What is the market's earnings forecast for The Tjx next quarter?

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What were the key takeaways from The Tjx's earnings call?

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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TJX

TJX fundamentals

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