TJ Maxx 2004 Annual Report Download - page 3

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1
At TJX, we have a solid, tested off-
price concept, with great synergies
among our divisions that allow us to
lever best practices and our organiza-
tional experience. Customers love the
treasure-hunt experience of shopping
our stores, which offer great values on
a rapidly changing assortment of qual-
ity, brand name merchandise, every
day. Our off-price business model is
based on buying opportunistically, rap-
idly turning inventories, a low cost
structure, flexibility in distribution
centers and store formats, and IT sys-
tems unique to our off-price strategies.
With our sights set firmly on the
future, our solid track record of steady
growth through both weak and strong
economies supports our belief in our
ability to continue to grow through
different retail environments.We con-
tinue to evolve and inject freshness
into our more established divisions, as
well as our younger ones, and we have
confidence in the ability of our divi-
sions to reach their growth potentials.
Our confidence in the short- and
long-term success of our Company is
grounded in our strong financial
underpinnings. We have the ability
to simultaneously reinvest in our busi-
nesses, launch new initiatives, and
continue to deliver excellent returns
for our shareholders.With our
extremely disciplined approach to
investing capital, we make relatively
small initial investments in new stores,
which typically reach profitability in
their first year of operation and
achieve returns on investment that
are well above our cost of capital and
highly attractive in the retail industry.
Our credit rating is among the high-
est in retail, assuring vendors and the
real estate community of our financial
strength and stability.
We have built our Company
upon an extremely solid financial foun-
dation, and as we look to the future, our
financial strength supports our belief
in the continued successful growth of
TJX in the short and long term.
Growth Through
Financial Strength