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Tjx-2016-Annual-Report.Pdf OUR GLOBAL STORE BASE SPANS 9 COUNTRIES ON 3 CONTINENTS THE TJX COMPANIES, INC. 40 YEARS 2016 ANNUAL REPORT OF DELIVERING VALUE ... MORE TO COME The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 508-390-1000 tjx.com THE TJX COMPANIES, INC. 2016 ANNUAL REPORT CANADA Winners is the leading off-price family apparel and home fashions retailer in Canada and was acquired by TJX in 1990. Select Winners stores offer fine jewelry and some feature The Runway, a The TJX Companies, Inc., the leading off-price apparel and high-end designer department. Winners operated 255 stores home fashions retailer in the U.S. and worldwide, is ranked at 2016’s year end. 89 among Fortune 500 companies and operates four major divisions: The Marmaxx Group, HomeGoods, TJX Canada, and TJX International (comprised of Europe and Australia). With more than 3,800 stores, three e-commerce sites and approximately 235,000 Associates, we see ourselves as a HomeSense introduced the off-price home fashions concept to global, off-price, value retailer, and our mission is to deliver Canada in 2001. This chain offers a broad array of home basics 4 DECADES great value to our customers through the combination of and home décor merchandise. It operates in a standalone and brand, fashion, price, and quality. We offer a rapidly changing superstore format, which pairs HomeSense with Winners. At assortment of brand name and designer merchandise at prices 2016’s year end, HomeSense operated 106 stores in Canada. OF GROWTH... generally 20% to 60% below department and specialty store regular prices on comparable merchandise, every day. With our value proposition, we reach a broad range of fashion and value conscious customers across many income levels and Marshalls launched in Canada in 2011. In Canada, Marshalls demographic groups. offers great, off-price values on family apparel, with an expanded footwear department, and The CUBE, an exciting juniors + department. Marshalls operated 57 stores in Canada at 2016’s 3,800 STORES UNITED STATES year end. T.J. Maxx was founded in 1976, and together with Marshalls, EUROPE forms The Marmaxx Group, the largest off-price retailer of apparel and home fashions in the U.S. T.J. Maxx launched 7 RETAIL BANNERS its e-commerce site, tjmaxx.com, in 2013. T.J. Maxx operated Launched in 1994, T.K. Maxx introduced off-price retailing to the 1,186 stores in 49 states and Puerto Rico at 2016’s year end. U.K. and Ireland and is the only brick-and-mortar, off-price apparel T.J. Maxx offers family apparel, home fashions and expanded and home fashions retailer of significant size in Europe. T.K. Maxx fine jewelry and accessories departments, as well as The expanded into Germany in 2007, Poland in 2009 and Austria and Runway, a high-end designer department, in some stores. the Netherlands in 2015. T.K. Maxx offers top-brand family apparel as well as home fashions, and in some stores, the Mod Box, a department specifically for younger customers, and Gold Label, 9 COUNTRIES which features high-end designer labels. T.K. Maxx ended 2016 Marshalls was acquired by TJX in 1995, and with T.J. Maxx, with 503 stores. It also operates tkmaxx.com in the U.K. forms The Marmaxx Group, the largest off-price retailer of apparel and home fashions in the U.S. Marshalls operated 1,035 stores in 46 states and Puerto Rico at 2016’s year end. Marshalls offers family apparel and home fashions, including HomeSense introduced the off-price home fashions concept to 3 CONTINENTS expanded footwear and men’s departments, and The CUBE, the U.K. in 2008. This business offers our U.K. customers great a department specifically for juniors. values on top-quality home fashions, including home basics and home décor merchandise. At 2016’s year end, HomeSense operated 44 stores. HomeGoods, introduced in 1992, is a destination for off-price AUSTRALIA home fashions, including giftware, home basics, accent furniture, ...JUST TODAY lamps, rugs, and wall décor. HomeGoods operates in a standalone and superstore format, which couples HomeGoods In 2015, TJX acquired Trade Secret, an Australian off-price retailer with T.J. Maxx or Marshalls. At 2016’s year end, HomeGoods that will be converted to T.K. Maxx in spring 2017. The Australian operated 579 stores in 45 states and Puerto Rico. chain offers branded apparel for the family, as well as footwear, accessories and home fashions, all at great values. With the first store opening in 1992, it is now a 35-store chain with locations in New South Wales, Victoria, Queensland, and the Australian Sierra Trading Post, acquired by TJX in 2012, is an Capital Territory. off-price Internet retailer of brand name outdoor gear, family apparel and footwear, sporting goods, and home fashions. Sierra Trading Post launched its e-commerce site, sierratradingpost.com, in 1998. As of 2016’s year end, it also operated 12 stores in the U.S. STRAIGHT21 YEARS OF COMP STORE INCREASES TO OUR FELLOW SHAREHOLDERS: We were proud to mark our 40th year as a company in 2016 with another year of terrific performance! We achieved above- plan comparable store sales and earnings per share results, and are convinced we continued to grow our market share around the world. Our eclectic mix of branded merchandise, at amazing values, is resonating with consumers in all our geographies. We were particularly pleased that customer traffic drove our comparable store sales increases, both on a consolidated basis and at each of our four major divisions. We are confident that we are attracting new shoppers to our stores and that existing customers are visiting more fre- quently. Marmaxx, our largest division, achieved very strong performance as we brought T.J. Maxx and Marshalls to only one year. Further, we marked our 21st consecutive year even more U.S. shoppers. HomeGoods delivered another of comparable store sales increases in 2016! Net income year of excellent results as we extended the reach of our in 2016 rose to $2.3 billion and adjusted earnings per share leading home fashions chain to additional U.S. markets. TJX were $3.53, a 6% increase over the prior year.1 While posted outstanding results while bringing its three Canada our EPS growth reflected a significant negative impact chains to more Canadian consumers. TJX International from wage increases and foreign currency for the second delivered results in line with our expectations in a challenging consecutive year, we were pleased to exceed our expecta- retail environment while continuing its expansion in our tions. Further, merchandise margin increased significantly, existing European countries and further integrating our on top of a solid increase in the prior year, which again Australian chain. We also continued the methodical growth demonstrates the flexibility of our model to succeed in many of our U.S. and U.K. e-commerce sites, which we view as types of environments. Most importantly, we achieved this another way to drive incremental sales and traffic. increase while continuing to offer our customers excellent For the year, net sales reached $33.2 billion, up more than $2 values. Overall, we grew total square footage by 4% and billion from 2015. This represents growth of 7%, over a sales opened a total of 198 new stores to end the fiscal year with increase of 6% in the prior year. Consolidated comparable 3,812 stores. Notably, we did not close any stores in 2016 in store sales grew a strong 5%, over a 5% increase last year. a volatile retail environment. Our successful track record over Over the last four decades, our steady growth in sales and 40 years is a testament to the dedication and commitment profit demonstrates the consistency, resiliency and flexibility of our Associates throughout our long history. At year end, of our off-price business model. In our history as a company, we were very proud to employ approximately 235,000 we have had an annual comparable store sales decline in Associates worldwide. KEY TJX STRENGTHS We are the only major international off-price apparel and home fashions retailer in the world! The key strengths that we have developed and refined over our 40-year history give us great confidence in our ability to continue our successful growth for many years to come. Further, we have decades of experience training and building talent in the U.S. and internationally. These elements of our business also differentiate us from most major retailers and allow us to operate one of the world’s most flexible retail models. 3 1,000+ BUYERS 18 ,000+ VENDORS 23919 TEXT CC17.indd 4 3/27/17 6:05 PM 5 23919 TEXT CC17.indd 5 3/27/17 6:05 PM is built around off-price retailing, which we see as a tremendous advantage and extremely difficult for others to replicate. Importantly, we are investing ahead of our sales to support our medium- and long-term growth plans. Our ability to capitalize on our global presence gives us great confidence that we can continue our successful growth around the world. We operate seven retail chains in nine countries across three continents, and have decades of international experience. Further, we are the largest off-price retailer in the U.S. and Canada and the only major brick-and- mortar, off-price retailer in Europe and Australia. Our four major divisions run on the same flexible, off-price business model and are highly integrated and synergistic. We function Our commitment to value starts with our world-class buying as “One TJX” and leverage our extensive knowledge and organization, which we truly believe is the best in retail.
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