TJ Maxx 2004 Annual Report Download

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The TJX Companies, Inc. 2004 Annual Report
The TJX Companies, Inc.
2004 Annual Report

Table of contents

  • Page 1
    The TJX Companies, Inc. 2004 Annual Report The TJX Companies, Inc. 2004 Annual Report

  • Page 2
    ... the United States and worldwide, operating eight businesses at 2004's year end, and ranking 141st in the 2004 Fortune 500 rankings. TJX's o f f - p r i c e c o n c e p t s i n c l u d e T. J. M a x x , M a r s h a l l s , HomeGoods, and A.J. Wright in the U.S., Winners and HomeSense in Canada, and...

  • Page 3
    ... changing assortment of quality, brand name merchandise, every day. Our off-price business model is based on buying opportunistically, rapidly turning inventories, a low cost structure, flexibility in distribution centers and store formats, and IT systems unique to our off-price strategies. With...

  • Page 4
    ...Maxx and Marshalls,posted double-digit comparable store sales increases in 2004.Women's sportswear was another strong category,as we benefited from a resurgence of women's fashion trends during the year.The Marmaxx organization did a superb job of executing our merchandising and inventory strategies...

  • Page 5
    ... learned in 2004 create opportunities to improve performance in 2005 and beyond.We have significant growth potential at every division of the Company and continue to target a 15% compound annual growth rate for earnings per share over the long term.We plan to grow selling square footage by 8% in...

  • Page 6
    ... division, as a growth vehicle for TJX in the short and long term.We founded our T.J. Maxx concept in 1976, with the mission to deliver a rapidly changing assortment of quality, brand name merchandise at prices that are 20 - 60% less than department and specialty store regular prices, every day...

  • Page 7
    ... a department store shopper. Our market analysis proves the power of this strategy - next to T.J. Maxx, the number one shopping destination for our T.J. Maxx customers is Marshalls, and vice versa. Our major growth initiative for The Marmaxx Group in 2004 was the expansion of our jewelry/accessories...

  • Page 8
    ... Maxx and Marshalls, posted an impressive 17% comparable store sales increase in 2004. At T.J. Maxx, we have always enjoyed a strong business in jewelry and accessories,so expanding these highly productive categories was a logical next step for growing this concept. Based on customers' enthusiastic...

  • Page 9
    ...of opportunities for store growth. Our expertise in real estate and customer demographics allows us to locate stores near to where customers live, in tight trading areas, often placing T.J. Maxx near Marshalls, and vice versa, along with HomeGoods nearby, to create off-price shopping destinations.We...

  • Page 10
    ... 4 new stores in 2005 - Long-term store base potential: 200 stores HomeSense - 40 stores in 5 Canadian provinces - 2004 selling square footage growth: 60% - Added 15 stores in 2004 - Average standalone store size: 25,000 square feet - Plan to grow selling square footage by 44% and add 17 stores in...

  • Page 11
    ...-price businesses is the development over the last few years of our jewelry, accessories and footwear categories at Winners, based on our success in these areas at Marmaxx.Customers love these expanded offerings! By the end of 2004, we had over 110 family footwear departments at Winners, adding men...

  • Page 12
    ...-price retail was virtually unknown in that country. A decade later,T.K. Maxx is the place to shop for savvy shoppers in the U.K. and Ireland. Our T.K. Maxx stores are highly productive, with the greatest sales per square foot of any of our concepts. Surpassing $1 billion in sales in 2004,T.K. Maxx...

  • Page 13
    ... U.K., attracting new customers to T.K. Maxx.This well-known location represents one more strategy in our store opening program at T.K. Maxx.This division has done an extremely good job of capitalizing upon a variety of locations, from out-of-town centers to high streets. Further,T.K. Maxx has taken...

  • Page 14
    ...footage growth: 17% Added 34 stores in 2004 Average standalone store size: 27,000 square feet Plan to grow selling square footage by 19% and net 40 new stores in 2005 - Long-term store base potential: 650 stores - - - - - We launched our HomeGoods concept in 1992 as a way to expand upon our success...

  • Page 15
    ... department store regular prices,every day,making HomeGoods a unique shopping destination in home fashions retailing. In 2004, we tested a dual-branding initiative to reach new customers with our HomeGoods concept. This dual branding gives the HomeGoods name equal billing with T.J. Maxx or Marshalls...

  • Page 16
    ...in 2004 Average store size: 26,000 square feet Plan to grow selling square footage space by 20% and add 25 stores in 2005 - Long-term store base potential: 1,000 + stores - - - - - Our launch of A.J.Wright in 1998 introduced our off-price concept to the vast moderate-income customer demographic.The...

  • Page 17
    ... merchandise for the entire family. As we develop this business, we will continue listening to our customers, remaining flexible and nimble, expanding and contracting departments as trends change. We believe we have particular opportunities to make greater statements in children's product lines...

  • Page 18
    ... growth vehicle for our Company over the long term. Bob's Stores is a value-oriented retailer of brand-name, family apparel that has many synergies with our off-price businesses, including similar product categories and potential economies of scale in advertising,real estate and merchandising...

  • Page 19
    ..., and Associates across TJX made contributions through our stores, distribution centers and offices. In 2004, T.J. Maxx marked its 20th year supporting Save the Children as Marshalls continued to support the Juvenile Diabetes Research Foundation and the Family Violence Prevention Fund. HomeGoods...

  • Page 20
    ... Store Locations Selected Financial Data Management's Discussion and Analysis Report of Independent Registered Public Accounting Firm Consolidated Financial Statements Notes to Consolidated Financial Statements: Selected Business Segment Financial Information Selected Quarterly Financial Data...

  • Page 21
    ... Road Framingham, Massachusetts (Address of principal executive offices) 01701 (Zip Code) Registrant's telephone number, including area code (508) 390-1000 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered New York Stock Exchange Title...

  • Page 22
    ..., Marshalls and A.J. Wright chains in the United States, our Winners chain in Canada, and our T.K. Maxx chain in the United Kingdom and Ireland. We sell off-price home fashions through our HomeGoods chain in the United States and our Canadian HomeSense chain, operated by Winners. The target customer...

  • Page 23
    .... T.J. Maxx and Marshalls sell quality, brand name merchandise at prices generally 20%-60% below department and specialty store regular prices. Both chains offer family apparel, accessories, giftware, and home fashions. Within these broad categories, T.J. Maxx offers a shoe assortment for women and...

  • Page 24
    ... off-price strategies employed by T.J. Maxx, Marshalls and Winners, and offers the same type of merchandise. We currently operate 170 T.K. Maxx stores in the United Kingdom and Ireland. T.K. Maxx stores average approximately 28,000 square feet. T.K. Maxx opened 22 stores in the United Kingdom and...

  • Page 25
    ... shoppers. With large, high-volume stores, branded apparel selections, a value orientation and a loyal customer base, Bob's Stores shares many characteristics with our off-price chains. We purchased Bob's Stores on December 24, 2003 and plan to grow Bob's Stores slowly in the short-term as we refine...

  • Page 26
    ... and 5 in Saskatchewan. HomeSense operated 40 stores in Canada: 6 in Alberta, 3 in British Columbia, 1 in New Brunswick, 26 in Ontario and 4 in Quebec. The HomeSense store locations include the HomeSense portion of a superstore. T.K. Maxx operated 165 stores in the United Kingdom and 5 stores in the...

  • Page 27
    ... credit receivables, a TJX Visa card is offered through a major bank for our domestic divisions. The rewards program associated with this card is partially funded by TJX. BUYING AND DISTRIBUTION We operate a centralized buying organization that services both the T.J. Maxx and Marshalls chains...

  • Page 28
    ...support capital expansion, general operating activities and stock repurchase programs. General economic conditions in countries and regions where we operate that affect consumer demand including consumer credit availability, consumer debt levels and delinquencies and default rates, financial market...

  • Page 29
    ...) (542,000 s.f.-owned) (200,000 s.f.-leased) Marshalls T.K. Maxx A.J. Wright Bob's Stores Office Space TJX, T.J. Maxx, Marshalls, HomeGoods, A.J. Wright Bob's Stores Winners and HomeSense T.K. Maxx Framingham and Westboro, Massachusetts (1,139,000 s.f.-leased in several buildings) Meriden...

  • Page 30
    ... to 2004. Senior Vice President, Group Executive of TJX from 1996 to 2000. Senior Vice President, General Merchandise Manager of the T.J. Maxx Division from 1993 to 1996; Senior Vice President, Director of Stores, 1984 to 1993; various store operation positions with TJX, 1979 to 1984. Chairman of...

  • Page 31
    ...2001. Vice President, Controller of The Limited, Inc., from 1998 to 2000. Senior Executive Vice President, Group President, TJX since March 2004. Executive Vice President, Group Executive, International, of TJX from 2001 to 2004. Managing Director of T.K. Maxx from 1995 to 2001. Managing Director of...

  • Page 32
    Information on Share Repurchases The number of shares of common stock repurchased by TJX during the fourth quarter of fiscal 2005 and the average price paid per share is as follows: Total Number of Shares Purchased as Part of Publicly Announced Plan or Program Maximum Number (or Approximate Dollar ...

  • Page 33
    ... After-tax return on average shareholders' equity Total debt as a percentage of total capitalization (3) Stores in operation at year-end: T.J. Maxx Marshalls Winners T.K. Maxx HomeGoods A.J. Wright HomeSense Bob's Stores Total Selling Square Footage at year-end: T.J. Maxx Marshalls Winners T.K. Maxx...

  • Page 34
    ... allowed us to fund our stock repurchase program as well as our capital investment needs. During fiscal 2005, we repurchased 25.1 million of our shares at a cost of $588 million. Average per store inventories, including inventory on hand at our distribution centers were up 1% at the end of fiscal...

  • Page 35
    ... by a 4% same store sales increase at Marmaxx. Marmaxx continued its program of expanding certain departments in its stores and ended the year with 303 T.J. Maxx stores with expanded jewelry/accessories departments and 67 Marshalls stores with expanded footwear departments. These initiatives were...

  • Page 36
    .... Successful execution of our inventory and merchandising strategies and buying closer to need led to this improvement. The contribution from improved merchandise margin was partially offset by higher store occupancy costs as a percentage of sales due to lower-than-planned same store sales growth...

  • Page 37
    ... the selling square footage of the division by 4%. We plan to add expanded jewelry and accessories departments in approximately 267 existing T.J. Maxx stores as well as all new T.J. Maxx stores and to add approximately 56 expanded footwear departments in existing and new Marshalls stores. 17

  • Page 38
    ...In Millions 2005 2004 (53 weeks) 2003 Net sales Segment profit Segment profit as % of net sales Percent increase in same store sales U.S. currency Local currency Stores in operation at end of period Winners HomeSense Selling square footage at end of period (in thousands) Winners HomeSense $1,285...

  • Page 39
    ... of this growth coming from currency exchange rates. The strong segment performance in fiscal 2004 was driven by T.K. Maxx's strong execution of its merchandising and inventory strategies. We added 23 new T.K. Maxx stores in fiscal 2005, and increased the division's selling square footage by 23...

  • Page 40
    ... of its merchandising and inventory strategies in fiscal 2004, and a reduction in distribution and administrative expenses as the business expanded over fiscal 2003. We opened a net of 34 HomeGoods stores in fiscal 2005, a 19% increase, and increased selling square footage of the division by 17...

  • Page 41
    ... operating costs of the non-divisional departments for accounting and budgeting, internal audit, treasury, investor relations, tax, risk management, legal, human resources and systems; and the occupancy and office maintenance costs associated with the corporate staff. In addition, general corporate...

  • Page 42
    ... that capital expenditures will approximate $530 million for fiscal 2006. This includes $168 million for new stores, $262 million for store renovations, expansions and improvements and $100 million for our office and distribution centers. Our planned rate of growth in selling square footage per...

  • Page 43
    ... 2004, and $11.8 million in fiscal 2003. These tax benefits are included in cash provided by operating activities. We traditionally have funded our seasonal merchandise requirements through cash generated from operations, short-term bank borrowings and the issuance of short-term commercial paper...

  • Page 44
    ...include costs for insurance, real estate taxes and common area maintenance costs that we are obligated to pay. These costs were approximately one-third of the total minimum rent for the fiscal year ended January 29, 2005. Our purchase obligations consist of purchase orders for merchandise; purchase...

  • Page 45
    ...S In December 2004, the Financial Accounting Standards Board (''FASB'') issued Statement of Financial Accounting Standards (''SFAS'') No. 123R, ''Share-Based Payment'' (SFAS No. 123R) which requires that the cost of all employee stock options, as well as other equity-based compensation arrangements...

  • Page 46
    ... position, results of operations or cash ï¬,ows. Our cash equivalents and short-term investments and certain lines of credit bear variable interest rates. Changes in interest rates affect interest earned and paid by the Company. We occasionally enter into financial instruments to manage our cost...

  • Page 47
    of the Securities Exchange Act of 1934, as amended. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in ensuring that all information required to be filed in this annual report was ...

  • Page 48
    Part III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT TJX will file with the Securities and Exchange Commission a definitive proxy statement no later than 120 days after the close of its fiscal year ended January 29, 2005. The information required by this Item and not given in ...

  • Page 49
    ... Financial Statements on page F-1. Schedule II - Valuation and Qualifying Accounts Balance Beginning of Period Amounts Charged to Net Income Write-Offs Against Reserve Balance End of Period (In Thousands) Sales Return Reserve: Fiscal Year Ended January 29, 2005 Fiscal Year Ended January 31, 2004...

  • Page 50
    ... Stock Award Granted Under Stock Incentive Plan is incorporated herein by reference to Exhibit 10.3 to the Form 10-Q filed for the quarter ended July 31, 2004.* Description of Director Compensation Arrangements is filed herewith.* The TJX Companies, Inc. Long Range Performance Incentive Plan...

  • Page 51
    ...Form 10-K filed for the fiscal year ended January 30, 1988. * The Trust Agreement for Executive Savings Plan dated as of January 1, 2005 between TJX and Wells Fargo Bank, N.A. is filed herewith.* The Distribution Agreement dated as of May 1, 1989 between TJX and HomeBase, Inc. (formerly Waban Inc...

  • Page 52
    ...cation Statement of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith. Certification Statement of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith. * Management contract or compensatory plan or...

  • Page 53
    ... or 15(d) 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. Dated: March 30, 2005 /s/ JEFFREY G. NAYLOR Jeffrey G. Naylor Senior Executive Vice President - Finance 33

  • Page 54
    ...GAIL DEEGAN* Gail Deegan, Director DENNIS F. HIGHTOWER* Dennis F. Hightower, Director Jeffrey G. Naylor, Senior Executive Vice President - Finance, Principal Financial and Accounting Officer RICHARD G. LESSER* Richard G. Lesser, Director JOHN F. O'BRIEN* John F. O'Brien, Director ROBERT F. SHAPIRO...

  • Page 55
    ... 29, 2005, January 31, 2004 and January 25, 2003 Report of Independent Registered Public Accounting Firm Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended January 29, 2005, January 31, 2004 and January 25, 2003 Consolidated Balance Sheets as of January...

  • Page 56
    ... Companies, Inc's 2005 consolidated financial statements and of its internal control over financial reporting as of January 29, 2005 and audits of its 2004 and 2003 consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States...

  • Page 57
    The TJX Companies, Inc. Consolidated Statements of Income Fiscal Year Ended Amounts In Thousands Except Per Share Amounts January 29, 2005 January 31, 2004 (53 Weeks) January 25, 2003 Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Interest...

  • Page 58
    ... 31, 2004 Assets Current assets: Cash and cash equivalents Accounts receivable, net Merchandise inventories Prepaid expenses and other current assets Current deferred income taxes, net Total current assets Property at cost: Land and buildings Leasehold costs and improvements Furniture, fixtures...

  • Page 59
    ... by operating activities: Depreciation and amortization Property disposals Tax benefit of employee stock options Amortization of unearned stock compensation Deferred income tax provision Changes in assets and liabilities: (Increase) in accounts receivable (Increase) in merchandise inventories...

  • Page 60
    ...comprehensive income Cash dividends declared on common stock Restricted stock awards granted and fair market value adjustments Amortization of unearned stock compensation Issuance of common stock under stock incentive plans and related tax benefits Common stock repurchased Balance, January 31, 2004...

  • Page 61
    ...thousands): Marmaxx Winners and HomeSense T.K. Maxx HomeGoods A.J. Wright Bob's Stores $16,807 3,538 6,473 2,243 1,662 $30,723 Use of Estimates: The preparation of the financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make...

  • Page 62
    ... the customer receives layaway merchandise. Consolidated Statements of Income Classifications: Cost of sales, including buying and occupancy costs include the cost of merchandise sold and gains and losses on inventory-related derivative contracts; store occupancy costs (including real estate taxes...

  • Page 63
    ...ficant costs incurred for internally developed software are capitalized and amortized over three to ten years. Upon retirement or sale, the cost of disposed assets and the related accumulated depreciation are eliminated and any gain or loss is included in net income. Pre-opening costs, including...

  • Page 64
    ...: In December 2004, the Financial Accounting Standards Board (''FASB'') issued Statement of Financial Accounting Standards (''SFAS'') No. 123R, ''Share-Based Payment'' (SFAS No. 123R) which requires that the cost of all employee stock options, as well as other equity-based compensation arrangements...

  • Page 65
    ... acquired. No further adjustments to fair market values are made after that point. The initial allocation of the purchase price resulted in the allocation of $2.4 million of negative goodwill. Subsequent to our fiscal year ended January 31, 2004, it was determined that additional inventory related...

  • Page 66
    ...'s Stores occurred as of the beginning of fiscal 2004 have not been presented, as the inclusion of the results of operations for the acquired business would not have produced a material impact on the reported sales, net income or earnings per share of the Company. C. Long-Term Debt and Credit Lines...

  • Page 67
    ... repurchase amounts represent original purchase price plus accrued original issue discount. We may pay the purchase price in cash, TJX stock or a combination of the two. If the holders exercise their put options, we expect to fund the payment with cash, financing from our short-term credit facility...

  • Page 68
    ...% in fiscal 2004. Foreign Currency Contracts: TJX enters into forward foreign currency exchange contracts to obtain an economic hedge on firm U.S. dollar and Euro merchandise purchase commitments made by its foreign subsidiaries, T. K. Maxx (United Kingdom) and Winners (Canada). These commitments...

  • Page 69
    ...31, 2004 the value of foreign currency exchange contracts relating to inventory commitments is reported in current earnings as a component of cost of sales, including buying and occupancy costs. The income statement impact of all other foreign currency contracts is reported as a component of selling...

  • Page 70
    ...31, 2004. Letters of credit are issued by TJX primarily for the purchase of inventory. F. Stock Compensation Plans In the following note, all references to historical awards, outstanding awards and availability of shares for future grants under TJX's Stock Incentive Plan and related prices per share...

  • Page 71
    ...granted to directors become fully exercisable one year after the date of grant. A summary of the status of TJX's stock options and related Weighted Average Exercise Prices (''WAEP'') is presented below (shares in thousands): Fiscal Year Ended January 29, 2005 Shares WAEP January 31, 2004 Shares WAEP...

  • Page 72
    ....7 million shares of our common stock at a cost of $406.6 million under the current $1 billion stock repurchase program. All shares repurchased have been retired except 75,000 shares and 87,638 shares purchased in fiscal 2004 and 2003, respectively, which are held in treasury. TJX has authorization...

  • Page 73
    ... 25, 2003, these options amounted to 22.7 million and 11.2 million, respectively. H. Income Taxes The provision for income taxes includes the following: Fiscal Year Ended In Thousands January 29, 2005 January 31, 2004 (53 Weeks) January 25, 2003 Current: Federal State Foreign Deferred: Federal...

  • Page 74
    ... income tax rate and TJX's worldwide effective income tax rate is reconciled below: Fiscal Year Ended January 29, 2005 January 31, 2004 January 25, 2003 U.S. federal statutory income tax rate Effective state income tax rate Impact of foreign operations All other Worldwide effective income tax rate...

  • Page 75
    ...for payment of executive retirement benefits in exchange for the termination of split-dollar arrangements described in Note I. I. Pension Plans and Other Retirement Benefits Pension: TJX has a funded defined benefit retirement plan covering the majority of its full-time U.S. employees. Employees...

  • Page 76
    ... allocation of plan assets as of the valuation date for the fiscal years presented: Target Allocation Actual Allocation for Fiscal Year Ended January 29, 2005 January 31, 2004 Equity securities Fixed income All other - primarily cash 60% 40% - 60% 38% 2% 62% 32% 6% We employ a total return...

  • Page 77
    ...whereby the Company agreed to fund life insurance policies on a so-called split-dollar basis in exchange for a waiver of all or a portion of the executives' retirement benefits under TJX's supplemental retirement plan. The arrangements were designed so that the after-tax cash expenditures by TJX on...

  • Page 78
    ... pay, at rates ranging from 25% to 50% based upon the Company's performance. TJX contributed $8.1 million in fiscal 2005, $7.3 million in fiscal 2004 and $7.1 million in fiscal 2003 to the 401(k) plan. Employees cannot invest their contributions in the TJX stock fund option in the 401(k) plan...

  • Page 79
    ... Dollars In Thousands January 29, 2005 January 31, 2004 (53 Weeks) Reconciliation of funded status: Benefit obligation at end of year Fair value of plan assets at end of year Funded status - excess obligations Unrecognized prior service cost Employer contributions after measurement date and on or...

  • Page 80
    ...-Term The major components of accrued expenses and other current liabilities are as follows: In Thousands January 29, 2005 January 31, 2004 Employee compensation and benefits, current Rent, utilities, and occupancy, including real estate taxes Merchandise credits and gift certificates Sales tax...

  • Page 81
    ...fied environmental matters or certain income taxes. These obligations are typically limited in time and amount. There are no amounts reï¬,ected in our balance sheets with respect to these contingent obligations. M. Supplemental Cash Flows Information The cash ï¬,ows required to satisfy contingent...

  • Page 82
    ..., 2004 or 2003. N. Segment Information The T.J. Maxx and Marshalls store chains are managed on a combined basis and are reported as the Marmaxx segment. The Winners and HomeSense chains are also managed on a combined basis and operate exclusively in Canada. T.K. Maxx operates in the United Kingdom...

  • Page 83
    ... information related to our business segments: Fiscal Year Ended In Thousands January 29, 2005 January 31, 2004 (53 Weeks) January 25, 2003 Net sales: Marmaxx Winners and HomeSense T.K. Maxx HomeGoods A.J. Wright Bob's Stores (1) Segment profit (loss): (2) Marmaxx Winners and HomeSense T.K. Maxx...

  • Page 84
    ... (1) Gross earnings equal net sales less cost of sales, including buying and occupancy costs. (2) The fourth quarter of fiscal 2004 includes fourteen weeks. In accordance with EITF No. 04-08, as described in Note A, the shares associated with TJX's contingently convertible debentures are included...

  • Page 85
    ...Director, The TJX Companies, Inc. Retired Chief Executive Officer, Allmerica Financial Corporation Robert F. Shapiro Vice Chairman, Klingenstein, Fields & Co., L.L.C. Willow B. Shire Executive Consultant, Orchard Consulting Fletcher H.Wiley Executive Vice President and General Counsel, PRWT Services...

  • Page 86
    ...Chief Financial Officer Alex Smith Group President Executive Vice Presidents Paul Butka Chief Information Officer Ernie Herrman President,The Marmaxx Group Bruce Margolis Chief Human Resources Officer Michael Skirvin Real Estate and New Business Development George Sokolowski Chief Marketing Officer...

  • Page 87
    ... Officer Executive Vice Presidents Louis Luciano Merchandising Richard Sherr Merchandising David J.Weiner Finance and Distribution Services Senior Vice Presidents Peter Benjamin Planning and Allocation Karen Coppola Marketing Amy Fardella Human Resources Robert Garofalo Store Operations,T.J. Maxx...

  • Page 88
    ... Executive Vice President David Hendry Finance and Administration Senior Vice Presidents Peter Maich Chairman George A. Iacono President Senior Vice Presidents Robert Cataldo Chief Operating Officer Senior Vice Presidents Nan Stutz Merchandising, Marketing and Planning Colin Wren Store Operations...

  • Page 89
    ...TDD services for the hearing impaired) Address shareholder inquiries to: Analysts and investors seeking financial data about the Company are asked to visit our corporate website at www.tjx.com or to contact: Sherry Lang Vice President, Investor and Public Relations (508) 390-2323 Annual Meeting The...

  • Page 90
    The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 (508) 390-1000 www.tjx.com