What guidance did The Tjx's management provide for the next earnings period?

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Did The Tjx beat or miss consensus estimates last quarter?

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What does The Tjx do and what are its main business segments?

- **Revenue Growth**: Q3 comp sales +5%, driven by 6% at Marmaxx, 5% at HomeGoods, and 8% in Canada. Full-year guidance raised to 4% growth.
- **Margin Expansion**: Pretax margin 12.7% (up 40bps YoY), gross margin +100bps from lower freight costs. Full-year pretax margin target 11.6%.
- **Holiday Strength**: Inventory up 12%, fresh assortments flowing weekly. Digital campaigns emphasize value and gifting options.
- **Strategic Initiatives**: 7,000 global store target, Spain entry in 2026. Testing AI in fraud detection, HR, and marketing optimization.


**【CEO Summary Section】**
- **Strong Q3 Performance**: Overall comp sales grew 5%, driven by 6% at Marmaxx, 5% at HomeGoods, and 8% in Canada. All divisions saw strong apparel and home category growth.
- **Holiday Momentum**: Confident in Q4 with fresh assortments, digital marketing campaigns, and gift-giving focus. Inventory is up 12% to support holiday flows.
- **Long-Term Growth**: Targeting 7,000 stores globally, including Spain entry in 2026. Believes quality branded merchandise availability will sustain growth.

**【CFO Financial Commentary】**
- **Q3 Financial Highlights**: 
  - Pretax margin 12.7% (up 40bps YoY), driven by 100bps gross margin expansion from lower freight costs and expense leverage.
  - Diluted EPS $1.28 (up 12% YoY), above plan due to merchandise margin strength and expense control.
  - Full-year guidance raised: 4% comp sales growth, 11.6% pretax margin (up 10bps YoY).
- **Divisional Strength**: 
  - Marmaxx margin 14.9% (up 60bps), HomeGoods margin 13.5% (up 120bps), Canada margin 14.9% (FX-adjusted stable), International margin 9.2% (up 190bps).

**【Q&A Highlights】**
- **Tariff Mitigation**: Offset all Q3 tariff pressure, expect to continue in Q4. Freight savings from ocean rates and logistics efficiencies.
- **Consumer Trends**: Lower income demos driving comp, but balanced across all demographics. Value perception scores remain strong despite selective price increases.
- **AI Strategy**: Testing AI in fraud detection, HR, marketing optimization, and supply chain. Focus on augmenting, not replacing, human expertise.
- **Inventory Management**: Flexibility to pivot on pricing with 3-4 week inventory turnover. No overbuying despite strong sales momentum.


The TJX Companies, Inc. (TJX) Q3 2026 Earnings Call Transcript

- **Revenue Growth**: Q2 comp sales +4%, driven by transactions and value-driven assortment.\n- **Margin Expansion**: Pretax margin 11.4% (+50bps YoY), EPS $1.10 (+15% YoY).\n- **Guidance Uptick**: Full-year EPS $4.52-$4.57 (+6-7%), comp sales +3%, reflecting tariff mitigation success.\n- **Strategic Growth**: 1,800+ new stores planned globally, with focus on flexible off-price model.\n- **Customer Engagement**: HomeGoods back-to-school and holiday gifting assortments driving cross-category sales.

**【CEO Summary Section】**
- **Strong Q2 Performance**: Comp sales grew 4% across all divisions, driven by customer transactions and broad-based value appeal.\n- **Market Share Opportunities**: Confident in capturing additional share in U.S. and international markets, with a focus on fall and holiday assortments.\n- **Long-Term Growth**: Plans to open 1,800+ new stores globally, leveraging off-price expertise and flexible business model.\n- **Team Excellence**: Credits associates for executing off-price fundamentals and delivering value to customers.\n
**【CFO Financial Commentary】**
- **Q2 Financial Highlights**:\n  - Pretax profit margin of 11.4% (+50bps YoY), driven by 30bps gross margin improvement from favorable hedges.\n  - Diluted EPS of $1.10 (+15% YoY), exceeding expectations.\n  - Full-year guidance raised: EPS $4.52-$4.57 (+6-7% YoY), comp sales +3%, pretax margin 11.4-11.5%.\n- **Tariff Mitigation**: Offset incremental tariff pressure through strategic buying and operational efficiency.\n- **Balance Sheet Strength**: Returned $1B to shareholders via buybacks and dividends.\n
**【Q&A Highlights】**\n- **Consistency in Comps**: Flexible business model and broad customer appeal enable stable performance despite macro volatility.\n- **Pricing Strategy**: Buyers adjust ticket prices based on competitor retail, preserving value gap without leading price hikes.\n- **Merchandise Margin**: Flat Q2 margin due to tariff mitigation; confident in maintaining margins through diversified sourcing.\n- **Store Expansion**: On track for 130+ net new stores, with success in relocations and remodels.\n- **Holiday Gifting**: HomeGoods and apparel assortments positioned for back-to-school and holiday gifting momentum.

The TJX Companies, Inc. (TJX) Q2 2026 Earnings Call Transcript

- **Q1 Growth Drivers**: 3% comp sales growth across all divisions, led by HomeGoods (+4%) and TJX International (+5%).
- **Profitability**: 10.3% pretax margin and $0.92 EPS beat expectations, despite 50bps gross margin headwind from hedges.
- **Tariff Mitigation**: Q2 tariff impact of $200M offset by opportunistic buying; back half to benefit from hedge unwind and vendor partnerships.
- **Inventory Strength**: 15% inventory growth positions for 2026 growth; flexible buying model allows rapid assortment changes.
- **Long-Term Confidence**: 2-3% annual comp sales growth guidance maintained; 11.3-11.4% pretax margin target reflects disciplined cost management.

**【CEO Opening Remarks】**
- Q1 FY2026 revenue grew 3% on a consolidated basis, driven by 3% comp sales growth across all divisions (U.S. and international). Every division reported increased customer transactions.
- Pretax profit margin of 10.3% and EPS of $0.92 exceeded expectations. 
- Highlighted strong performance in HomeGoods (+4% comp sales) and TJX International (+5% comp sales), with Australia and Europe leading growth.
- Inventory levels are up 15% year-over-year, with per-store inventory up 7%, reflecting opportunistic buying in a favorable market environment.
- Confident in ability to navigate tariffs and maintain long-term growth trajectory, citing flexible business model, global sourcing network, and talent depth.

**【CFO Financial Details】**
- Consolidated comp sales growth of 3% (high end of guidance) driven by +2% Marmaxx, +4% HomeGoods, +5% TJX Canada, and +5% TJX International.
- Gross margin down 50bps due to unfavorable inventory hedges; SG&A up 20bps from incremental store wage costs.
- Full year FY2026 guidance unchanged: 2-3% comp sales growth, 11.3-11.4% pretax margin, $4.34-4.43 EPS.
- Q2 FY2026 guidance: 2-3% comp sales, 10.4-10.5% pretax margin, $0.97-1.00 EPS.
- Tariff mitigation strategies include opportunistic buying, selective retail adjustments, and vendor collaboration.

**【Key Q&A Takeaways】**
- **Inventory Management**: 15% inventory growth reflects strategic buys; plan to maintain hand-to-mouth buying to capitalize on market volatility.
- **Tariff Strategy**: Q2 directly impacted by $200M in tariffs; back half will benefit from hedge unwind and vendor collaboration.
- **Customer Demographics**: Strong performance across all income brackets, with slight skew to lower-income shoppers seeking value.
- **Homegoods Growth**: 4% comp sales vs. industry decline; differentiated assortment and value proposition driving market share gains.
- **International Expansion**: TK Maxx launch in Spain next year; Mexico joint venture and Middle East investment showing early promise.


The TJX Companies, Inc. (TJX) Q1 2026 Earnings Call Transcript

- **Record Q4 Results**: $16.4B sales (+5% YoY), 5% comp sales growth, $1.23 EPS (+10%). Full-year EPS up 13% to $4.26.
- **Profit Margin Expansion**: Pretax margin 11.6% (up 70 bps), gross margin 30.6% (up 70 bps). FY26 EPS guidance: $4.34-$4.43 (+2%-4%).
- **Growth Drivers**: 130 new stores planned, 7,000+ store target, $2B-$2.5B buyback. Strong e-commerce and international expansion.
- **Tariff Resilience**: FY26 guidance includes 3% EPS drag, but team confident in tariff mitigation strategies.
- **Customer Engagement**: 18-34 age group driving transactions, expanded vendor base for spring assortment.


**【CEO Summary Section】**
- **Fourth Quarter Performance**: Net sales of $16.4 billion, up 5% YoY. Consolidated comp sales growth of 5%, driven by a 4%+ increase in customer transactions across all divisions. Full-year sales exceeded $56 billion, with comp store sales up 4%.
- **Profitability**: Pretax profit margin of 11.6% (up 70 bps YoY), gross margin of 30.6% (up 70 bps YoY). Full-year EPS of $4.26, up 13% YoY.
- **Strategic Initiatives**: 5,000th store milestone, expansion plans to 7,000+ stores globally, joint ventures in Mexico and Middle East, and $2B-$2.5B share buyback.

**【CFO Financial Commentary】**
- **Q4 Financials**: Diluted EPS of $1.23 (up 10% YoY). Gross margin benefited from mark-on and shrink favorability. SG&A at 19.2% (up 30 bps YoY) due to wage costs.
- **FY26 Guidance**: 
  - Sales: $58.1B-$58.6B (3%-4% growth)
  - Pretax margin: 11.3%-11.4% (down 10-20 bps)
  - EPS: $4.34-$4.43 (2%-4% growth)
  - Store openings: 130 net new stores (including 9 HomeSense)
- **Tariff Impact**: FY26 guidance includes 3% EPS drag from tariffs, but team confident in navigating future buys.

**【Q&A Highlights】**
- **Canada & Intl Growth**: Strong execution in Europe and Canada via late shipment of fresh goods, gift category focus, and home business strength. Expect continued outperformance.
- **Customer Acquisition**: 18-34 age demographic driving transaction growth. Spring assortment features expanded vendor base and new categories.
- **Shrink Management**: Full-year shrink favorability of 20 bps, with ongoing initiatives to maintain improvements.
- **Real Estate**: 1,900+ new stores planned (including 1,800 HomeGoods), targeting rural areas and former department store locations.
- **Tariff Strategy**: Buyers focus on retail price first, unaffected by tariffs. China imports <1% of total merchandise.


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