TJX COMPANIES INC /DE/
For the period ended Aug 1, 2026. Filed Aug 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 1, 2026 · Filed Aug 28, 2026
TJX$135.30-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-05-02; filed 2026-05-29.
0000109198-26-000034
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-08-01; filed 2026-08-28.
0000109198-26-000048
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 113 previous paragraphs and 131 current paragraphs.
63 unchanged; 45 reworded; 21 added; 5 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
The Thirteen Weeks (second quarter) and Twenty-Six Weeks (six months) Ended August 1, 2026
Current report
The Thirteen Weeks (second quarter) and Twenty-Six Weeks (six months) Ended August 2, 2025
Current report
–Net sales increased 5% to $15.2 billion for the second quarter of fiscal 2027 versus last year’s second quarter sales of $14.4 billion.
Current report
–Diluted earnings per share for the second quarter of fiscal 2027 were $1.36 versus $1.10 in the second quarter of fiscal 2026.
Current report
IEEPA Tariffs
Current report
During the second quarter offiscal 2027, we have received$331 million of IEEPA related tariff refunds eligible under phases 1 and 2 of the CBP process, which includes an immaterial amount of interest, and recognized the benefit within Cost of sales, including buying and occupancy costs. As a result of these tariff refunds, we have accrued incremental expenses of$112 million for year-end incentive compensation and discretionary bonuses for eligible Associates globally which impact both Cost of sales, including buying and occupancy costs and SG&A costs. The net benefit of tariff refunds was$219 million for thesecond quarter of fiscal 2027.
Current report
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 66.6% for the second quarter of fiscal 2027, a decrease of 2.7 percentage points compared to 69.3% for the second quarter of fiscal 2026. The decrease in the cost of sales ratio, including buying and occupancy costs, for the second quarter of fiscal 2027 was driven by a net benefit from tariff refunds, and favorable merchandise margin due to higher markon.
Current report
SG&A expenses, as a percentage of net sales, was 19.9% for the first six months of fiscal 2027, an increase of 0.4 percentage points compared to 19.5% for the first six months of fiscal 2026.
Current report
The increase in the SG&A ratio for both the second quarter and first six months of fiscal 2027 was driven by incremental compensation expense accruals related to tariff refunds received in the second quarter and incremental store wage and payroll costs.
Current report
Net income was $2.9 billion, or $2.55 per diluted share, and $2.3 billion, or $2.02 per diluted share, for the first six months of fiscal 2027 and fiscal 2026, respectively. The net benefit from tariff refunds resulted in a benefit of $0.14 on diluted earnings per share for the first six months of fiscal 2027. Foreign currency had a $0.02 positive impact on diluted earnings per share for the first six months of fiscal 2027 and a neutral impact on diluted earnings per share for the first six months of fiscal 2026.
Current report
Net sales for Marmaxx were $17.8 billion for the first six months of fiscal 2027, an increase of 5% compared to $16.9 billion for the first six months of fiscal 2026. This increase in the first six months reflects a 3% increase in comp sales and a 2% increase from non-comp sales.
Current report
Segment profit margin increased to 15.2% for the first six months of fiscal 2027 compared to 14.0% for the same period last year. The increase in segment profit margin for the first six months of fiscal 2027 was driven by a net benefit from tariff refunds and favorable merchandise margin due to higher markon, partially offset by investments in supply chain and incremental store wage and payroll costs.
Current report
Net sales for HomeGoods were $5.0 billion for the first six months of fiscal 2027, an increase of 10%, compared to $4.5 billion for the first six months of fiscal 2026. This increase in the first six months reflects an 8% increase in comp sales and a 2% increase from non-comp sales.
Current report
Segment profit margin increased to 15.2% for the first six months of fiscal 2027 compared to 10.1% for the same period last year. This increase in segment profit margin for the first six months of fiscal 2027 was driven by a net benefit from tariff refunds, favorable merchandise margin, expense leverage on higher comp sales and lower supply chain and store costs, partially offset by incremental store wage and payroll costs. Merchandise margin reflects favorable markon and lower freight costs, partially offsetby higher markdowns.
Current report
Net sales for TJX Canada were $1.5 billion for the second quarter of fiscal 2027, an increase of 6%, compared to $1.4 billion for the second quarter of fiscal 2026. This increase in the second quarter reflects a 6% increase in comp sales, a 2% increase from non-comp sales, partially offset by a negative foreign currency impact of 2%.
Current report
Segment profit margin decreased to 15.6% for the second quarter of fiscal 2027 compared to 16.0% for the same period last year. This decrease for the second quarter of fiscal 2027 was primarily driven byincremental compensation expense accruals related to tariff refundsand additional payroll costs, partially offset by expense leverage on higher comp sales and favorable merchandise margin. Within merchandise margin, higher markon was driven by the positive impact of transactional foreign exchange on the cost of merchandise, partially offset by higher freight costs.
Current report
Net sales for TJX International were $4.0 billion for the first six months of fiscal 2027, an increase of 12%, compared to $3.6 billion for the first six months of fiscal 2026. This increase in the first six months reflects a 6% increase in comp sales, positive foreign currency impact of 4% and a 2% increase from non-comp sales.
Current report
Segment profit margin increased to 6.4% for the second quarter of fiscal 2027 compared to 5.2% for the same period last year. This increase for the second quarter of fiscal 2027 was primarily driven by favorable merchandise margin and expense leverage on higher comp sales, partially offset by incremental compensation expense accruals related to tariff refunds. Within merchandise margin, higher markon was driven by the positive impact of transactional foreign exchange on the cost of merchandise.
Current report
Segment profit margin increased to 5.6% for the first six months of fiscal 2027 compared to 4.8% for the same period last year. This increase for the first six months of fiscal 2027 was driven by favorable merchandise margin and expense leverage on higher comp sales, partially offset incremental compensation expense accruals related to tariff refunds and incremental store wage and payroll costs. Within merchandise margin, higher markon was driven by the positive impact of transactional foreign exchange on the cost of merchandise.
Current report
The increase in general corporate expense for the second quarter of fiscal 2027 was primarily driven by the unfavorable year-over-year impact related to the mark-to-market adjustments on inventory and fuel hedge, incremental compensation expense accruals related to tariff refundsand higher other administrative costs.
Removed paragraphs (5)
Previous report
The Thirteen Weeks (first quarter) Ended May 2, 2026
Previous report
The Thirteen Weeks (first quarter) Ended May 3, 2025
Previous report
–Diluted earnings per share for the first quarter of fiscal 2027 were $1.19 versus $0.92 in the first quarter of fiscal 2026.
Previous report
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 68.7% for the first quarter of fiscal 2027, a decrease of 1.8 percentage points compared to 70.5% for the first quarter of fiscal 2026.
Previous report
Segment profit margin increased to 4.6% for the first quarter of fiscal 2027 compared to 4.3% for the same period last year. This increase for the first quarter of fiscal 2027 was primarily due to favorable merchandise margin, partially offset by incremental store wage. Within merchandise margin, higher markon, driven by the positive impact of transactional foreign exchange on the cost of merchandise, was partially offset by higher markdowns.
Reworded paragraphs (45)
Previous wording
–Consolidated comp sales increased 6% for the first quarter of fiscal 2027. See Net Sales below for our definition of comp sales.
Current wording
–Consolidated comp sales increased 4% for the second quarter of fiscal 2027. See Net Sales below for our definition of comp sales.
Previous wording
–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the first quarter of fiscal 2027 was 12.0%, a 1.7 percentage point increase compared with 10.3% in the first quarter of fiscal 2026.
Current wording
–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the second quarter of fiscal 2027 was 13.3%, a 1.9 percentage point increase compared with 11.4% in the second quarter of fiscal 2026.
Previous wording
–Our cost of sales, including buying and occupancy costs, ratio for the first quarter of fiscal 2027 was 68.7%, a 1.8 percentage point decrease compared with 70.5% in the first quarter of fiscal 2026.
Current wording
–Our cost of sales, including buying and occupancy costs, ratio for the second quarter of fiscal 2027 was 66.6%, a 2.7 percentage point decrease compared with 69.3% in the second quarter of fiscal 2026.
Previous wording
–Our selling, general and administrative (“SG&A”) expense ratio for the first quarter of fiscal 2027 was 19.5%, a 0.1 percentage point increase compared with 19.4% in the first quarter of fiscal 2026.
Current wording
–Our selling, general and administrative (“SG&A”) expense ratio for the second quarter of fiscal 2027 was 20.3%, a 0.8 percentage point increase compared with 19.5% in the second quarter of fiscal 2026.
Previous wording
–Net sales increased 9% to $14.3 billion for the first quarter of fiscal 2027 versus last year’s first quarter sales of $13.1 billion. As of May 2, 2026, both the number of stores in operation and the selling square footage increased approximately 3% compared to the end of the first quarter of fiscal 2026.
Current wording
–As of August 1, 2026, both the number of stores in operation and the selling square footage increased approximately 3% compared to the end of the second quarter of fiscal 2026. We have increased our long-term global store target to 7,500 stores.
Previous wording
–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, were up 7% at the end of the first quarter of fiscal 2027 compared to the first quarter of fiscal 2026.
Current wording
–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, were up 2% at the end of the second quarter of fiscal 2027 compared to the second quarter of fiscal 2026.
Previous wording
–During the first quarter of fiscal 2027, we returned $1.1 billion to our shareholders through share repurchases and dividends.
Current wording
–During the second quarter of fiscal 2027, we returned $1.3 billion to our shareholders through share repurchases and dividends.
Previous wording
The extent and duration of the tariffs and the resulting impact on general economic conditions and on our business, including potential IEEPA tariff refunds, continues to be uncertain. Our buying organization’s ability to execute our merchandise sourcing model to offset the effects of the tariffs is a key factor. However, the overall impact depends on a range of factors, including trade negotiations between the U.S. and other countries, responses of other countries, judicial review, exceptions that could be granted and cost of alternative sources of merchandise.
Current wording
The extent and duration of the tariffs and the resulting impact on general economic conditions and on our business, including potential additional International Emergency Economic Powers Act (“IEEPA”) tariff refunds, continues to be uncertain. Our buying organization’s ability to execute our merchandise sourcing model to offset the effects of the tariffs is a key factor. However, the overall impact depends on a range of factors, including trade negotiations between the U.S. and other countries, responses of other countries, judicial review, exceptions that could be granted and cost of alternative sources of merchandise.
Previous wording
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). We estimate we have paid approximately $490 million in IEEPA related tariffs. U.S. Customs and Border Patrol (“CBP”) has established a phased administrative process for submitting refund claims for certain IEEPA tariffs. However, the amount, timing and likelihood of any refund recovery remain uncertain. The amount of any refunds, if received, may not equal the full amount of IEEPA related tariffs paid, and any refunds remain subject to further legal, regulatory or administrative developments.
Current wording
In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under IEEPA. We estimate we have paid an aggregate of approximately$490 million in IEEPA related tariffs. U.S. Customs and Border Patrol (“CBP”) has established a phased administrative process for submitting refund claims for certain IEEPA tariffs.
Previous wording
As of May 2, 2026, we have not recorded a receivable for any potential refunds and continue to monitor ongoing legal, administrative and regulatory processes. We will recognize a receivable and associated income if the right to receive such amounts becomes realized or realizable in accordance with ASC 450, Contingencies. Subsequent to the end of the first quarter of fiscal 2027, we filed for refunds that we believe are eligible under phase 1 of the CBP process and as of May 29, 2026 have received an immaterial amount in refunds.
Current wording
As of August 1, 2026, we have not recorded a receivable for any additional potential refunds. We will recognize a receivable and associated income if the right to receive such amounts becomes realized or realizable in accordance with ASC 450, Contingencies. The amount of any additional refunds, if received, may not equal the full amount of IEEPA related tariffs paid, and any refunds remain subject to further legal, regulatory or administrative developments. TJX continues to monitor ongoing legal, administrative and regulatory processes.
Previous wording
Net sales for the quarter ended May 2, 2026 totaled $14.3 billion, a 9% increase versus first quarter fiscal 2026 net sales of $13.1 billion. This increase reflects a 6% increase in comp sales, a 2% increase from non-comp sales and a 1% positive impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the first quarters of fiscal 2027 and fiscal 2026.
Current wording
Net sales for the quarter ended August 1, 2026 totaled $15.2 billion, a 5% increase versus second quarter fiscal 2026 net sales of $14.4 billion. This increase reflects a 4% increase in comp sales and a 2% increase from non-comp sales, partially offset by a 1% negative impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the second quarters of fiscal 2027 and fiscal 2026.
Previous wording
Comp sales increased 6% and 3% for the first quarter of fiscal 2027 and fiscal 2026, respectively. Both apparel comp sales growth (as defined below) and home comp sales growth (as defined below) performed in line with comp sales growth for the first quarter of fiscal 2027. Comp sales for the first quarter of fiscal 2027 were driven by a higher average basket and an increase in customer transactions.
Current wording
Comp sales increased 4% for both the second quarter of fiscal 2027 and fiscal 2026. Comp sales increased 5% and 4% for the first six months of fiscal 2027 and fiscal 2026, respectively. Home comp sales growth (as defined below) outperformed apparel comp sales growth (as defined below) for both the second quarter and first six months of fiscal 2027. Comp sales for both periods were driven by a higher average basket and an increase in customer transactions.
Previous wording
As of May 2, 2026, both our store count and selling square footage increased approximately 3% compared to the end of the first quarter last year.
Current wording
As of August 1, 2026, our store count increased approximately 3% and selling square footage increased approximately 3% compared to the end of the second quarter last year. We have increased our long-term global store target to 7,500 total stores, reflecting an increase to Marmaxx and HomeGoods store targets by 300 and 200 stores, respectively.
Previous wording
We define comparable sales, or comp sales, to be sales of stores and e-commerce sites that have been in operation for all or a portion of two consecutive fiscal years, or, in other words, stores or e-commerce sites that are starting their third fiscal year of operation. In any given fiscal year, we calculate comp 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 sales percentage is immaterial.
Current wording
We define comparable sales (“comp sales”) to be sales of stores and e-commerce sites that have been in operation for all or a portion of two consecutive fiscal years, or, in other words, stores or e-commerce sites that are starting their third fiscal year of operation. In any given fiscal year, we calculate comp 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 sales percentage is immaterial.
Previous wording
The decrease in the cost of sales ratio, including buying and occupancy costs, for the first quarter of fiscal 2027 was driven by favorable merchandise margin due to higher markon, the favorable year-over-year impact related to the mark-to-market adjustments on inventory and fuel hedges and expense leverage on higher comp sales.
Current wording
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 67.6% for the first six months of fiscal 2027, a decrease of 2.3 percentage points compared to 69.9% for the first six months of fiscal 2026. The decrease in the cost of sales ratio, including buying and occupancy costs, for the first six months of fiscal 2027 was driven by a net benefit from tariff refunds, favorable merchandise margin due to higher markon, the favorable year-over-year impact related to the mark-to-market adjustments on inventory and fuel hedges and expense leverage on higher comp sales.
Previous wording
SG&A expenses, as a percentage of net sales, was 19.5% for the first quarter of fiscal 2027, an increase of 0.1 percentage points compared to 19.4% for the first quarter of fiscal 2026.
Current wording
SG&A expenses, as a percentage of net sales, was 20.3% for the second quarter of fiscal 2027, an increase of 0.8 percentage points compared to 19.5% for the second quarter of fiscal 2026.
Previous wording
Interest (income) expense, net increased for the first quarter of fiscal 2027 compared to the same period in fiscal 2026, primarily due to an increase in interest income driven by a higher average cash balance, partially offset by a decrease in prevailing rates.
Current wording
Interest (income) expense, net increased for both the second quarter and first six months of fiscal 2027 compared to the same periods in fiscal 2026, primarily due to an increase in interest income driven by a higher average cash balance, partially offset by a decrease in prevailing rates.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, making permanent certain expiring provisions of the Tax Cuts and Jobs Act, including 100% accelerated depreciation deductions on qualified property and immediate expensing of domestic research and development costs, as well as modifying some of the international tax rules. These changes have not had a material impact on our income tax provision for the first quarter of fiscal 2027, and we do not expect them to have a material impact on our income tax provision for the fiscal year.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, making permanent certain expiring provisions of the Tax Cuts and Jobs Act, including 100% accelerated depreciation deductions on qualified property and immediate expensing of domestic research and development costs, as well as modifying some of the international tax rules. These changes have not had a material impact on our income tax provision for either the second quarter or the first six months of fiscal 2027, and we do not expect them to have a material impact on our income tax provision for the fiscal year.
Previous wording
A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime (Pillar Two) with effect from January 1, 2024. A comprehensive Side-by-Side Package was released in January 2026, introducing additional safe harbors and options for companies headquartered in jurisdictions with a qualified Side-by-Side regime. Member countries must enact local legislation or update existing regulations to adopt and incorporate the Pillar Two Side-by-Side Package. We continue to evaluate the impacts of proposed and enacted legislation for the jurisdictions in which we operate.
Current wording
A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime (Pillar Two) with effect from January 1, 2024. A comprehensive Side-by-Side Package was released in January 2026, introducing additional safe harbors and options for companies headquartered in jurisdictions with a qualified Side-by-Side regime. Member countries must enact local legislation or update existing regulations to adopt and incorporate the Pillar Two Side-by-Side Package. We continue to evaluate the impacts of proposed and enacted legislation and regulations for the jurisdictions in which we operate.
Previous wording
The effective income tax rate was 22.6% for the first quarter of fiscal 2027 and 23.0% for the first quarter of fiscal 2026. The decrease in the effective tax rate for the first quarter of fiscal 2027 was primarily due to the increase in an excess tax benefit from share-based compensation and a benefit from the acquisition of federal tax credits, partially offset by a reduction of benefits from audit settlements.
Current wording
The effective income tax rate was 24.7% for the second quarter of fiscal 2027 and 24.5% for the second quarter of fiscal 2026. The increase in the effective tax rate for the second quarter of fiscal 2027 was primarily due to an increase in nondeductible items and foreign withholding taxes, partially offset by an increase in the excess tax benefit from share-based compensation. The effective income tax rate was 23.7% for the first six months of fiscal 2027 and 23.9% for the first six months of fiscal 2026. The decrease in the effective income tax rate for the first six months of fiscal 2027 was primarily due to an increase in benefits from the acquisition of federal tax credits and an increase in the excess tax benefit from share-based compensation, partially offset by a reduction in benefits from audit settlements.
Previous wording
Net income was $1.3 billion, or $1.19 per diluted share, and $1 billion, or $0.92 per diluted share, for the first quarter of fiscal 2027 and fiscal 2026, respectively. Foreign currency had a $0.01 positive impact on diluted earnings per share for the first quarter of fiscal 2027 and a $0.02 negative impact on diluted earnings per share for the first quarter of fiscal 2026.
Current wording
Net income was $1.5 billion, or $1.36 per diluted share, and $1.2 billion, or $1.10 per diluted share, for the second quarter of fiscal 2027 and fiscal 2026, respectively. The net benefit from tariff refunds resulted in a benefit of $0.14 on diluted earnings per share for the second quarter of fiscal 2027. Foreign currency had a $0.01 positive impact on diluted earnings per share for the second quarter of fiscal 2027 and a $0.02 positive impact on diluted earnings per share for the second quarter of fiscal 2026.
Previous wording
Net sales for Marmaxx were $8.7 billion for the first quarter of fiscal 2027, an increase of 7% compared to $8.1 billion for the first quarter of fiscal 2026. This increase in the first quarter reflects a 6% increase from comp sales and a 1% increase from non-comp sales.
Current wording
Net sales for Marmaxx were $9.1 billion for the second quarter of fiscal 2027, an increase of 3% compared to $8.8 billion for the second quarter of fiscal 2026. This increase in the second quarter reflects a 2% increase from non-comp sales and a 1% increase in comp sales.
Previous wording
For the first quarter of fiscal 2027, the increase in comp sales was driven by a higher average basket and an increase in customer transactions. Marmaxx apparel comp sales growth outperformed home comp sales growth for the first quarter of fiscal 2027. Geographically, each region performed in line with comp sales growth for the first quarter of fiscal 2027.
Current wording
For the second quarter of fiscal 2027, the increase in comp sales was driven by a higher average basket, partially offset by a decrease in customer transactions. For the first six months of fiscal 2027, the increase in comp sales was driven by a higher average basket and an increase in customer transactions. Both apparel comp sales growth and home sales growth performed in line with the overall comp sales increase for the second quarter of fiscal 2027. Apparel sales growth outperformed home comp sales growth for the first six months of fiscal 2027. Geographically, each region generally performed in line with comp sales growth for both the second quarter and first six months of fiscal 2027.
Previous wording
Segment profit margin increased to 14.7% for the first quarter of fiscal 2027 compared to 13.7% for the same period last year. The increase in segment profit margin for the first quarter of fiscal 2027 was primarily driven by favorable merchandise margin due to higher markon and expense leverage on higher comp sales.
Current wording
Segment profit margin increased to 15.6% for the second quarter of fiscal 2027 compared to 14.2% for the same period last year. The increase in segment profit margin for the second quarter of fiscal 2027 was driven by a net benefit from tariff refunds and favorable merchandise margin due to higher markon, partially offset by expense deleverage on lower comp sales and incremental store wage and payroll costs.
Previous wording
Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented approximately 3% of Marmaxx’s net sales for the first quarter of fiscal 2027 and fiscal 2026, and did not have a significant impact on year-over-year segment margin comparisons.
Current wording
Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented approximately 2% of Marmaxx’s net sales for both the second quarter and first six months of fiscal 2027 and fiscal 2026, and did not have a significant impact on year-over-year segment margin comparisons.
Previous wording
Net sales for HomeGoods were $2.5 billion for the first quarter of fiscal 2027, an increase of 11%, compared to $2.3 billion for the first quarter of fiscal 2026. This increase in the first quarter reflects a 9% increase from comp sales and a 2% increase from non-comp sales.
Current wording
Net sales for HomeGoods were $2.5 billion for the second quarter of fiscal 2027, an increase of 10%, compared to $2.3 billion for the second quarter of fiscal 2026. This increase in the second quarter reflects a 7% increase in comp sales and a 3% increase from non-comp sales.
Previous wording
The increase in comp sales was driven by a higher average basket and an increase in customer transactions for the first quarter of fiscal 2027. Geographically, all regions saw strong comp sales growth with comp sales growth being strongest in the Midwest for the first quarter of fiscal 2027.
Current wording
The increase in comp sales was primarily driven by a higher average basket for both the second quarter and first six months of fiscal 2027. Both periods also had growth in customer transactions. Geographically, all regions saw strong comp sales growth for the second quarter and first six months of fiscal 2027.
Previous wording
Segment profit margin increased to 12.9% for the first quarter of fiscal 2027 compared to 10.2% for the same period last year. This increase in segment profit margin for the first quarter of fiscal 2027 was driven by favorable merchandise margin, expense leverage on higher comp sales and lower supply chain and store costs. Merchandise margin reflects lower freight costs and favorable markon, partially offset by higher markdowns.
Current wording
Segment profit margin increased to 17.6% for the second quarter of fiscal 2027 compared to 10.0% for the same period last year. This increase in segment profit margin for the second quarter of fiscal 2027 was primarily driven by a net benefit from tariff refunds, favorable merchandise margin, lower supply chain and store costs and expense leverage on higher comp sales, partially offset by incremental store wage and payroll costs. Merchandise margin reflects favorable markon and lower freight costs, partially offset by higher markdowns.
Previous wording
Net sales for TJX Canada were $1.3 billion for the first quarter of fiscal 2027, an increase of 12%, compared to $1.1 billion for the first quarter of fiscal 2026. This increase in the first quarter reflects a 7% increase in comp sales, a positive foreign currency impact of 3% and a 2% increase in non-comp sales.
Current wording
Net sales for TJX Canada were $2.8 billion for the first six months of fiscal 2027, an increase of 9%, compared to $2.5 billion for the first six months of fiscal 2026. This increase in the first six months reflects a 7% increase in comp sales, a 1% increase from non-comp sales and a positive foreign currency impact of 1%.
Previous wording
The increase in comp sales for the first quarter of fiscal 2027 was driven by an increase in customer transactions and a higher average basket.
Current wording
The increase in comp sales for both the second quarter and first six months of fiscal 2027 was driven by an increase in customer transactions and a higher average basket.
Previous wording
Segment profit margin increased to 11.7% for the first quarter of fiscal 2027 compared to 10.7% for the same period last year. This increase for the first quarter of fiscal 2027 was primarily driven by expense leverage on higher comp sales and the year-over-year benefit from unfavorable transactional foreign exchange last year.
Current wording
Segment profit margin increased to 13.8% for the first six months of fiscal 2027 compared to 13.6% for the same period last year. This increase for the first six months of fiscal 2027 was driven by expense leverage on higher comp sales, partially offset by incremental compensation expense accruals related to tariff refunds.
Previous wording
Net sales for TJX International were $1.9 billion for the first quarter of fiscal 2027, an increase of 13%, compared to $1.7 billion for the first quarter of fiscal 2026. This increase in the first quarter reflects a positive foreign currency impact of 6%, a 4% increase in comp sales and a 3% increase in non-comp sales.
Current wording
Net sales for TJX International were $2.1 billion for the second quarter of fiscal 2027, an increase of 11%, compared to $1.9 billion for the second quarter of fiscal 2026. This increase in the second quarter reflects a 7% increase in comp sales, a 3% increase from non-comp sales and a positive foreign currency impact of 1%.
Previous wording
The increase in comp sales for the first quarter of fiscal 2027 was driven by an increase in customer transactions and a higher average basket.
Current wording
The increase in comp sales for both the second quarter and first six months of fiscal 2027 was driven by an increase in customer transactions and a higher average basket.
Previous wording
E-commerce sales represented approximately 3% of TJX International’s net sales for the first quarter of fiscal 2027 and approximately 4% for the first quarter of fiscal 2026.
Current wording
E-commerce sales represented approximately 3% of TJX International’s net sales for both the second quarter and first six months of fiscal 2027 and 2026.
Previous wording
The decrease in general corporate expense for the first quarter of fiscal 2027 was primarily driven by the favorable year-over-year impact related to the mark-to-market adjustments on inventory and fuel hedge, partially offset by higher incentive compensation costs.
Current wording
The decrease in general corporate expense for the first six months of fiscal 2027 was primarily driven by the favorable year-over-year impact related to the mark-to-market adjustments on inventory and fuel hedge, partially offset by higher other administrative costs, incremental compensation expense accruals related to tariff refunds and higher incentive compensation costs.
Previous wording
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 May 2, 2026, 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 May 2, 2026, are adequate to meet our operating needs for the foreseeable future. Our 2.25% ten-year Notes due September 2026 will mature during our third quarter of fiscal 2027 and are included within our current maturities of long-term debt. For more information, see Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements.
Current wording
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 August 1, 2026, 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 August 1, 2026, are adequate to meet our operating needs for the foreseeable future. Our 2.250% ten-year Notes due September 2026 will mature during our third quarter of fiscal 2027 and are included within our current maturities of long-term debt. For more information, see Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements.
Previous wording
As of May 2, 2026, we held $5.6 billion in cash. Our foreign subsidiaries held $1.3 billion in cash, including approximately $730 million, primarily in Europe, which represents working capital and is considered indefinitely reinvested. Cash generated from earnings in certain foreign subsidiaries in fiscal 2027 and onward will not be considered indefinitely reinvested. We have provided for and recorded a deferred tax liability for all applicable taxes on undistributed earnings of our foreign subsidiaries that are not indefinitely reinvested through May 2, 2026. 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.
Current wording
As of August 1, 2026, we held $6.0 billion in cash. Our foreign subsidiaries held $1.6 billion in cash, including approximately $730 million, which represents working capital and is considered indefinitely reinvested. Cash generated from earnings in certain foreign subsidiaries in fiscal 2027 is not considered indefinitely reinvested. We have provided for and recorded a deferred tax liability for all applicable taxes on undistributed earnings of our foreign subsidiaries that are not indefinitely reinvested through August 1, 2026. If we repatriate cash from such subsidiaries, we do not expect to incur additional tax expense and our cash would be reduced by the amount of any taxes paid.
Previous wording
Operating activities resulted in net cash inflows of $1.1 billion for the three months ended May 2, 2026 and $394 million for the three months ended May 3, 2025.
Current wording
Operating activities resulted in net cash inflows of $3.3 billion for the six months ended August 1, 2026 and $2.2 billion for the six months ended August 2, 2025.
Previous wording
Operating cash flows increased $725 million compared to fiscal 2026 primarily due to a decrease of prepaid expenses and other current assets related to the receipt of the credit card interchange fees settlement and an increase in net income.
Current wording
Operating cash flows increased $1.1 billion compared to fiscal 2026 primarily due to an increase in net income, which includes the receipt of tariff refunds, and a decrease of prepaid expenses and other current assets related to the receipt of the credit card interchange fees settlement.
Previous wording
Investing activities resulted in net cash outflows of $673 million for the three months ended May 2, 2026 and $503 million for the three months ended May 3, 2025. The cash outflows for both periods were driven by capital expenditures.
Current wording
Investing activities resulted in net cash outflows of $1.2 billion for the six months ended August 1, 2026 and $969 million for the six months ended August 2, 2025. The cash outflows for both periods were driven by capital expenditures.
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Current report — wording carried from elsewhere
Net sales for the six months ended August 1, 2026 totaled $29.5 billion, a 7% increase versus the first six months of fiscal 2026 net sales of $27.5 billion. This increase reflects a 5% increase in comp sales, a 2% increase from non-comp sales and a neutral impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the first six months of fiscal 2027 and fiscal 2026.
Current report — wording carried from elsewhere
We intend to repay the $1 billion 2.250% ten-year Notes due September 2026 during the third quarter of fiscal 2027 upon maturity using operating cash flows. For more information, see Note I – Long-Term debt and Credit Lines of Notes to Consolidated Financial Statements.