.S.$	619	1.2960	Prepaid Exp / (Accrued Exp)	4.7		(3.5)		1.2
	zł	524	£	102	0.1951	Prepaid Exp / (Accrued Exp)	2.3		(0.1)		2.2
	A$	92	U.S.$	62	0.6694	Prepaid Exp	1.2		—		1.2

	U.S.$	127	€	116	0.9114	Prepaid Exp / (Accrued Exp)	0.1		(1.4)		(1.3)
Total fair value of derivative financial instruments							$	23.6	$	(25.0)	$	(1.4)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2024:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at February 3, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8622	Prepaid Exp / (Accrued Exp)	$	0.1	$	(0.1)	$	0.0
	A$	140	U.S.$	95	0.6751	Prepaid Exp	2.7		—		2.7
	U.S.$	70	£	55	0.7898	(Accrued Exp)	—		(0.2)		(0.2)
	£	100	U.S.$	127	1.2727	Prepaid Exp	0.8		—		0.8
	€	200	U.S.$	219	1.0969	Prepaid Exp / (Accrued Exp)	3.0		(0.3)		2.7
Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 3.8M gal per month	Float on 3.0M– 3.8M gal per month		N/A	(Accrued Exp)	—		(7.2)		(7.2)
Intercompany billings in TJX International, primarily merchandise:
	€	130	£	112	0.8604	Prepaid Exp	0.9		—		0.9
Merchandise purchase commitments:
	C$	668	U.S.$	495	0.7408	Prepaid Exp / (Accrued Exp)	1.4		(3.6)		(2.2)
	C$	29	€	20	0.6797	(Accrued Exp)	—		(0.3)		(0.3)
	£	353	U.S.$	443	1.2549	Prepaid Exp / (Accrued Exp)	1.5		(5.0)		(3.5)
	zł	508	£	98	0.1930	Prepaid Exp / (Accrued Exp)	0.0		(3.1)		(3.1)
	A$	82	U.S.$	55	0.6620	Prepaid Exp / (Accrued Exp)	0.8		(0.1)		0.7
	U.S.$	109	€	100	0.9191	Prepaid Exp / (Accrued Exp)	0.3		(1.0)		(0.7)
Total fair value of derivative financial instruments							$	11.5	$	(20.9)	$	(9.4)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 28, 2023:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt:

	€	60	£	52	0.8738	(Accrued Exp)	$	—	$	(0.1)	$	(0.1)
	A$	150	U.S.$	104	0.6937	Prepaid Exp	8.4		—		8.4
	U.S.$	69	£	55	0.8010	(Accrued Exp)	—		(2.0)		(2.0)
	£	150	U.S.$	186	1.2396	Prepaid Exp	3.9		—		3.9
	€	200	U.S.$	220	1.1008	Prepaid Exp	7.8		—		7.8

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 3.8M gal per month	Float on 3.0M – 3.8M gal per month		N/A	Prepaid Exp	2.7		—		2.7
Intercompany billings in TJX International, primarily merchandise:
	€	118	£	102	0.8646	(Accrued Exp)	—		(1.1)		(1.1)


Merchandise purchase commitments:
	C$	773	U.S.$	575	0.7440	Prepaid Exp	16.8		—		16.8
	C$	35	€	24	0.6826	Prepaid Exp / (Accrued Exp)	0.2		(0.1)		0.1
	£	365	U.S.$	458	1.2537	Prepaid Exp / (Accrued Exp)	14.7		(0.1)		14.6
	zł	581	£	110	0.1900	(Accrued Exp)	—		(3.6)		(3.6)
	A$	58	U.S.$	39	0.6677	Prepaid Exp	1.9		—		1.9

	U.S.$	120	€	110	0.9190	(Accrued Exp)	—		(3.2)		(3.2)
Total fair value of derivative financial instruments							$	56.4	$	(10.2)	$	46.2

The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:


		Amount of (Loss) Gain Recognized in Income by Derivative
	Location of (Loss) Gain Recognized in Income by Derivative	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions		November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt	Selling, general and administrative expenses	$	2	$	26	$	3	$	29
Economic hedges for which hedge accounting was not elected:

Diesel fuel contracts	Cost of sales, including buying and occupancy costs	(6)		2		(22)		(6)
Intercompany billings in TJX International, primarily merchandise	Cost of sales, including buying and occupancy costs	4		(2)		5		2

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs	1		49		15		27
Gain recognized in income		$	1	$	75	$	1	$	52

Fair Value Measurements

9 Months Ended

Nov. 02, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements


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

The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Level 1
Assets:
Executive Savings Plan investments	$	465.8	$	405.7	$	366.6
Level 2
Assets:

Foreign currency exchange contracts	$	23.6	$	11.5	$	53.7
Diesel fuel contracts	—		—		2.7
Liabilities:
Foreign currency exchange contracts	$	8.7	$	13.7	$	10.2
Diesel fuel contracts	16.3		7.2		—

Investments designed to meet obligations under the Executive Savings Plan are invested in registered investment companies traded in active markets and are recorded at unadjusted quoted prices.

The following table summarizes the carrying value and fair value estimates of our components of long-term debt:


	November 2, 2024				February 3, 2024				October 28, 2023
In Millions	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Level 2

Long-term debt	$	2,865	$	2,640	$	2,862	$	2,630	$	2,861	$	2,470

For additional information on long-term debt, see Note I—Long-Term Debt and Credit Lines.

TJX’s cash equivalents are stated at cost, which approximates fair value due to the short maturities of these instruments.

Segment Information

9 Months Ended

Nov. 02, 2024

Segment Reporting [Abstract]

Segment Information

All of TJX’s stores, with the exception of HomeGoods and HomeSense/Homesense, sell family apparel and home fashions. HomeGoods and HomeSense/Homesense offer home fashions.

Presented below is financial information with respect to TJX’s business segments:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net sales:
In the United States:
Marmaxx	$	8,438	$	8,107	$	24,633	$	23,376
HomeGoods	2,355		2,208		6,535		6,185
TJX Canada	1,382		1,317		3,739		3,578
TJX International	1,888		1,633		5,103		4,667
Total net sales	$	14,063	$	13,265	$	40,010	$	37,806
Segment profit:
In the United States:
Marmaxx	$	1,207	$	1,134	$	3,495	$	3,246
HomeGoods	290		228		679		547
TJX Canada	209		223		533		532
TJX International	137		88		271		158
Total segment profit	1,843		1,673		4,978		4,483
General corporate expense	150		125		523		475



Interest (income) expense, net	(43)		(41)		(139)		(116)
Income before income taxes	$	1,736	$	1,589	$	4,594	$	4,124

Pension Plans and Other Retirement Benefits

9 Months Ended

Nov. 02, 2024

Retirement Benefits [Abstract]

Pension Plans and Other Retirement Benefits


	Funded Plan				Unfunded Plan
	Thirteen Weeks Ended				Thirteen Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	8	$	8	$	1	$	1
Interest cost	17		18		1		2
Expected return on plan assets	(21)		(20)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(0)		0		0		0


Total expense	$	4	$	6	$	2	$	3

	Funded Plan				Unfunded Plan
	Thirty-Nine Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	24	$	25	$	2	$	2
Interest cost	53		54		4		5
Expected return on plan assets	(60)		(60)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(1)		0		1		1


Total expense	$	16	$	19	$	7	$	8

Long-Term Debt and Credit Lines

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Credit Lines

The table below presents long-term debt as of November 2, 2024, February 3, 2024 and October 28, 2023. All amounts are net of unamortized debt discounts.


In millions and net of immaterial unamortized debt discounts	November 2, 2024		February 3, 2024		October 28, 2023
General corporate debt:

2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)	$	998	$	998	$	998
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount)	500		499		499
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount)	496		496		496
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount)	500		500		500
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount)	383		383		383
Total debt	2,877		2,876		2,876

Debt issuance costs	(12)		(14)		(15)
Long-term debt	$	2,865	$	2,862	$	2,861

Credit Facilities

Income Taxes	9 Months Ended
Income Taxes	Nov. 02, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In 2021, the Organization for Economic Co-operation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules did not have a material impact on our financial statements for the third quarter or the first nine months of fiscal 2025 and are not expected to materially increase our global tax costs on our fiscal 2025 financial statements. There remains uncertainty as to the final Pillar Two model rules. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions we operate in. The effective income tax rate was 25.3% for the third quarter of fiscal 2025 and 25.0% for the third quarter of fiscal 2024. The increase in the effective income tax rate in the third quarter of fiscal 2025 was primarily due to the decrease in excess tax benefit from share-based compensation, partially offset by the resolution of various tax matters. TJX had net unrecognized tax benefits of $203 million as of November 2, 2024, $228 million as of February 3, 2024 and $266 million as of October 28, 2023. TJX is subject to U.S. federal income tax as well as income tax in multiple state, local and foreign jurisdictions. In the U.S. and India, fiscal years through 2010 are no longer subject to examination. In all other jurisdictions, fiscal years through 2011 are no longer subject to examination. TJX’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties on the Consolidated Balance Sheets were $27 million as of November 2, 2024, $32 million as of February 3, 2024 and $42 million as of October 28, 2023. Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statutes of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions, it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those represented on the Consolidated Financial Statements as of November 2, 2024. During the next twelve months, it is reasonably possible that tax audit resolutions may reduce unrecognized tax benefits by up to $23 million, which would reduce the provision for taxes on earnings.

Contingent Obligations, Contingencies, and Commitments	9 Months Ended
Contingent Obligations, Contingencies, and Commitments	Nov. 02, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Obligations, Contingencies, and Commitments	Contingent Obligations, Contingencies, and Commitments Contingent Contractual Obligations TJX is a party to various agreements under which it may be obligated to indemnify the other party with respect to certain losses related to matters including title to assets sold, specified environmental matters or certain income taxes. These obligations are sometimes limited in time or amount. There are no amounts reflected in the Company’s Consolidated Balance Sheets with respect to these contingent obligations. Legal Contingencies TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in the ordinary course of its business. TJX has accrued immaterial amounts in the accompanying Consolidated Financial Statements for certain of its legal proceedings.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Pay vs Performance Disclosure
Net income	$ 1,297	$ 1,191	$ 3,466	$ 3,071

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 02, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 02, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 (“fiscal 2024”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 3, 2024 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP.
Fiscal Year	Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends February 1, 2025 (“fiscal 2025”) and is a 52-week fiscal year. Fiscal 2024 was a 53-week fiscal year. “Fiscal 2026” will be a 52-week fiscal year and will end January 31, 2026. “Fiscal 2027” will be a 52-week fiscal year and will end January 30, 2027.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material.
Future Adoption of New Accounting Standards	Future Adoption of New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). Unless otherwise discussed, the Company has reviewed the new guidance and has determined that it will either not apply to TJX or is not expected to be material to its Consolidated Financial Statements upon adoption, and, therefore, the guidance is not disclosed. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance related to improvements to reportable segment disclosures. The new standard improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. This standard is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2025 Form 10-K and does not anticipate a material impact on its financial statement disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance related to improvements to income tax disclosures. The new standard updates the income tax disclosure related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The standard also provides for further disclosure comparability. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt this standard for the fiscal 2026 Form 10-K and is currently evaluating the impact of the adoption of this standard on its financial statement disclosures. Improvements to Disaggregation of Income Statement Expenses In November 2024, the FASB issued new guidance to enhance the disclosure of expenses by requiring further disaggregation of relevant expenses in a separate note to the financial statements. This standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this adoption on its consolidated financial statement disclosures and plans to adopt this standard for the fiscal 2028 Form 10-K. SEC Rule Changes In March 2024, the SEC adopted new rules phasing in for fiscal years beginning on or after January 1, 2025 that will require registrants to provide certain climate-related information in their registration statements and annual reports. In April 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the potential impact of these rules on its Consolidated Financial Statements and, subject to such new rules taking effect, are expected to result in additional disclosures.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Nov. 02, 2024

Accounting Policies [Abstract]

Summary of Deferred Gift Card Revenue

The following table presents deferred gift card revenue activity:


In millions	November 2, 2024		October 28, 2023
Balance, beginning of year	$	773	$	721
Deferred revenue	1,315		1,283
Effect of exchange rate changes on deferred revenue	(2)		(4)
Revenue recognized	(1,371)		(1,342)
Balance, end of period	$	715	$	658

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:


	Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023
Operating cash flows paid for operating leases	$	1,575	$	1,508
Lease liabilities arising from obtaining right of use assets	$	1,503	$	1,595

Property at Cost (Tables)

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

Components of Property at Cost

The following table presents the components of property at cost:


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Land and buildings	$	2,436	$	2,179	$	2,097
Leasehold costs and improvements	4,670		4,306		4,163
Furniture, fixtures and equipment	8,540		8,134		7,843
Total property at cost	$	15,646	$	14,619	$	14,103
Less: accumulated depreciation and amortization	8,510		8,048		7,841
Net property at cost	$	7,136	$	6,571	$	6,262

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Nov. 02, 2024

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive (Loss) Income

The following table details the changes in Accumulated other comprehensive (loss) income for the twelve months ended February 3, 2024 and the nine months ended November 2, 2024:


In millions and net of immaterial taxes	Foreign Currency Translation		Deferred Benefit Costs		Accumulated Other Comprehensive (Loss) Income
Balance, January 28, 2023	$	(544)	$	(62)	$	(606)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	30		—		30

Recognition of net gains on benefit obligations, net of taxes	—		43		43

Reclassifications from other comprehensive (loss) to net income:

Amortization of prior service cost and deferred gains, net of taxes	—		1		1
Balance, February 3, 2024	$	(514)	$	(18)	$	(532)
Additions to other comprehensive (loss):
Foreign currency translation adjustments, net of taxes	(15)		—		(15)
Reclassifications from other comprehensive (loss) to net income:


Amortization of prior service cost and deferred gains, net of taxes	—		0		0
Balance, November 2, 2024	$	(529)	$	(18)	$	(547)

Capital Stock and Earnings Per Share (Tables)

9 Months Ended

Nov. 02, 2024

Equity [Abstract]

Summary of Share Repurchases

The following table provides share repurchases, excluding applicable excise tax:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Total number of shares repurchased and retired	5.0		7.2		15.4		20.4
Total cost(a)	$	574	$	650	$	1,642	$	1,700

(a) Prior year amounts are recast to conform with current year presentation and exclude applicable excise tax.

Schedule of Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
Amounts in millions, except per share amounts	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Basic earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071
Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Basic earnings per share	$	1.15	$	1.04	$	3.07	$	2.68
Diluted earnings per share:
Net income	$	1,297	$	1,191	$	3,466	$	3,071

Weighted average common shares outstanding for basic earnings per share calculation	1,127		1,144		1,130		1,148
Assumed exercise/vesting of stock options and awards	14		14		14		13
Weighted average common shares outstanding for diluted earnings per share calculation	1,141		1,158		1,144		1,161
Diluted earnings per share	$	1.14	$	1.03	$	3.03	$	2.65
Cash dividends declared per share	$	0.375	$	0.3325	$	1.125	$	0.9975

Financial Instruments (Tables)

9 Months Ended

Nov. 02, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at November 2, 2024:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at November 2, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8546	Prepaid Exp	$	1.3	$	—	$	1.3
	A$	210	U.S.$	139	0.6637	Prepaid Exp	1.5		—		1.5
	U.S.$	70	£	55	0.7898	Prepaid Exp	1.3		—		1.3
	£	100	U.S.$	127	1.2712	(Accrued Exp)	—		(2.3)		(2.3)
	€	200	U.S.$	219	1.0970	Prepaid Exp / (Accrued Exp)	0.6		(0.2)		0.4

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.1M – 4.2M gal per month	Float on 3.1M – 4.2M gal per month		N/A	(Accrued Exp)	—		(16.3)		(16.3)
Intercompany billings in TJX International, primarily merchandise:
	€	181	£	151	0.8341	(Accrued Exp)	—		(1.2)		(1.2)
Merchandise purchase commitments:
	C$	834	U.S.$	610	0.7318	Prepaid Exp	10.5		—		10.5
	C$	33	€	22	0.6636	Prepaid Exp / (Accrued Exp)	0.1		(0.0)		0.1
	£	478	U.S.$	619	1.2960	Prepaid Exp / (Accrued Exp)	4.7		(3.5)		1.2
	zł	524	£	102	0.1951	Prepaid Exp / (Accrued Exp)	2.3		(0.1)		2.2
	A$	92	U.S.$	62	0.6694	Prepaid Exp	1.2		—		1.2

	U.S.$	127	€	116	0.9114	Prepaid Exp / (Accrued Exp)	0.1		(1.4)		(1.3)
Total fair value of derivative financial instruments							$	23.6	$	(25.0)	$	(1.4)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at February 3, 2024:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at February 3, 2024
Fair value hedges:
Intercompany balances, primarily debt:

	€	78	£	67	0.8622	Prepaid Exp / (Accrued Exp)	$	0.1	$	(0.1)	$	0.0
	A$	140	U.S.$	95	0.6751	Prepaid Exp	2.7		—		2.7
	U.S.$	70	£	55	0.7898	(Accrued Exp)	—		(0.2)		(0.2)
	£	100	U.S.$	127	1.2727	Prepaid Exp	0.8		—		0.8
	€	200	U.S.$	219	1.0969	Prepaid Exp / (Accrued Exp)	3.0		(0.3)		2.7
Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 3.8M gal per month	Float on 3.0M– 3.8M gal per month		N/A	(Accrued Exp)	—		(7.2)		(7.2)
Intercompany billings in TJX International, primarily merchandise:
	€	130	£	112	0.8604	Prepaid Exp	0.9		—		0.9
Merchandise purchase commitments:
	C$	668	U.S.$	495	0.7408	Prepaid Exp / (Accrued Exp)	1.4		(3.6)		(2.2)
	C$	29	€	20	0.6797	(Accrued Exp)	—		(0.3)		(0.3)
	£	353	U.S.$	443	1.2549	Prepaid Exp / (Accrued Exp)	1.5		(5.0)		(3.5)
	zł	508	£	98	0.1930	Prepaid Exp / (Accrued Exp)	0.0		(3.1)		(3.1)
	A$	82	U.S.$	55	0.6620	Prepaid Exp / (Accrued Exp)	0.8		(0.1)		0.7
	U.S.$	109	€	100	0.9191	Prepaid Exp / (Accrued Exp)	0.3		(1.0)		(0.7)
Total fair value of derivative financial instruments							$	11.5	$	(20.9)	$	(9.4)

The following is a summary of TJX’s derivative financial instruments, related fair value and balance sheet classification at October 28, 2023:


In millions		Pay	Receive		Blended Contract Rate	Balance Sheet Location	Current Asset U.S.$		Current (Liability) U.S.$		Net Fair Value in U.S.$ at October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt:

	€	60	£	52	0.8738	(Accrued Exp)	$	—	$	(0.1)	$	(0.1)
	A$	150	U.S.$	104	0.6937	Prepaid Exp	8.4		—		8.4
	U.S.$	69	£	55	0.8010	(Accrued Exp)	—		(2.0)		(2.0)
	£	150	U.S.$	186	1.2396	Prepaid Exp	3.9		—		3.9
	€	200	U.S.$	220	1.1008	Prepaid Exp	7.8		—		7.8

Economic hedges for which hedge accounting was not elected:
	Diesel fuel contracts	Fixed on 3.0M – 3.8M gal per month	Float on 3.0M – 3.8M gal per month		N/A	Prepaid Exp	2.7		—		2.7
Intercompany billings in TJX International, primarily merchandise:
	€	118	£	102	0.8646	(Accrued Exp)	—		(1.1)		(1.1)


Merchandise purchase commitments:
	C$	773	U.S.$	575	0.7440	Prepaid Exp	16.8		—		16.8
	C$	35	€	24	0.6826	Prepaid Exp / (Accrued Exp)	0.2		(0.1)		0.1
	£	365	U.S.$	458	1.2537	Prepaid Exp / (Accrued Exp)	14.7		(0.1)		14.6
	zł	581	£	110	0.1900	(Accrued Exp)	—		(3.6)		(3.6)
	A$	58	U.S.$	39	0.6677	Prepaid Exp	1.9		—		1.9

	U.S.$	120	€	110	0.9190	(Accrued Exp)	—		(3.2)		(3.2)
Total fair value of derivative financial instruments							$	56.4	$	(10.2)	$	46.2

Impact of Derivative Financial Instruments on Statements of (Loss) Income

The impact of derivative financial instruments on the Consolidated Statements of Income is presented below:


		Amount of (Loss) Gain Recognized in Income by Derivative
	Location of (Loss) Gain Recognized in Income by Derivative	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions		November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Fair value hedges:
Intercompany balances, primarily debt	Selling, general and administrative expenses	$	2	$	26	$	3	$	29
Economic hedges for which hedge accounting was not elected:

Diesel fuel contracts	Cost of sales, including buying and occupancy costs	(6)		2		(22)		(6)
Intercompany billings in TJX International, primarily merchandise	Cost of sales, including buying and occupancy costs	4		(2)		5		2

Merchandise purchase commitments	Cost of sales, including buying and occupancy costs	1		49		15		27
Gain recognized in income		$	1	$	75	$	1	$	52

Fair Value Measurements (Tables)

9 Months Ended

Nov. 02, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities on a Recurring Basis

The following table sets forth TJX’s financial assets and liabilities that are accounted for at fair value on a recurring basis:


In millions	November 2, 2024		February 3, 2024		October 28, 2023
Level 1
Assets:
Executive Savings Plan investments	$	465.8	$	405.7	$	366.6
Level 2
Assets:

Foreign currency exchange contracts	$	23.6	$	11.5	$	53.7
Diesel fuel contracts	—		—		2.7
Liabilities:
Foreign currency exchange contracts	$	8.7	$	13.7	$	10.2
Diesel fuel contracts	16.3		7.2		—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table summarizes the carrying value and fair value estimates of our components of long-term debt:


	November 2, 2024				February 3, 2024				October 28, 2023
In Millions	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Level 2

Long-term debt	$	2,865	$	2,640	$	2,862	$	2,630	$	2,861	$	2,470

Segment Information (Tables)

9 Months Ended

Nov. 02, 2024

Segment Reporting [Abstract]

Summary of Financial Information on Business Segments

Presented below is financial information with respect to TJX’s business segments:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Net sales:
In the United States:
Marmaxx	$	8,438	$	8,107	$	24,633	$	23,376
HomeGoods	2,355		2,208		6,535		6,185
TJX Canada	1,382		1,317		3,739		3,578
TJX International	1,888		1,633		5,103		4,667
Total net sales	$	14,063	$	13,265	$	40,010	$	37,806
Segment profit:
In the United States:
Marmaxx	$	1,207	$	1,134	$	3,495	$	3,246
HomeGoods	290		228		679		547
TJX Canada	209		223		533		532
TJX International	137		88		271		158
Total segment profit	1,843		1,673		4,978		4,483
General corporate expense	150		125		523		475



Interest (income) expense, net	(43)		(41)		(139)		(116)
Income before income taxes	$	1,736	$	1,589	$	4,594	$	4,124

Pension Plans and Other Retirement Benefits (Tables)

9 Months Ended

Nov. 02, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Retirement Plan


	Funded Plan				Unfunded Plan
	Thirteen Weeks Ended				Thirteen Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	8	$	8	$	1	$	1
Interest cost	17		18		1		2
Expected return on plan assets	(21)		(20)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(0)		0		0		0


Total expense	$	4	$	6	$	2	$	3

	Funded Plan				Unfunded Plan
	Thirty-Nine Weeks Ended				Thirty-Nine Weeks Ended
In millions	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Service cost	$	24	$	25	$	2	$	2
Interest cost	53		54		4		5
Expected return on plan assets	(60)		(60)		—		—
Amortization of net actuarial loss and prior service cost/(credit)	(1)		0		1		1


Total expense	$	16	$	19	$	7	$	8

Long-Term Debt and Credit Lines (Tables)

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt, Exclusive of Current Installments

The table below presents long-term debt as of November 2, 2024, February 3, 2024 and October 28, 2023. All amounts are net of unamortized debt discounts.


In millions and net of immaterial unamortized debt discounts	November 2, 2024		February 3, 2024		October 28, 2023
General corporate debt:

2.250% senior unsecured notes, maturing September 15, 2026 (effective interest rate of 2.32% after reduction of unamortized debt discount)	$	998	$	998	$	998
1.150% senior unsecured notes, maturing May 15, 2028 (effective interest rate of 1.18% after reduction of unamortized debt discount)	500		499		499
3.875% senior unsecured notes, maturing April 15, 2030 (effective interest rate of 3.89% after reduction of unamortized debt discount)	496		496		496
1.600% senior unsecured notes, maturing May 15, 2031 (effective interest rate of 1.61% after reduction of unamortized debt discount)	500		500		500
4.500% senior unsecured notes, maturing April 15, 2050 (effective interest rate of 4.52% after reduction of unamortized debt discount)	383		383		383
Total debt	2,877		2,876		2,876

Debt issuance costs	(12)		(14)		(15)
Long-term debt	$	2,865	$	2,862	$	2,861

Basis of Presentation and Summary of Significant Accounting Policies - Deferred Gift Card Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Movement in Contract with Customer, Liability [Roll Forward]
Balance, beginning of year			$ 773	$ 721
Deferred revenue			1,315	1,283
Effect of exchange rate changes on deferred revenue			(2)	(4)
Revenue recognized	$ (431)	$ (426)	(1,371)	(1,342)
Balance, end of period	$ 715	$ 658	$ 715	$ 658

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 03, 2024 USD ($)	Dec. 04, 2024 USD ($) store	Nov. 02, 2024 USD ($)	Oct. 28, 2023 USD ($)	Nov. 02, 2024 USD ($)	Oct. 28, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Gift card revenue recognized			$ 431	$ 426	$ 1,371	$ 1,342
Purchase of equity investment					$ 192	$ 0
Axo
Schedule of Equity Method Investments [Line Items]
Ownership stake percentage	49.00%
Investment	$ 192
Purchase of equity investment	179
Acquisition costs	$ 13
BFL \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership stake percentage		35.00%
Purchase of equity investment		$ 344
Number of stores \| store		100

Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Accounting Policies [Abstract]
Operating cash flows paid for operating leases	$ 1,575	$ 1,508
Lease liabilities arising from obtaining right of use assets	$ 1,503	$ 1,595

Property at Cost - Components of Property at Cost (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Property, Plant and Equipment [Line Items]
Total property at cost	$ 15,646	$ 14,619	$ 14,103
Less: accumulated depreciation and amortization	8,510	8,048	7,841
Net property at cost	7,136	6,571	6,262
Land and buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,436	2,179	2,097
Leasehold costs and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,670	4,306	4,163
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,540	$ 8,134	$ 7,843

Property at Cost - Additional information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 265	$ 243	$ 791	$ 707
Accrued capital additions			$ 199	$ 168

Accumulated Other Comprehensive (Loss) Income - Change in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 7,782	$ 6,608	$ 7,302	$ 6,364	$ 6,364
Foreign currency translation adjustments, net of taxes			(15)		30
Recognition of net gains on benefit obligations, net of taxes					43
Amortization of prior service cost and deferred gains, net of taxes	0	0	0	1	1
Ending balance	8,173	6,833	8,173	6,833	7,302
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(532)	(551)	(532)	(606)	(606)
Ending balance	(547)	$ (653)	(547)	(653)	(532)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(514)	(544)	(544)
Foreign currency translation adjustments, net of taxes			(15)		30
Ending balance	(529)		(529)		(514)
Deferred Benefit Costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(18)	$ (62)	(62)
Recognition of net gains on benefit obligations, net of taxes					43
Amortization of prior service cost and deferred gains, net of taxes			0		1
Ending balance	$ (18)		$ (18)		$ (18)

Capital Stock and Earnings Per Share - Additional Information (Details) - USD ($) shares in Millions, $ in Billions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 29, 2024
Equity [Abstract]
Stock repurchase program, additional authorized amount					$ 2.5
Remaining available stock under stock repurchase plan	$ 1.9		$ 1.9
Antidilutive options excluded (in shares)	4	5	4	5

Capital Stock and Earnings Per Share - Summary of Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Equity [Abstract]
Total number of shares repurchased and retired (in shares)	5.0	7.2	15.4	20.4
Total cost	$ 574	$ 650	$ 1,642	$ 1,700

Capital Stock and Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Basic earnings per share
Net income	$ 1,297	$ 1,191	$ 3,466	$ 3,071
Weighted average common shares outstanding for basic earnings per share calculation (in shares)	1,127	1,144	1,130	1,148
Basic earnings per share (in dollars per share)	$ 1.15	$ 1.04	$ 3.07	$ 2.68
Diluted earnings per share:
Net income	$ 1,297	$ 1,191	$ 3,466	$ 3,071
Weighted average common shares outstanding for basic earnings per share calculation (in shares)	1,127	1,144	1,130	1,148
Assumed exercise/vesting of stock options and awards (in shares)	14	14	14	13
Weighted average common shares outstanding for diluted earnings per share calculations (in shares)	1,141	1,158	1,144	1,161
Diluted earnings per share (in dollars per share)	$ 1.14	$ 1.03	$ 3.03	$ 2.65
Cash dividends declared per share (in dollars per share)	$ 0.375	$ 0.3325	$ 1.125	$ 0.9975

Financial Instruments - Additional Information (Details)	9 Months Ended
	Nov. 02, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedge of diesel fuel requirement, remainder of fiscal year 2023	50.00%
Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Term of derivative contracts	30 days

Financial Instruments - Summary of Derivative Financial Instruments, Related Fair Value and Balance Sheet Classification (Details) € in Millions, £ in Millions, zł in Millions, gal / mo in Millions, $ in Millions, $ in Millions, $ in Millions	9 Months Ended		12 Months Ended
	Nov. 02, 2024 EUR (€) gal / mo	Oct. 28, 2023 EUR (€) gal / mo	Feb. 03, 2024 EUR (€) gal / mo	Nov. 02, 2024 GBP (£)	Nov. 02, 2024 USD ($)	Nov. 02, 2024 AUD ($)	Nov. 02, 2024 CAD ($)	Nov. 02, 2024 PLN (zł)	Feb. 03, 2024 GBP (£)	Feb. 03, 2024 USD ($)	Feb. 03, 2024 AUD ($)	Feb. 03, 2024 CAD ($)	Feb. 03, 2024 PLN (zł)	Oct. 28, 2023 GBP (£)	Oct. 28, 2023 USD ($)	Oct. 28, 2023 AUD ($)	Oct. 28, 2023 CAD ($)	Oct. 28, 2023 PLN (zł)
Derivatives, Fair Value [Line Items]
Current Asset U.S.$					$ 23.6					$ 11.5					$ 56.4
Current (Liability) U.S.$					(25.0)					(20.9)					(10.2)
Net Fair Value in U.S.$					(1.4)					(9.4)					46.2
Economic hedges for which hedge accounting was not elected \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Current Asset U.S.$															2.7
Current (Liability) U.S.$															0.0
Net Fair Value in U.S.$															$ 2.7
Economic hedges for which hedge accounting was not elected \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Current Asset U.S.$					0.0					0.0
Current (Liability) U.S.$					(16.3)					(7.2)
Net Fair Value in U.S.$					$ (16.3)					$ (7.2)
Conversion of Euro to Pound \| Intercompany billings in TJX International, primarily merchandise \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate			0.8604						0.8604	0.8604	0.8604	0.8604	0.8604
Current Asset U.S.$										$ 0.9
Current (Liability) U.S.$										0.0
Net Fair Value in U.S.$										$ 0.9
Conversion of Euro to Pound \| Intercompany billings in TJX International, primarily merchandise \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.8341	0.8646		0.8341	0.8341	0.8341	0.8341	0.8341						0.8646	0.8646	0.8646	0.8646	0.8646
Current Asset U.S.$					$ 0.0										$ 0.0
Current (Liability) U.S.$					(1.2)										(1.1)
Net Fair Value in U.S.$					$ (1.2)										$ (1.1)
Conversion of Australian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.6694	0.6677		0.6694	0.6694	0.6694	0.6694	0.6694						0.6677	0.6677	0.6677	0.6677	0.6677
Current Asset U.S.$					$ 1.2										$ 1.9
Current (Liability) U.S.$					0.0										0.0
Net Fair Value in U.S.$					$ 1.2										$ 1.9
Conversion of Australian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate			0.6620						0.6620	0.6620	0.6620	0.6620	0.6620
Current Asset U.S.$										$ 0.8
Current (Liability) U.S.$										(0.1)
Net Fair Value in U.S.$										$ 0.7
Conversion of Pound to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	1.2960	1.2537	1.2549	1.2960	1.2960	1.2960	1.2960	1.2960	1.2549	1.2549	1.2549	1.2549	1.2549	1.2537	1.2537	1.2537	1.2537	1.2537
Current Asset U.S.$					$ 4.7					$ 1.5					$ 14.7
Current (Liability) U.S.$					(3.5)					(5.0)					(0.1)
Net Fair Value in U.S.$					$ 1.2					$ (3.5)					$ 14.6
Conversion of Canadian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.7318	0.7440		0.7318	0.7318	0.7318	0.7318	0.7318						0.7440	0.7440	0.7440	0.7440	0.7440
Current Asset U.S.$					$ 10.5										$ 16.8
Current (Liability) U.S.$					0.0										0.0
Net Fair Value in U.S.$					$ 10.5										$ 16.8
Conversion of Canadian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate			0.7408						0.7408	0.7408	0.7408	0.7408	0.7408
Current Asset U.S.$										$ 1.4
Current (Liability) U.S.$										(3.6)
Net Fair Value in U.S.$										$ (2.2)
Conversion of Canadian Dollar to Euro \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate			0.6797						0.6797	0.6797	0.6797	0.6797	0.6797
Current Asset U.S.$										$ 0.0
Current (Liability) U.S.$										(0.3)
Net Fair Value in U.S.$										$ (0.3)
Conversion of Canadian Dollar to Euro \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.6636	0.6826		0.6636	0.6636	0.6636	0.6636	0.6636						0.6826	0.6826	0.6826	0.6826	0.6826
Current Asset U.S.$					$ 0.1										$ 0.2
Current (Liability) U.S.$					(0.0)										(0.1)
Net Fair Value in U.S.$					$ 0.1										$ 0.1
Conversion of Zloty to Pound \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate		0.1900												0.1900	0.1900	0.1900	0.1900	0.1900
Current Asset U.S.$															$ 0.0
Current (Liability) U.S.$															(3.6)
Net Fair Value in U.S.$															$ (3.6)
Conversion of Zloty to Pound \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.1951		0.1930	0.1951	0.1951	0.1951	0.1951	0.1951	0.1930	0.1930	0.1930	0.1930	0.1930
Current Asset U.S.$					$ 2.3					$ 0.0
Current (Liability) U.S.$					(0.1)					(3.1)
Net Fair Value in U.S.$					$ 2.2					$ (3.1)
Conversion of US Dollar to Euro \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate		0.9190												0.9190	0.9190	0.9190	0.9190	0.9190
Current Asset U.S.$															$ 0.0
Current (Liability) U.S.$															(3.2)
Net Fair Value in U.S.$															(3.2)
Conversion of US Dollar to Euro \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.9114		0.9191	0.9114	0.9114	0.9114	0.9114	0.9114	0.9191	0.9191	0.9191	0.9191	0.9191
Current Asset U.S.$					$ 0.1					$ 0.3
Current (Liability) U.S.$					(1.4)					(1.0)
Net Fair Value in U.S.$					(1.3)					(0.7)
Pay \| Economic hedges for which hedge accounting was not elected \| Prepaid Exp \| Minimum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo		3.0
Pay \| Economic hedges for which hedge accounting was not elected \| Prepaid Exp \| Maximum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo		3.8
Pay \| Economic hedges for which hedge accounting was not elected \| (Accrued Exp) \| Minimum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo	3.1		3.0
Pay \| Economic hedges for which hedge accounting was not elected \| (Accrued Exp) \| Maximum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo	4.2		3.8
Pay \| Conversion of Euro to Pound \| Intercompany billings in TJX International, primarily merchandise \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €			€ 130
Pay \| Conversion of Euro to Pound \| Intercompany billings in TJX International, primarily merchandise \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €	€ 181	€ 118
Pay \| Conversion of Australian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount						$ 92										$ 58
Pay \| Conversion of Australian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount											$ 82
Pay \| Conversion of Pound to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £				£ 478					£ 353					£ 365
Pay \| Conversion of Canadian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount							$ 834										$ 773
Pay \| Conversion of Canadian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount												$ 668
Pay \| Conversion of Canadian Dollar to Euro \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount												$ 29
Pay \| Conversion of Canadian Dollar to Euro \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount							$ 33										$ 35
Pay \| Conversion of Zloty to Pound \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| zł																		zł 581
Pay \| Conversion of Zloty to Pound \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| zł								zł 524					zł 508
Pay \| Conversion of US Dollar to Euro \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount															120.0
Pay \| Conversion of US Dollar to Euro \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount					127.0					109.0
Receive \| Economic hedges for which hedge accounting was not elected \| Prepaid Exp \| Minimum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo		3.0
Receive \| Economic hedges for which hedge accounting was not elected \| Prepaid Exp \| Maximum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo		3.8
Receive \| Economic hedges for which hedge accounting was not elected \| (Accrued Exp) \| Minimum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo	3.1		3.0
Receive \| Economic hedges for which hedge accounting was not elected \| (Accrued Exp) \| Maximum
Derivatives, Fair Value [Line Items]
Derivative nonmonetary notional amount \| gal / mo	4.2		3.8
Receive \| Conversion of Euro to Pound \| Intercompany billings in TJX International, primarily merchandise \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £									112
Receive \| Conversion of Euro to Pound \| Intercompany billings in TJX International, primarily merchandise \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £				151										102
Receive \| Conversion of Australian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount					62.0										39.0
Receive \| Conversion of Australian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount										55.0
Receive \| Conversion of Pound to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount					619.0					443.0					458.0
Receive \| Conversion of Canadian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount					$ 610.0										$ 575.0
Receive \| Conversion of Canadian Dollar to US Dollar \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount										$ 495.0
Receive \| Conversion of Canadian Dollar to Euro \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €			€ 20
Receive \| Conversion of Canadian Dollar to Euro \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €	€ 22	€ 24
Receive \| Conversion of Zloty to Pound \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £														£ 110
Receive \| Conversion of Zloty to Pound \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £				£ 102					£ 98
Receive \| Conversion of US Dollar to Euro \| Merchandise purchase commitments \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		€ 110
Receive \| Conversion of US Dollar to Euro \| Merchandise purchase commitments \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €	€ 116		€ 100
Fair value hedges \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.8546			0.8546	0.8546	0.8546	0.8546	0.8546
Current Asset U.S.$					$ 1.3
Current (Liability) U.S.$					0.0
Net Fair Value in U.S.$					$ 1.3
Fair value hedges \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate		0.8738												0.8738	0.8738	0.8738	0.8738	0.8738
Current Asset U.S.$															$ 0.0
Current (Liability) U.S.$															(0.1)
Net Fair Value in U.S.$															$ (0.1)
Fair value hedges \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate			0.8622						0.8622	0.8622	0.8622	0.8622	0.8622
Current Asset U.S.$										$ 0.1
Current (Liability) U.S.$										(0.1)
Net Fair Value in U.S.$										$ 0.0
Fair value hedges \| Conversion of Australian Dollar to US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.6637	0.6937	0.6751	0.6637	0.6637	0.6637	0.6637	0.6637	0.6751	0.6751	0.6751	0.6751	0.6751	0.6937	0.6937	0.6937	0.6937	0.6937
Current Asset U.S.$					$ 1.5					$ 2.7					$ 8.4
Current (Liability) U.S.$					0.0					0.0					0.0
Net Fair Value in U.S.$					$ 1.5					$ 2.7					$ 8.4
Fair value hedges \| Conversion of US Dollar to Pound \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate	0.7898			0.7898	0.7898	0.7898	0.7898	0.7898
Current Asset U.S.$					$ 1.3
Current (Liability) U.S.$					0.0
Net Fair Value in U.S.$					$ 1.3
Fair value hedges \| Conversion of US Dollar to Pound \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate		0.8010	0.7898						0.7898	0.7898	0.7898	0.7898	0.7898	0.8010	0.8010	0.8010	0.8010	0.8010
Current Asset U.S.$										$ 0.0					$ 0.0
Current (Liability) U.S.$										(0.2)					(2.0)
Net Fair Value in U.S.$										$ (0.2)					$ (2.0)
Fair value hedges \| Conversion of Pound to US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate		1.2396	1.2727						1.2727	1.2727	1.2727	1.2727	1.2727	1.2396	1.2396	1.2396	1.2396	1.2396
Current Asset U.S.$										$ 0.8					$ 3.9
Current (Liability) U.S.$										0.0					0.0
Net Fair Value in U.S.$										$ 0.8					$ 3.9
Fair value hedges \| Conversion of Pound to US Dollar \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	1.2712			1.2712	1.2712	1.2712	1.2712	1.2712
Current Asset U.S.$					$ 0.0
Current (Liability) U.S.$					(2.3)
Net Fair Value in U.S.$					$ (2.3)
Fair value hedges \| Conversion Of Euro To US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Blended Contract Rate		1.1008												1.1008	1.1008	1.1008	1.1008	1.1008
Current Asset U.S.$															$ 7.8
Current (Liability) U.S.$															0.0
Net Fair Value in U.S.$															7.8
Fair value hedges \| Conversion Of Euro To US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Blended Contract Rate	1.0970		1.0969	1.0970	1.0970	1.0970	1.0970	1.0970	1.0969	1.0969	1.0969	1.0969	1.0969
Current Asset U.S.$					$ 0.6					$ 3.0
Current (Liability) U.S.$					(0.2)					(0.3)
Net Fair Value in U.S.$					0.4					2.7
Fair value hedges \| Pay \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €	€ 78
Fair value hedges \| Pay \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		€ 60
Fair value hedges \| Pay \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €			€ 78
Fair value hedges \| Pay \| Conversion of Australian Dollar to US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount						$ 210					$ 140					$ 150
Fair value hedges \| Pay \| Conversion of US Dollar to Pound \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount					70.0
Fair value hedges \| Pay \| Conversion of US Dollar to Pound \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount										70.0					69.0
Fair value hedges \| Pay \| Conversion of Pound to US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £									£ 100					£ 150
Fair value hedges \| Pay \| Conversion of Pound to US Dollar \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £				£ 100
Fair value hedges \| Pay \| Conversion Of Euro To US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €		€ 200
Fair value hedges \| Pay \| Conversion Of Euro To US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| €	€ 200		€ 200
Fair value hedges \| Receive \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £				67
Fair value hedges \| Receive \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £														52
Fair value hedges \| Receive \| Conversion of Euro to Pound \| Intercompany balances, primarily debt \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £									67
Fair value hedges \| Receive \| Conversion of Australian Dollar to US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount					139.0					95.0					104.0
Fair value hedges \| Receive \| Conversion of US Dollar to Pound \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £				£ 55
Fair value hedges \| Receive \| Conversion of US Dollar to Pound \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount \| £									£ 55					£ 55
Fair value hedges \| Receive \| Conversion of Pound to US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount										127.0					186.0
Fair value hedges \| Receive \| Conversion of Pound to US Dollar \| Intercompany balances, primarily debt \| (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount					127.0
Fair value hedges \| Receive \| Conversion Of Euro To US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp
Derivatives, Fair Value [Line Items]
Derivative notional amount															$ 220.0
Fair value hedges \| Receive \| Conversion Of Euro To US Dollar \| Intercompany balances, primarily debt \| Prepaid Exp / (Accrued Exp)
Derivatives, Fair Value [Line Items]
Derivative notional amount					$ 219.0					$ 219.0

Financial Instruments - Impact of Derivative Financial Instruments on Statement of Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of sales, including buying and occupancy costs, Selling, general and administrative expenses	Cost of sales, including buying and occupancy costs, Selling, general and administrative expenses	Cost of sales, including buying and occupancy costs, Selling, general and administrative expenses	Cost of sales, including buying and occupancy costs, Selling, general and administrative expenses
Amount of (Loss) Gain Recognized in Income by Derivative	$ 1	$ 75	$ 1	$ 52
Intercompany balances, primarily debt \| Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Income by Derivative	2	26	3	29
Diesel fuel contracts \| Economic hedges for which hedge accounting was not elected
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Income by Derivative	(6)	2	(22)	(6)
Intercompany billings in TJX International, primarily merchandise \| Economic hedges for which hedge accounting was not elected
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Income by Derivative	4	(2)	5	2
Merchandise purchase commitments \| Economic hedges for which hedge accounting was not elected
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Income by Derivative	$ 1	$ 49	$ 15	$ 27

Fair Value Measurements - Financial Assets and Liabilities on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Executive Savings Plan investments \| Level 1
Assets:
Executive Savings Plan investments	$ 465.8	$ 405.7	$ 366.6
Foreign currency exchange contracts \| Level 2
Assets:
Foreign currency exchange contracts	23.6	11.5	53.7
Liabilities:
Foreign currency exchange contracts	8.7	13.7	10.2
Diesel fuel contracts \| Level 2
Assets:
Diesel fuel contracts	0.0	0.0	2.7
Liabilities:
Diesel fuel contracts	$ 16.3	$ 7.2	$ 0.0

Fair Value Measurements - Schedule of Carrying Values and Fair Value Estimates of Long-Term Debt (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Fair Value Disclosures [Abstract]
Long-term debt, Carrying Value	$ 2,865	$ 2,862	$ 2,861
Long-term debt, Fair Value	$ 2,640	$ 2,630	$ 2,470

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Nov. 02, 2024 segment
Segment Reporting [Abstract]
Number of business segments	4

Segment Information - Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 14,063	$ 13,265	$ 40,010	$ 37,806
General corporate expense	2,748	2,578	7,814	7,375
Interest (income) expense, net	(43)	(41)	(139)	(116)
Income before income taxes	1,736	1,589	4,594	4,124
Operating segments
Segment Reporting Information [Line Items]
Total segment profit	1,843	1,673	4,978	4,483
Operating segments \| Marmaxx
Segment Reporting Information [Line Items]
Total net sales	8,438	8,107	24,633	23,376
Total segment profit	1,207	1,134	3,495	3,246
Operating segments \| HomeGoods
Segment Reporting Information [Line Items]
Total net sales	2,355	2,208	6,535	6,185
Total segment profit	290	228	679	547
Operating segments \| TJX Canada
Segment Reporting Information [Line Items]
Total net sales	1,382	1,317	3,739	3,578
Total segment profit	209	223	533	532
Operating segments \| TJX International
Segment Reporting Information [Line Items]
Total net sales	1,888	1,633	5,103	4,667
Total segment profit	137	88	271	158
Corporate
Segment Reporting Information [Line Items]
General corporate expense	$ 150	$ 125	$ 523	$ 475

Pension Plans and Other Retirement Benefits - Financial Information Related to Funded Defined Benefit Pension Plan and Unfunded Supplemental Pension Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8	$ 8	$ 24	$ 25
Interest cost	17	18	53	54
Expected return on plan assets	(21)	(20)	(60)	(60)
Amortization of net actuarial loss and prior service cost/(credit)	0	0	(1)	0
Total expense	4	6	16	19
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	2	2
Interest cost	1	2	4	5
Expected return on plan assets	0	0	0	0
Amortization of net actuarial loss and prior service cost/(credit)	0	0	1	1
Total expense	$ 2	$ 3	$ 7	$ 8

Pension Plans and Other Retirement Benefits - Additional Information (Details) $ in Millions	9 Months Ended
	Nov. 02, 2024 USD ($)
Retirement Benefits [Abstract]
Minimum percentage of pension liability	80.00%
Expected future employer contributions, remainder of fiscal 2023	$ 11

Long-Term Debt and Credit Lines - Exclusive of Current Installments (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Debt Instrument [Line Items]
Debt issuance costs	$ (12)	$ (14)	$ (15)
Long-term debt	2,865	2,862	2,861
Senior Notes
Debt Instrument [Line Items]
Total debt	$ 2,877	2,876	2,876
Senior Notes \| 2.25% Senior Unsecured Notes Due September 15, 2026
Debt Instrument [Line Items]
Debt instrument, interest rate	2.25%
Effective interest rate	2.32%
Total debt	$ 998	998	998
Senior Notes \| 1.150% Senior Unsecured Notes Due May 15, 2028
Debt Instrument [Line Items]
Debt instrument, interest rate	1.15%
Effective interest rate	1.18%
Total debt	$ 500	499	499
Senior Notes \| 3.875% Senior Unsecured Notes Due April 15, 2030
Debt Instrument [Line Items]
Debt instrument, interest rate	3.875%
Effective interest rate	3.89%
Total debt	$ 496	496	496
Senior Notes \| 1.600% Senior Unsecured Notes Due May 15, 2031
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%
Effective interest rate	1.61%
Total debt	$ 500	500	500
Senior Notes \| 4.500% Senior Unsecured Notes Due April 15, 2050
Debt Instrument [Line Items]
Debt instrument, interest rate	4.50%
Effective interest rate	4.52%
Total debt	$ 383	$ 383	$ 383

Long-Term Debt and Credit Lines - Additional Information (Details)	May 08, 2023	Nov. 02, 2024 USD ($) facility	Nov. 02, 2024 CAD ($) facility	Nov. 02, 2024 GBP (£) facility	Feb. 03, 2024 USD ($) facility	Feb. 03, 2024 CAD ($) facility	Feb. 03, 2024 GBP (£) facility	Oct. 28, 2023 USD ($) facility	Oct. 28, 2023 CAD ($) facility	Oct. 28, 2023 GBP (£) facility
Debt Instrument [Line Items]
Revolving credit facilities, number \| facility		2	2	2
Covenant, maximum leverage ratio		3.50	3.50	3.50
TJX Canada
Debt Instrument [Line Items]
Revolving credit facilities, number \| facility		2	2	2	2	2	2	2	2	2
Credit facilities, amount outstanding			$ 0			$ 0			$ 0
Current borrowing capacity			10,000,000			10,000,000			10,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolver, maximum borrowing capacity		$ 1,500,000,000
Letter of Credit \| TJX Canada
Debt Instrument [Line Items]
Credit facilities, amount outstanding			0			0			0
Current borrowing capacity			$ 10,000,000			$ 10,000,000			$ 10,000,000
TJX Europe Credit Line \| TJX International
Debt Instrument [Line Items]
Credit facilities, amount outstanding \| £				£ 0			£ 0			£ 0
Current borrowing capacity \| £				£ 5,000,000			£ 5,000,000			£ 5,000,000
Revolving Credit Facility Due June 25, 2026 \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolver, maximum borrowing capacity		1,000,000,000
Revolving Credit Facility Due May 10, 2024 \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolver, maximum borrowing capacity		500,000,000
2028 Revolving Credit Facility
Debt Instrument [Line Items]
Credit spread adjustment	0.10%
2028 Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit spread adjustment	0.45%
2028 Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit spread adjustment	0.875%
2028 Revolving Credit Facility \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit spread adjustment	0.05%
2028 Revolving Credit Facility \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit spread adjustment	0.125%
Revolving Credit Facility Due March 11, 2022 \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facilities, amount outstanding		$ 0			$ 0			$ 0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	25.30%	25.00%
Net unrecognized tax benefits	$ 203	$ 266	$ 228
Accrued amounts for interest and penalties	27	$ 42	$ 32
Possible decrease in unrecognized tax benefits that would reduce the provision for taxes on earnings (up to)	$ 23

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