TJX Companies (TJX) FY2026 results: revenue $60.4 billion, up 7.1% on the year

TJX is an off-price apparel and home fashions retailer, with over 5,200 stores and six branded e-commerce sites selling a rapidly changing assortment of brand name and designer merchandise at prices generally 20% to 60% below what full-price retailers charge for comparable goods. Its financial year ends in late January; fiscal 2026 was the 52 weeks to 31 January 2026. It reports four segments: Marmaxx and HomeGoods in the United States, TJX Canada and TJX International, with the Sierra business reported inside Marmaxx.

The chains

Marmaxx is TJ Maxx, founded in 1976, and Marshalls, acquired in 1995, together 2,603 stores selling family apparel and footwear, accessories including beauty and jewellery, home fashions and other merchandise. The two carry separate assortments, with an expanded jewellery and accessories range and the high-end Runway department at TJ Maxx and a full footwear line and broader menswear at Marshalls, and they run tjmaxx.com and marshalls.com. Sierra, acquired in 2012 and renamed from Sierra Trading Post in 2018, sells brand name active and outdoor apparel, footwear and gear along with home fashions and pet products through 145 stores and sierra.com. HomeGoods, introduced in 1992, sells furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware plus pet and gourmet food through 963 stores, and the Homesense chain launched in the United States in 2017 adds a separate mix through 79 stores. TJX Canada runs Winners, acquired in 1990, with 316 stores, HomeSense, which brought the format to Canada in 2001, with 162 stores, and Marshalls, launched there in 2011, with 111 stores.

Outside North America

TK Maxx introduced off-price retail to Europe in 1994 and has 673 stores in the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands and, from March 2026, Spain, alongside tkmaxx.com, launched in 2009, and tkmaxx.de and tkmaxx.at, both launched in 2023. Homesense opened in the United Kingdom in 2008 and Ireland in 2017 and has 74 stores. In Australia, Trade Secret was acquired in 2015 and rebranded as TK Maxx in 2017, with 88 stores carrying a mix comparable to TJ Maxx.

Opportunistic buying

The buying organisation numbers over 1,400 people with offices across the globe, buying from more than 100 countries. The merchandise comes from closeouts from brands, manufacturers and other retailers, special production direct from brands and factories, order cancellations and manufacturer overruns. Buyers stay in the market through the year rather than ordering far ahead, buying much of the goods for the current or immediately upcoming season, with some bought and stored for future seasons, which the company calls packaway. The vendor base numbers approximately 21,000 across the globe, including thousands of new vendors in fiscal 2026. The company lists why vendors sell to it: willingness to take less-than-full assortments of items, styles and sizes and quantities from small to very large, the ability to spread merchandise across a wide store network and target specific markets, prompt payment on terms, and a practice of not asking for the advertising, promotional, markdown, delivery or return concessions traditional retailers seek.

The model around the buying

Selling floors are flexible, with no walls between departments and largely free of permanent fixtures, so departments can expand and contract around what has been bought. Inventory is turned rapidly, with pricing, markdown and store inventory decisions made centrally using specialised systems, and merchandise generally sold through within the planned period. Distribution centres cover approximately 31 million square feet across six countries, built for this model with a mix of automated systems and manual processes, and substantially all merchandise ships to stores through a network of distribution centres, fulfilment centres, warehouses and shipping centres, many of them run by third parties.

People

There were approximately 377,000 associates at 31 January 2026, many working less than 40 hours a week, with approximately 86% of them in the retail stores. Thousands of temporary employees are hired each year, particularly for the back-to-school and holiday peaks. Many associates in the distribution network in the United States and Canada are covered by collective bargaining agreements, and others are members of works councils in Europe.

From TJX's annual report on Form 10-K for the year ended 31 January 2026. The filing

Written from the 10-K filed 31 March 2026: read the full 10-K.