What drove TJX's gross profit growth in 2024?

TJX's gross profit growth in 2024 was driven by several key factors:

1. **Increased Merchandise Margin**: The company experienced gains from reduced inventory shrink expense, lower freight costs, fewer markdowns, and improved markon, which contributed to the increase in merchandise margin.
2. **Lower Costs**: Lower freight costs and inventory shrinkage expenses also played a role in improving the gross profit margin. These cost reductions helped to offset some of the expenses and contributed to the overall profitability of the company.
3. **Strategic Initiatives**: TJX's strategic initiatives to keep stores stocked with a fresh assortment of goods likely played a role in driving sales and improving gross profit. The company's focus on inventory management and merchandise selection likely helped to optimize sales and reduce waste, leading to better gross profit margins.

In summary, TJX's gross profit growth in 2024 was driven by a combination of increased merchandise margin, lower costs, and strategic initiatives. These factors collectively contributed to the company's improved profitability and financial performance.