TJ Maxx 2014 Annual Report Download

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A GLOBAL
VA L U E
RETAILER
THE TJX COMPANIES, INC.
2014 ANNUAL REPORT

Table of contents

  • Page 1
    THE TJX COMPANIES, INC. 2014 ANNUAL REPORT VALUE A GLOBAL RETAILER

  • Page 2
    OUR GLOBAL LEVERAGING PRESENCE

  • Page 3
    ... through store growth or e-commerce expansion, we continue to bring our value mission to more consumers around the world! We operate four large divisions, all leveraging our global presence. Our retail chains are highly integrated, each centered around our value mission. We function as one TJX. This...

  • Page 4
    LONDON NEW YORK VANCOUVER

  • Page 5
    ...-digit earnings per share growth. Over this time, our adjusted compounded annual EPS growth rate was a strong 22%.2 We grew total square footage by 5% and netted a total of 176 additional stores to end the fiscal year with 3,395 stores. We have an international, diversified portfolio of businesses...

  • Page 6
    ...no walls" approach to communications, sharing ideas, talent, initiatives, and best practices across our international operations. We see ourselves as a global sourcing machine. Our buying organization now numbers more than 1,000 Associates based in 13 buying offices in 10 countries around the world...

  • Page 7

  • Page 8
    ... we've gained operating in Canada for nearly 25 years. We have a very loyal customer base in Canada! In 2014, TJX Europe celebrated its 20th anniversary and surpassed $4 billion in annual sales. More importantly, vast growth opportunities remain! Long term, we now see the potential to open more than...

  • Page 9
    BELFAST MIAMI WARSAW MONTREAL BOSTON

  • Page 10

  • Page 11
    ... expertise Sierra Trading Post continues to bring to our e-commerce businesses and with the progress of tkmaxx.com in the U.K. In 2015, we have already launched home fashions on tjmaxx.com and all of our e-commerce sites will be adding new categories and exciting brands for our shoppers! We plan to...

  • Page 12
    ...sales and customer traffic, and we have numerous growth vehicles that are working well. In 2015, we are taking a prudent approach to planning our earnings per share growth to reï¬,ect our additional investments in our store Associates and growth initiatives. Like other major international retailers...

  • Page 13
    ... RESPONSIBILITY AT TJ X As a global, value retailer, we continue in our efforts to make a positive, sustainable impact on the world in which we live and conduct our business. In 2014, we made meaningful strides in the five major areas of our global Corporate Responsibility program, VALUE, that we...

  • Page 14
    ... 10* 15 4.0 3.5 3.0 SEGMENT PROFIT $ BILLIONS 2.5 2.0 1.5 1.0 0.5 0.0 82* 83* * Recession 91* (FY) 02* 09* 10* 15 Steady Earnings Growth 3.50 3.00 Reinvesting in Our Business Returning Value to Shareholders 3,000 2,750 2,500 2,250 2.50 DILUTED EARNINGS PER SHARE DOLLARS 2,000 2.00 1,750...

  • Page 15
    ...CONTENTS PAGE Business Overview 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...

  • Page 16
    ...150 125 100 75 50 25 0 BASE YEAR 2011 2012 2013 2014 2015 The line graph above compares the cumulative performance of TJX's common stock with the S&P Composite-500 Stock Index and the Dow Jones Apparel Retailers Index as of the date nearest the end of TJX's fiscal year for which index data is...

  • Page 17
    ...,457 based on the closing sale price as reported on the New York Stock Exchange. There were 683,473,567 shares of the registrant's common stock, $1.00 par value, outstanding as of February 28, 2015. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement to be filed with the Securities...

  • Page 18
    ...Business," Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Item 8, "Financial Statements and Supplementary Data," and in our 2014 Annual Report to Shareholders under our letter to shareholders and our performance graphs. Forward-looking statements...

  • Page 19
    ... merchandise, every day. Our stores are known for our value proposition of brand, fashion, price and quality. Our opportunistic buying strategies and flexible business model differentiate us from traditional retailers. We offer a treasure hunt shopping experience and a rapid turn of inventories...

  • Page 20
    ...apparel and footwear, sporting goods and home fashions. Sierra Trading Post launched its e-commerce site, sierratradingpost.com, in 1998 and operates six retail stores in the U.S. Flexible Business Model. Our flexible off-price business model, including our opportunistic buying, inventory management...

  • Page 21
    ... the customer receivables. Distribution. We operate distribution centers encompassing approximately 13 million square feet in five countries. These centers are large, highly automated and built to suit our specific, off-price business model. We ship substantially all of our merchandise to our stores...

  • Page 22
    ...2016 and our estimates of the store growth potential of these divisions in their current geographies: Approximate Average Store Size (square feet) Number of Stores at Year End Fiscal 2014 Fiscal 2015 Fiscal 2016 (estimated) Estimated Store Growth Potential Marmaxx T.J. Maxx Marshalls 29,000 30,000...

  • Page 23
    ... segment operates Winners, HomeSense and Marshalls in Canada, and our TJX Europe segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe. We also operate Sierra Trading Post (STP), an off-price Internet retailer in the U.S. that we acquired late in fiscal 2013. The results of STP are reported...

  • Page 24
    ... operated stores in the following locations at the end of fiscal 2015: United States: T.J. Maxx Marshalls HomeGoods Alabama Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland...

  • Page 25
    ... and outlet stores as well as other retailers that sell apparel, home fashions and other merchandise that we sell, whether in stores, through catalogues, on-line or other media. Employees. At January 31, 2015, we had approximately 198,000 employees, many of whom work less than 40 hours per week. In...

  • Page 26
    ... of our off-price business strategy, they subject us to risks related to the pricing, quantity, mix, nature and timing of inventory flowing to our stores. Our merchants are in the marketplace frequently, as much of our merchandise is purchased for the current or immediately upcoming season, and our...

  • Page 27
    ... our investment, slow our planned growth or close stores or operations, which could adversely affect our financial performance. For example, successful store growth requires us to find and lease appropriate real estate on attractive terms in each of the locations where we seek to open stores. Our...

  • Page 28
    ... price, value; merchandise selection and freshness; brand name recognition; customer service, reputation and store location. Our competitiveness is highly dependent on our effective execution of our off-price model of offering our customers a fresh, rapidly changing and attractive mix of merchandise...

  • Page 29
    ... costs of capital and could adversely affect plan asset values and investment performance, and increase our pension liabilities, expenses and funding requirements with respect to company-sponsored and multiemployer pension plans. Economic conditions, both on a global level and in particular markets...

  • Page 30
    ...for cloud computing technologies and for the continued operation and development of our e-commerce businesses; and adding new systems when we acquire new businesses. We also modify and change our procedures for, and add and change vendors and internal teams who assist us with designing, implementing...

  • Page 31
    ... the back-to-school and year-end holiday seasons. Any decrease in sales or margins or any significant adverse event during this period could have a disproportionately adverse effect on our results of operations. Damage to our corporate reputation or those of our retail banners could adversely...

  • Page 32
    ... customs and competitive conditions; complying with relevant laws, rules and regulations; and developing the appropriate infrastructure for local operations. There are also financial risks associated with international operations, including currency exchange fluctuations and adverse tax consequences...

  • Page 33
    ...of inventory purchases that are denominated in a currency other than the local currency of the business buying the merchandise. When exchange rates change significantly in a short period, as they did in fiscal 2015, it can be difficult for us to adjust retail prices accordingly, and gross margin can...

  • Page 34
    ... of management from operating the existing businesses, and we may not effectively evaluate target companies or investments or assess the risks, benefits and cost of buying, investing in or closing businesses or of the integration of acquired businesses, all of which can be difficult, time-consuming...

  • Page 35
    ... income tax rate in a given financial period, the amount of taxes we are required to pay and our results of operations. In addition, we are subject to tax audits and examinations for payroll, value added, sales-based and other taxes relating to our businesses. Our real estate leases generally...

  • Page 36
    ... to close stores or to relocate stores within a market on less favorable terms. We depend upon strong cash flows from our operations to supply capital to fund our operations, growth, stock repurchases and dividends and interest and debt repayment. Our business depends upon our operations to continue...

  • Page 37
    ... s.f.-leased Sierra Trading Post owns a 468,000 square foot facility in Cheyenne, Wyoming which houses its administrative offices and fulfillment center operations. ITEM 3. Legal Proceedings TJX is subject to certain legal proceedings, lawsuits, disputes and claims that arise from time to time in...

  • Page 38
    ... of Shares Value of Shares that Purchased as Part of May Yet be Purchased Publicly Announced Under the Plans or Plans or Programs(3) Programs Total Average Price Paid Number of Shares Per Repurchased(1) Share(2) November 2, 2014 through November 29, 2014 November 30, 2014 through January 3, 2015...

  • Page 39
    ...-tax return (continuing operations) on average shareholders' equity Total debt as a percentage of total capitalization(3) Stores in operation: In the United States: T.J. Maxx Marshalls Sierra Trading Post HomeGoods A.J. Wright(4) In Canada: Winners HomeSense Marshalls In Europe: T.K. Maxx HomeSense...

  • Page 40
    ...net sales and earnings per share on top of strong increases in both fiscal 2014 and fiscal 2013. We continued to generate strong cash flows, allowing us to return value to our shareholders through cash dividends and share repurchases, while continuing to reinvest in our business by adding new stores...

  • Page 41
    ... the current year's same store sales of our foreign segments at the same exchange rates used in the prior year. This removes the effect of changes in currency exchange rates, which we believe is a more accurate measure of segment operating performance. We define customer traffic to be the number of...

  • Page 42
    ... 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. We discuss the effect of these...

  • Page 43
    ... currency exchange rates had a $0.01 negative impact on earnings per share for both fiscal 2015 as compared to fiscal 2014 and fiscal 2014 as compared to fiscal 2013. Our stock repurchase programs, which reduce our weighted average diluted shares outstanding, benefited our earnings per share growth...

  • Page 44
    ... segments both operate in the United States. Our TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and our TJX Europe segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe. We also operate STP, an off-price Internet retailer with a small number of stores in the...

  • Page 45
    ... our e-commerce businesses but this decline in margin was largely offset by the benefit of some expense leverage and reduced incentive compensation costs as compared to the prior year. In fiscal 2016, we expect to open approximately 70 new Marmaxx stores (net of closings) and increase selling square...

  • Page 46
    ...: TJX Canada Fiscal Year Ended U.S. Dollars in millions January 31, 2015 February 1, 2014 February 2, 2013 Net sales Segment profit Segment profit as a percentage of net sales Increase in same store sales Stores in operation at end of period Winners HomeSense Marshalls Total Selling square footage...

  • Page 47
    TJX Europe Fiscal Year Ended U.S. Dollars in millions January 31, 2015 February 1, 2014 February 2, 2013 Net sales Segment profit Segment profit as a percentage of net sales Increase in same store sales Stores in operation at end of period T.K. Maxx HomeSense Total Selling square footage at end of ...

  • Page 48
    ... million in fiscal 2014, favorably impacting year-over-year cash flows by $70 million. The cash flow impact of the change in inventory and accounts payable was driven by the timing of receipt and payment of merchandise purchases. The improvement in operating cash flows in fiscal 2015 as compared to...

  • Page 49
    ... our offices and distribution centers (including buying and merchandising systems and information systems) to support growth, $277 million for store renovations and $211 million for new stores. We plan to fund these expenditures through internally generated funds. In fiscal 2015, we purchased $431...

  • Page 50
    ...sales; these items totaled approximately one-third of the total minimum rent for fiscal 2015. Does not include leases reflected in our reserve for former operations. (3) Includes estimated obligations under purchase orders for merchandise and under agreements for capital items, products and services...

  • Page 51
    ..., which we determine annually based on market interest rates, and our estimated long-term rate of return, which can differ considerably from actual returns, can have a significant impact on the annual cost of retirement benefits and the funded status of our qualified pension plan. If our discount...

  • Page 52
    ...time or ultimately pay, as the result of the final resolutions of examinations, judicial or administrative proceedings, changes in facts, law, or legal interpretations, expirations of applicable statute of limitations or other resolutions of, or changes in, tax positions may differ either positively...

  • Page 53
    ... 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 defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report pursuant...

  • Page 54
    ...Financial Reporting There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d15(f) under the Exchange Act) during the fourth quarter of fiscal 2015 identified in connection with our Chief Executive Officer's and Chief Financial Officer's evaluation...

  • Page 55
    ... President of TJX's T.J. Maxx Division, and Chairman of The Marmaxx Group. Senior Executive Vice President, Group President since September 2014. President, HomeGoods from 2012 until 2014. Executive Vice President, Chief Operating Officer, HomeGoods from 2008 until 2012. Various financial positions...

  • Page 56
    ... for TJX Executives governing its Chairman, Chief Executive Officer, President, Chief Financial Officer, Principal Accounting Officer and other senior operating, financial and legal executives. The Code of Ethics for TJX Executives is designed to ensure integrity in its financial reports and public...

  • Page 57
    ... 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 31, 2015 Fiscal Year Ended February 1, 2014 Fiscal Year Ended February 2, 2013 Reserves Related to Former Operations...

  • Page 58
    ...filed on June 5, 2014. The Employment Agreement dated as of June 13, 2012 between Bernard Cammarata and TJX is incorporated herein by reference to Exhibit 10.1 to the Form 10-Q filed for the quarter ended July 28, 2012.* The Employment Agreement dated January 30, 2015 between Carol Meyrowitz and TJX...

  • Page 59
    ... of Non-Qualified Stock Option Terms and Conditions granted under the Stock Incentive Plan as of September 10, 2014 is incorporated herein by reference to Exhibit 10.5 to the Form 10-Q filed for the quarter ended November 1, 2014.* The Form of Performance-Based Restricted Stock Award granted under...

  • Page 60
    ...The TJX Companies, Inc.'s Annual Report on Form 10-K for the fiscal year ended January 31, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv...

  • Page 61
    ... by the undersigned, thereunto duly authorized. THE TJX COMPANIES, INC. Dated: March 31, 2015 By /s/ SCOTT GOLDENBERG Scott Goldenberg, Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf...

  • Page 62

  • Page 63
    ... TJX Companies, Inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS For Fiscal Years Ended January 31, 2015, February 1, 2014 and February 2, 2013 Report of Independent Registered Public Accounting Firm ...Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended...

  • Page 64
    ... financial position of The TJX Companies, Inc. and its subsidiaries (the "Company") at January 31, 2015 and February 1, 2014, and the results of their operations and their cash flows for each of the three years in the period ended January 31, 2015, in conformity with accounting principles generally...

  • Page 65
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF INCOME Fiscal Year Ended Amounts in thousands except per share amounts January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Loss on ...

  • Page 66
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Year Ended Amounts in thousands January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Net income Additions to other comprehensive income: Foreign currency translation adjustments, net of related tax benefits of $...

  • Page 67
    ...CONSOLIDATED BALANCE SHEETS Fiscal Year Ended Amounts in thousands except share amounts January 31, 2015 February 1, 2014 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Merchandise inventories Prepaid expenses and other current assets Federal, state...

  • Page 68
    ... additions Purchases of investments Sales and maturities of investments Cash paid for acquisition of Sierra Trading Post, net of cash received Other Net cash (used in) investing activities Cash flows from financing activities: Proceeds from issuance of long-term debt Cash payments for extinguishment...

  • Page 69
    ...repurchased Balance, February 1, 2014 Net income Other comprehensive income (loss), net of tax Cash dividends declared on common stock Recognition of share-based compensation Issuance of common stock under Stock Incentive Plan and related tax effect Common stock repurchased Balance, January 31, 2015...

  • Page 70
    ...accounting period when the customer receives the layaway merchandise. Proceeds from the sale of gift cards as well as the value of store cards issued to customers as a result of a return or exchange are deferred until the customers use the cards to acquire merchandise. Based on historical experience...

  • Page 71
    ... the retail prices are lowered in the stores. TJX accrues for inventory obligations at the time inventory is shipped. As a result, merchandise inventories on TJX's balance sheet include an accrual for in-transit inventory of $495.2 million at January 31, 2015 and $451.6 million at February 1, 2014...

  • Page 72
    ... purposes. Long-Lived Assets: Information related to carrying values of TJX's long-lived assets by geographic location is presented below: Fiscal Year Ended Dollars in thousands January 31, 2015 February 1, 2014 February 2, 2013 United States Canada Europe Total long-lived assets $2,927,297...

  • Page 73
    ... Trading Post On December 21, 2012, TJX acquired Sierra Trading Post (STP), an off-price Internet retailer, which included the operating assets of its online business, sierratradingpost.com and four retail locations. The final purchase price, after adjusting for customary post-closing adjustments...

  • Page 74
    ... reported sales, net income or earnings per share of TJX. Note C. Reserves Related to Former Operations TJX has a reserve for its estimate of future obligations of business operations it has closed or sold. The reserve activity for the last three fiscal years is presented below: Fiscal Year Ended...

  • Page 75
    ...purchase under this program. In February 2015, TJX's Board of Directors announced another stock repurchase program that authorized the repurchase of up to an additional $2 billion of TJX common stock from time to time. All shares repurchased under the stock repurchase programs have been retired. TJX...

  • Page 76
    ...operations: Fiscal Year Ended Amounts in thousands except per share amounts January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Basic earnings per share: Net income Weighted average common stock outstanding for basic earnings per share calculation Basic earnings per share Diluted earnings...

  • Page 77
    ... a summary of TJX's derivative financial instruments, related fair value and balance sheet classification at January 31, 2015: Net Fair Value in U.S.$ at January 31, 2015 In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Fair...

  • Page 78
    ... Location of Gain (Loss) Recognized in Income by Derivative January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Fair value hedges: Intercompany balances, primarily debt and related interest Economic hedges for which hedge accounting was not elected: Diesel contracts Merchandise purchase...

  • Page 79
    ... in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX Europe segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe. TJX also operates STP, an off-price Internet retailer in the U.S. that operates a small number of stores. The results...

  • Page 80
    ... to TJX's business segments: Fiscal Year Ended In thousands January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Net sales: In the United States Marmaxx HomeGoods TJX Canada TJX Europe Segment profit: In the United States Marmaxx HomeGoods TJX Canada TJX Europe General corporate expense...

  • Page 81
    ... information (continued): Fiscal Year Ended In thousands January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Identifiable assets: In the United States Marmaxx HomeGoods TJX Canada TJX Europe Corporate(1) Capital expenditures: In the United States Marmaxx HomeGoods TJX Canada TJX Europe...

  • Page 82
    ...the status of TJX's stock options and related weighted average exercise prices ("WAEP") is presented below (shares in thousands): Fiscal Year Ended January 31, 2015 Options WAEP February 1, 2014 Options WAEP February 2, 2013 Options WAEP (53 weeks) Outstanding at beginning of year Granted Exercised...

  • Page 83
    ... employees (the primary benefit) or, alternatively, based on benefits that would be provided under the funded retirement plan absent Internal Revenue Code limitations (the alternative benefit). Presented below is financial information relating to TJX's funded defined benefit pension plan (qualified...

  • Page 84
    ...2015 February 1, 2014 Change in plan assets: Fair value of plan assets at beginning of year Actual return on plan assets Employer contribution Benefits paid Expenses paid Fair value of plan assets at end of year Reconciliation of funded status: Projected benefit obligation at end of year Fair value...

  • Page 85
    ... 2013 (53 weeks) Unfunded Plan Fiscal Year Ended January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) Net periodic pension cost: Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net actuarial loss Expense related to current period...

  • Page 86
    ...Note G) for pension assets measured at fair value on a recurring basis as of January 31, 2015: Funded Plan In thousands Level 1 Level 2 Level 3 Total Asset category: Short-term investments Equity Securities: Domestic equity International equity Fixed Income Securities: Corporate and government bond...

  • Page 87
    ... traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the independent pricing sources. Short-term investments are primarily cash related to funding of the plan...

  • Page 88
    ... time. TJX paid $174,000 of benefits in fiscal 2015 and will pay similar amounts over the next several years. The postretirement medical liability as of January 31, 2015 is estimated at $1.1 million, which is reflected on the balance sheet as a current liability of $167,000 and a long-term liability...

  • Page 89
    ... specified changes in the credit ratings. These agreements have no compensating balance requirements and have various covenants. Each of these facilities requires TJX to maintain a ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, consolidated...

  • Page 90
    ... for operating expenses. As of January 31, 2015 and February 1, 2014, TJX Europe had a credit line of £20 million. As of January 31, 2015 and February 1, 2014, and during the years then ended there were no amounts outstanding on this U.K. credit line. Note L. Income Taxes For financial reporting...

  • Page 91
    ...: Fiscal Year Ended In thousands January 31, 2015 February 1, 2014 Deferred tax assets: Net operating loss carryforward Reserves for lease obligations and computer intrusion Pension, stock compensation, postretirement and employee benefits Leases Other Total gross deferred tax assets Valuation...

  • Page 92
    ... rate and TJX's worldwide effective income tax rate is reconciled below: Fiscal Year Ended January 31, 2015 February 1, 2014 February 2, 2013 (53 weeks) U.S. federal statutory income tax rate Effective state income tax rate Impact of foreign operations All other Worldwide effective income tax rate...

  • Page 93
    ... in supplemental cash flow information as a non-cash investing and financing activity. TJX had outstanding letters of credit totaling $42.9 million as of January 31, 2015 and $55.3 million as of February 1, 2014. Letters of credit are issued by TJX primarily for the purchase of inventory. F-31

  • Page 94
    ...Fiscal Year Ended January 31, February 1, 2015 2014 In thousands Employee compensation and benefits, current Computer Intrusion reserve Reserve for former operations, short term Rent, utilities and occupancy, including real estate taxes Merchandise credits and gift certificates Insurance Sales tax...

  • Page 95
    ... relating to these operations. TJX's cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended January 31, February 1, February 2, 2015 2014 2013 (53 weeks) In thousands Cash paid for: Interest on debt Income taxes Changes...

  • Page 96
    ... Information Officer, Safeway Inc. Michael F. Hines Former Executive Vice President and Chief Financial Officer, Dick's Sporting Goods, Inc. Amy B. Lane Retired Managing Director, Global Retailing Investment Banking Group, Merrill Lynch & Co., Inc. Carol Meyrowitz Chief Executive Officer, The TJX...

  • Page 97
    ... Chairman of the Board Carol Meyrowitz Chief Executive Officer Ernie Herrman President SENIOR EXECUTIVE VICE PRESIDENTS Ken Canestrari Group President Scott Goldenberg Chief Financial Officer Michael MacMillan Group President Richard Sherr Group President Nan Stutz Group President DIVISIONAL...

  • Page 98
    ... Senior Vice President, Global Communications 508-390-2323 Executive Offices Framingham, Massachusetts 01701 Public Information and SEC Filings Visit our corporate website: tjx.com For the store nearest you, call or visit us online at: UNITED STATES T.J. Maxx: 1-800-2-TJMAXX tjmaxx.com Marshalls...

  • Page 99
    ... of brand name outdoor gear, family apparel and footwear, sporting goods and home fashions. Sierra Trading Post launched its e-commerce site, sierratradingpost.com, in 1998. As of 2014's year end, it also operated 6 stores in the U.S., averaging approximately 28,000 square feet in size. HomeSense...

  • Page 100
    The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 508-390-1000 tjx.com