TJ Maxx 2015 Annual Report Download

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THE TJX COMPANIES, INC.
2015 ANNUAL REPORT
DeliveringValue
Across the Globe

Table of contents

  • Page 1
    DeliveringValue Across the Globe THE TJX COMPANIES, INC. 2015 ANNUAL REPORT

  • Page 2
    Balancing Growth With Investment

  • Page 3
    ... to lay a strong foundation that will position us well for the future. In 2016, we will continue our significant investments in new stores and remodels, our supply chain, new seeds for growth, and developing talent. Simultaneously, we plan to continue our substantial shareholder distributions. All...

  • Page 4
    ...in 2015. We are also extremely proud to T.J. Maxx and Marshalls to even more U.S. shoppers. employ approximately 216,000 Associates worldwide HomeGoods achieved outstanding results as we introas of the end of the year. duced this chain's eclectic mix of home fashions to more U.S. regions. TJX Canada...

  • Page 5
    UNITED STATES NEARLY FOUR DECADES OF GROWTH WITH MORE TO COME

  • Page 6
    EUROPE 20+ YEARS OF BUILDING TEAMS, INFRASTRUCTURES AND CUSTOMER LOYALTY

  • Page 7
    ... major department stores' and the opportunity to expand our reach in existing and new international markets is huge. We reach a very wide customer demographic. In 2015, we grew our customer base across all age brackets and are particularly happy with the increases among millennial shoppers across...

  • Page 8
    ... 85 U.S. markets where we operate a T.J. Maxx or Marshalls that do not have a HomeGoods, which speaks to our opportunity to bring our values to new markets with shoppers already loyal to TJX retail chains. We believe we can almost double the size of HomeGoods to 1,000 stores long term. Giving us...

  • Page 9
    CANADA BRINGING CANADIANS AMAZING VALUES FOR 25 YEARS

  • Page 10
    AUSTRALIA EXCITED TO OPERATE STORES IN 9 COUNTRIES AND 3 CONTINENTS

  • Page 11
    ... T.K. Maxx and HomeSense in Europe, and Trade Secret in Australia, we see huge opportunities! In Europe, we see enormous white space in existing and new markets. We are thrilled to now be operating in Australia and see great prospects for TJX in that region of the world. Our long-term store growth...

  • Page 12
    ... remain with TJX in an advisory role as Founder and Executive Advisor, and the Company will 1 Carol Meyrowitz EXECUTIVE CHAIRMAN OF THE BOARD Ernie Herrman CHIEF EXECUTIVE OFFICER AND PRESIDENT On a GAAP basis, Fiscal 2016 diluted EPS increased 6% over EPS of $3.15 in Fiscal 2015 which includes...

  • Page 13
    ..., all to help support healthy families. Environmental Sustainability Environmental sustainability is good for our business and speaks to our conscientious approach to reduce our impact on the environment. We continue to evolve our program, including sharing information and deploying best practices...

  • Page 14
    ... in All Types of Environments 35 30 25 NET SALES $ BILLIONS 20 15 10 5 0 82* 83* * Recession 91* (FY) 02* 09* 10* 16 5 4 SEGMENT PROFIT $ BILLIONS 3 2 1 0 82* 83* * Recession 91* (FY) 02* 09* 10* 16 Steady Earnings Growth 3.50 3.00 Reinvesting in Our Business Returning Value to...

  • 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
    ... S&P 150 100 50 0 BASE YEAR 2012 2013 2014 2015 2016 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
    ... August 1, 2015, the last business day of the registrant's most recently completed second fiscal quarter, was $46,987,637,661 based on the closing sale price as reported on the New York Stock Exchange. There were 662,591,204 shares of the registrant's common stock, $1.00 par value, outstanding as of...

  • Page 18
    ...-K under Item 1, "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 2015 Annual Report to Shareholders under our letter to shareholders and our performance graphs. Forward...

  • Page 19
    ..., HomeGoods offers a broad array of home fashions, including home basics, giftware, accent furniture, lamps, rugs, wall décor, seasonal items, decorative accessories from around the world and other merchandise. TJX CANADA: Our TJX Canada segment operates the Winners, HomeSense and Marshalls chains...

  • Page 20
    ...retailer of brand name and quality outdoor gear, family apparel and footwear, sporting goods and home fashions. Sierra Trading Post launched its e-commerce site, sierratradingpost.com, in 1998 and operates eight retail stores in the U.S. Flexible Business Model. Our flexible off-price business model...

  • Page 21
    ... Associates to provide friendly and helpful customer service and seek to staff our stores to deliver a positive shopping experience. We typically offer customer-friendly return policies. We accept a variety of payment methods including cash, credit cards and debit cards. We also offer TJX-branded...

  • Page 22
    ... HomeGoods TJX Canada Winners HomeSense Marshalls TJX International T.K. Maxx HomeSense Trade Secret TJX Total 25,000 28,000 24,000 30,000 417 500 30,000 21,000 22,000 580 3,809(1) 1,100(2) 5,600 (1) Included in the TJX Total are six Sierra Trading Post stores for fiscal 2015, eight Sierra...

  • Page 23
    ....com) and HomeGoods both operate in the United States. Our TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and our TJX International segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe and Trade Secret in Australia. We also operate Sierra Trading Post (STP), an...

  • Page 24
    ... major chains operated stores in the following locations at the end of fiscal 2016: 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...

  • Page 25
    ...which are T.J. Maxx, Marshalls, HomeGoods, Winners, HomeSense, T.K. Maxx, Sierra Trading Post and Trade Secret, in relevant countries. We expect our rights in these trademarks and service marks to endure in locations where we use them for as long as we continue to do so. Seasonality. Our business is...

  • Page 26
    ... 29, 2016: Name Age Office and Business Experience Kenneth Canestrari 54 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 27
    ... 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 28
    ...our rate of expansion of one or more operations or otherwise curtail growth in one or more markets, which may adversely affect our success in executing our business goals and adversely impact our sales and results. Failure to identify customer trends and preferences to meet customer demand in new or...

  • Page 29
    ... part-time positions with historically high rates of turnover. Availability and skill of Associates may differ across markets in which we do business and in new markets we enter, and we need to manage our labor needs effectively. In addition, because of the distinctive nature of our off-price model...

  • Page 30
    ... effective communication systems, to plan and track inventory flow, to manage logistics, to generate performance and financial reports and to operate our e-commerce sites. We are dependent on the integrity, security and consistent operations of these systems and related back-up systems. Supporting...

  • Page 31
    ...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 and maintaining our...

  • Page 32
    ... adverse effect on our operating results. Our business is subject to seasonal influences. We generally realize higher levels of sales and income in the second half of the year, which includes the back-to-school and year-end holiday seasons. Any decrease in sales or margins or any significant adverse...

  • Page 33
    ... developing operations in new countries. These additional risks include, among others, understanding the local retail climate and trends, local customs and cultures, seasonal differences, business practices and competitive conditions; complying with relevant laws, rules and regulations; developing...

  • Page 34
    ... performance through potentially reduced consumer demand or reduced margins. Fluctuations in currency exchange rates may lead to lower revenues and earnings. Sales made by our stores outside the United States are denominated in the currency of the country in which the store is located, and changes...

  • Page 35
    ... target companies, investments or investment partners 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 and dilutive. These activities may not meet our performance and...

  • Page 36
    ... for payroll, value added, sales-based and other taxes relating to our businesses. Our real estate leases generally obligate us for long periods, which subjects us to financial risks. We lease virtually all of our store locations, generally for an initial term of 10 years, with options to...

  • Page 37
    ... our international operations in a manner that is cost effective could adversely affect our growth plans and financial performance including our earnings per share. We borrow on occasion to finance our activities and if financing were not available to us in adequate amounts and on appropriate terms...

  • Page 38
    ...-the-clock work by hourly employees and alleged failure to pay all wages due upon termination. TJX is also a defendant in lawsuits filed in federal courts brought as putative class actions on behalf of customers relating to TJX's compare at pricing. The lawsuits are in various procedural stages and...

  • Page 39
    ... TJX during the fourth quarter of fiscal 2016 and the average price paid per share are as follows: Approximate Dollar Total Number 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 Number...

  • Page 40
    ...tax return 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 In Canada: Winners HomeSense Marshalls In Europe: T.K. Maxx HomeSense In Australia: Trade Secret Total Selling...

  • Page 41
    ... we also operate Sierra Trading Post (STP), a leading off-price Internet retailer with a small number of stores. The results of STP are reported in our Marmaxx segment. Fiscal 2016 was another successful year for TJX as we posted strong gains in net sales and solid earnings per share growth on top...

  • Page 42
    ... and customer traffic. In fiscal 2015, within apparel, sales from jewelry and accessories and activewear performed particularly well, as did home fashions. Geographically, in the U.S., sales were strongest in the Southeast and Southwest. Same store sales increases at TJX International and TJX Canada...

  • Page 43
    ... magnitude when there are sudden and significant changes in currency exchange rates during a short period of time. The mark-to-market adjustment on these derivatives does not affect net sales, but it does affect the cost of sales, operating margins and earnings we report. We refer to the impact of...

  • Page 44
    ... related to TJX Canada's new home office of $3.7 million. The increase in net interest expense also reflects a reduction in capitalized interest costs and interest income in the fiscal 2016 periods as compared to the same periods last year. The increase in net interest expense for fiscal 2015...

  • Page 45
    ... fiscal 2015 and 27.0 million shares of our stock at a cost of $1.5 billion in fiscal 2014. Segment information: We operate four main business segments. Our Marmaxx (T.J. Maxx, Marshalls and tjmaxx.com) and HomeGoods segments both operate in the United States. Our TJX Canada segment operates Winners...

  • Page 46
    ... 2015 was driven by expense leverage on the 7% same store sales increase, due to buying and occupancy costs as well as administrative costs, and an increase in merchandise margins. In fiscal 2017, we plan an increase of approximately 50 HomeGoods stores and plan to increase selling square footage...

  • Page 47
    ... exchange as the year-over-year changes in currency exchange rates increased TJX Canada's cost of merchandise purchased in U.S. dollars. These declines in the segment margin were partially offset by expense leverage on same store sales, particularly buying and occupancy costs. Segment profit margin...

  • Page 48
    ...merchandise margin. The investment initiatives include costs associated with centralizing support areas of our business, investing in our infrastructure to support our growth plans, our new store openings in Austria and the Netherlands and the acquisition of Trade Secret in Australia. Segment profit...

  • Page 49
    ...the tax treatment of the voluntary contributions to our funded pension plan of $150 million in fiscal 2015, favorably impacted fiscal 2015 operating cash flows by $50 million. The change in merchandise inventory, net of the related change in accounts payable, resulted in a use of cash of $47 million...

  • Page 50
    ...buying and merchandising systems and information systems) to support growth, approximately $300 million for store renovations and approximately $200 million for new stores. We plan to fund these expenditures through internally generated funds. In fiscal 2016, we purchased $798 million of investments...

  • Page 51
    ... based on a percentage of sales; these items totaled approximately one-third of the total minimum rent for fiscal 2016. (3) Includes estimated obligations under purchase orders for merchandise and under agreements for capital items, products and services used in our business, including executive...

  • Page 52
    ...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 rate decreased 0.25 percentage points, our fiscal 2016 pension cost for our funded...

  • Page 53
    ... exchange rate risk on the translation of our foreign operations into the U.S. dollar and on purchases of goods in currencies that are not the local currencies of stores where the goods are sold and on intercompany debt and interest payable between and among our domestic and international operations...

  • Page 54
    ... 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 55
    ... periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief...

  • Page 56
    ...Executive Officers of the Registrant" in Part I of this report. TJX will file with the Securities and Exchange Commission (SEC) a definitive proxy statement no later than 120 days after the close of its fiscal year ended January 30, 2016 (Proxy Statement). The other information required by this Item...

  • Page 57
    ... 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 30, 2016 Fiscal Year Ended January 31, 2015 Fiscal Year Ended February 1, 2014 Casualty...

  • Page 58
    ... dated January 29, 2016 between Ernie Herrman and TJX is filed herewith.* The Employment Agreement dated January 31, 2014 between and among Michael MacMillan, NBC Attire, Inc. and TJX is incorporated herein by reference to Exhibit 10.5 to the Form 10-K filed for the year ended February 1, 2014. The...

  • Page 59
    ...10-Q filed for the quarter ended May 4, 2013.* The Performance-Based Restricted Stock Award granted under the Stock Incentive Plan on January 29, 2016 to Carol Meyrowitz is filed herewith.* The Restricted Stock Unit Award granted under the Stock Incentive Plan on January 29, 2016 to Ernie Herrman is...

  • Page 60
    ... 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. The following materials from The TJX Companies, Inc.'s Annual Report on Form 10-K for the fiscal year ended January 30, 2016, formatted in XBRL...

  • Page 61
    ... of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. /s/ ERNIE HERRMAN Ernie Herrman, Chief Executive Officer, President and Director (Principal Executive Officer) /s/ SCOTT...

  • Page 62
    ... TJX Companies, Inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS For Fiscal Years Ended January 30, 2016, January 31, 2015 and February 1, 2014. Report of Independent Registered Public Accounting Firm ...Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended...

  • Page 63
    ... financial position of The TJX Companies, Inc. and its subsidiaries (the "Company") at January 30, 2016 and January 31, 2015, and the results of their operations and their cash flows for each of the three years in the period ended January 30, 2016, in conformity with accounting principles generally...

  • Page 64
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF INCOME Fiscal Year Ended Amounts in thousands except per share amounts January 30, 2016 January 31, 2015 February 1, 2014 Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Loss on early ...

  • Page 65
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Year Ended Amounts in thousands January 30, 2016 January 31, 2015 February 1, 2014 Net income Additions to other comprehensive income: Foreign currency translation adjustments, net of related tax benefits of $41,048, $56...

  • Page 66
    ... TJX Companies, Inc. CONSOLIDATED BALANCE SHEETS Fiscal Year Ended Amounts in thousands except share amounts January 30, 2016 January 31, 2015 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Merchandise inventories Prepaid expenses and other current...

  • Page 67
    ... payable Other Net cash provided by operating activities Cash flows from investing activities: Property additions Purchases of investments Sales and maturities of investments Cash paid for acquisition of Trade Secret, net of cash received Cash received at completion of acquisition of Sierra Trading...

  • Page 68
    ... Paid-In Capital Retained Earnings Total Balance, February 2, 2013 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...

  • Page 69
    ... related profit to the 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...

  • Page 70
    ...the time when inventory is shipped. As a result, merchandise inventories on TJX's balance sheet include an accrual for in-transit inventory of $690.3 million at January 30, 2016 and $495.2 million at January 31, 2015. Comparable amounts were reflected in accounts payable at those dates. Common Stock...

  • Page 71
    ... goodwill associated with the T.J. Maxx chain, as well as the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991, the purchase of Sierra Trading Post in fiscal 2013, and the purchase of Trade Secret in fiscal 2016 (See...

  • Page 72
    ...of the Marshalls chain, the value assigned to the name "Sierra Trading Post," acquired by TJX in fiscal 2013 and the value assigned to the name "Trade Secret," acquired by TJX in fiscal 2016. The tradenames were valued by calculating the discounted present value of assumed after-tax royalty payments...

  • Page 73
    ... with a calendar month end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end. This update is effective for interim and annual reporting periods beginning after December 15, 2015. TJX is in the...

  • Page 74
    ... of Trade Secret On October 24, 2015, TJX purchased Trade Secret, an off-price retailer that operates 35 stores in Australia, for approximately AUD$83 million (U.S. $59 million), which is subject to customary post-closing adjustments. The acquisition was accounted for using the purchase method...

  • Page 75
    ... by TJX in February 2015. In addition, in February 2016, TJX announced the Board of Directors had approved the repurchase of an additional $2.0 billion of TJX common stock from time to time. All shares repurchased under the stock repurchase programs have been retired. TJX has five million shares of...

  • Page 76
    ... per share of the option is in excess of the average price of TJX's common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were 4.1 million, 8.8 million and 4.7 million such options excluded at the end of fiscal 2016, fiscal 2015...

  • Page 77
    ... is a summary of TJX's derivative financial instruments, related fair value and balance sheet classification at January 30, 2016: Net Fair Value in Current U.S.$ at (Liability) January 30, U.S.$ 2016 In thousands Pay Blended Contract Balance Sheet Receive Rate Location Current Asset U.S.$ Fair...

  • Page 78
    ... 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 79
    ...HomeGoods segment both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe and Trade Secret in Australia. TJX also operates Sierra Trading Post, an off-price...

  • Page 80
    ...performance or as a measure of liquidity. Presented below is financial information with respect to TJX's business segments: Fiscal Year Ended In thousands January 30, 2016 January 31, 2015 February 1, 2014 Net sales: In the United States Marmaxx HomeGoods TJX Canada TJX International Segment profit...

  • Page 81
    Business segment information (continued): Fiscal Year Ended In thousands January 30, 2016 January 31, 2015 February 1, 2014 Identifiable assets: In the United States Marmaxx HomeGoods TJX Canada TJX International Corporate(1) Capital expenditures: In the United States Marmaxx HomeGoods TJX Canada ...

  • 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 30, 2016 Options WAEP January 31, 2015 Options WAEP February 1, 2014 Options WAEP Outstanding at beginning of year Granted Exercised Forfeitures...

  • Page 83
    ... 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 pension plan or funded plan) and its...

  • Page 84
    ... on the balance sheet as of that date as a current liability of $3.5 million and a long-term liability of $217.9 million. The estimated prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in fiscal 2017 for the funded plan is...

  • Page 85
    ... Plan Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 Net periodic pension cost: Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net actuarial loss Total expense Other changes in plan assets and benefit obligations...

  • Page 86
    ... fair value on a recurring basis as of January 30, 2016: Funded Plan In thousands Level 1 Level 2 Total Asset category: Short-term investments Equity Securities Fixed Income Securities: Corporate and government bond funds Futures Contracts Total assets in the fair value hierarchy Assets measured at...

  • Page 87
    ...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 which had yet to be invested as of balance sheet dates. Certain corporate...

  • Page 88
    ...for the plan year ending December 31, 2014. Based on information TJX received from the plan, the Pension Protection Act Zone Status of the National Retirement Fund is Critical and a rehabilitation plan has been implemented. The risks of participating in multiemployer pension plans are different from...

  • Page 89
    ...for both agreements. This rate is based on the credit ratings of TJX's long-term debt and will vary with specified changes in the credit ratings. As of January 30, 2016 and January 31, 2015, TJX's foreign subsidiaries had uncommitted credit facilities. TJX Canada had two credit lines, a C$10 million...

  • Page 90
    ...,756 $1,182,093 Fiscal Year Ended In thousands January 30, 2016 January 31, 2015 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...

  • Page 91
    ... difference between the U.S. federal statutory income tax rate and TJX's worldwide effective income tax rate is reconciled below: Fiscal Year Ended January 30, 2016 January 31, 2015 February 1, 2014 U.S. federal statutory income tax rate Effective state income tax rate Impact of foreign operations...

  • Page 92
    ... long-term leases related to its continuing operations for the rental of real estate and fixtures and equipment. Most of TJX's leases are store operating leases with ten-year terms and options to extend for one or more five-year periods in the U.S. and Canada and ten to fifteen year terms in Europe...

  • Page 93
    ... payables, purchased services and other items, each of which is individually less than 5% of current liabilities. The major components of other long-term liabilities are as follows: Fiscal Year Ended January 30, January 31, 2016 2015 In thousands Employee compensation and benefits, long term...

  • Page 94
    ...-the-clock work by hourly employees and alleged failure to pay all wages due upon termination. TJX is also a defendant in lawsuits filed in federal courts brought as putative class actions on behalf of customers relating to TJX's compare at pricing. The lawsuits are in various procedural stages and...

  • Page 95
    ... Quarter Fourth Quarter Fiscal Year Ended January 30, 2016 Net sales Gross earnings(1) Net income Basic earnings per share Diluted earnings per share Fiscal Year Ended January 31, 2015 Net sales Gross earnings(1) Net income Basic earnings per share Diluted earnings per share $6,865,637 $7,363,731...

  • Page 96
    ... Information Officer, Safeway Inc. Ernie Herrman Chief Executive Officer and President, The TJX Companies, Inc. Michael F. Hines Former Executive Vice President and Chief Financial Officer, Dick's Sporting Goods, Inc. Amy B. Lane Former Managing Director, Global Retailing Investment Banking Group...

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

  • Page 98
    ... 01701 Public Information and SEC Filings Visit our corporate website: tjx.com For the store nearest you, call (local) or visit us online at: UNITED STATES T.J. Maxx: 1-800-2-TJMAXX tjmaxx.com Marshalls: 1-800-MARSHALLS marshallsonline.com HomeGoods: 1-800-614-HOME homegoods.com Sierra Trading Post...

  • Page 99
    ... 1,156 stores in 49 states and Puerto Rico at 2015's year end. T.J. Maxx offers family apparel, home fashions and expanded fine jewelry and accessories departments, as well as The Runway, a high-end designer department, in some stores. Launched in 1994, T.K. Maxx introduced off-price retailing to...

  • Page 100
    Our global store base now spans 9 countries on 3 continents U.S. IRELAND U.K. GERMANY POLAND CANADA NETHERLANDS AUSTRIA AUSTRALIA The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 508-390-1000 tjx.com