FolioObs › TJX COS INC NEW (TJX) › Earnings calls

TJX COS INC NEW earnings calls

TJX · every analyst question and management's answer

Aug 19, 2026 earnings call — Raised full-year profit and EPS outlook

Company raised full-year adjusted diluted EPS to $5.15 to $5.20 and increased pretax margin guidance to 12% to 12.1%.

Revenue $15.2B (est $15.2B) · EPS $1.22 (est $1.19) · Next-quarter revenue outlook $15.6B–$15.8B

Key quotes

"At Marmaxx, we believe we could have executed our store mix better. And by that, I mean, we could have been sharper having the right goods in the right stores at the right time."

— Ernie L. Herrman (CEO) · Marmaxx execution issues

"Today, we are increasing our long term store growth potential by 500 stores to a total of 7.5 thousand stores, or over 2.2 thousand more stores."

— Ernie L. Herrman (CEO) · Store growth expansion

"HomeGoods delivered an outstanding 7% comp sales increase primarily driven by higher average basket and customer transactions were also up."

— John Klinger · HomeGoods strength

Analyst Q&A 10

Marmaxx sales trend and store growth

Q (Matthew Boss): Analyst asked how Marmaxx same-store sales progressed in Q2 and about the strong August start; also asked about new store performance and raising store targets.

A: Management said sales strengthened in May and stayed consistent in June and July. They see improvement at Marmaxx in August and expect more improvement by Q4. They raised Marmaxx store target by 300 and HomeGoods by 200 and see ability to grow faster.

"And we have been seeing for, you know, for a bit of time that we had some opportunity in Marmaxx and HomeGoods to continue to grow our store base." — John Klinger

What caused Marmaxx problem and timing to recover

Q (Lorraine Hutchinson): Analyst asked what went wrong at Marmaxx, what fixes were taken, and when comps will return to a normal 2%–3% cadence.

A: Management said the shortfall was self-inflicted execution and wrong merchandise mix in specific areas. They involved buyers, planning, merchandising and senior leaders and are already fixing the issues. They see trend improvement in August versus Q2 and expect recovery by Q4.

"I would say we are seeing a trend improvement already in August versus in Q2." — Ernie L. Herrman (CEO)

Why transactions fell at Marmaxx

Q (Paul Lejuez): Analyst asked if June and July comps were positive and whether the small decline in transactions was due to traffic, conversion, or pricing.

A: Management confirmed May, June and July comps were all positive. They said the transaction decline was not conversion or pricing; it was missing items in the mix so customers in-store sometimes could not buy the items they would have picked up.

"The, decline in transactions from what we can see, had nothing to do with conversion." — Ernie L. Herrman (CEO)

Why buying missed and fixes being made

Q (Brooke Roach): Analyst asked why buyers missed the customer pulse at Marmaxx and what buying and allocation changes are being made before the holiday season.

A: Management said they cannot give category specifics for competitive reasons, but they have added systematic planning changes to monitor and prevent repeats. They involved all levels from buyers to senior executives and institutionalized fixes to help planning support buyers going forward.

"We put some basically systematic processes in place. Some of it in really is involved from the planning side, ironically, which is supposed to help the buyers." — Ernie L. Herrman (CEO)

HomeGoods comp, categories, and margin drivers

Q (Alex Straton): Analyst asked whether HomeGoods' strong comp came from traffic or ticket, which categories drove it, whether it is sustainable, and what's behind the margin expansion.

A: Management said HomeGoods has driven steady traffic by combining impulse treasure-hunt items with day-in/day-out consumable staples, and stores are easy to shop. They see continued opportunity and cited merchandise margin improvement partly from lower tariff costs plus positive operations and top-line growth.

"They, have been succeeding more, really over the last number of years at creating a level of excitement and impulse treasure hunt shopping across anything from, you know, domestic categories, which are really second to none in value." — Ernie L. Herrman (CEO)

Back-half gross margin drivers

Q (Michael Binetti): Analyst asked what changed in the second-half gross margin plan versus the first half and whether there are new positives to consider.

A: Management said the main drivers are higher fuel and freight rates in the back half, first-half merchandise margin favorability and tariff timing differences. They said the overall guidance is consistent with prior guidance and there are puts and takes but no new shifts called out.

"So, Michael, if I if I am comparing the first half to the second half, you know, the biggest piece is gonna be the fuel and the fuel the freight rates that we are seeing." — John Klinger

Long-term store target: Sierra, HomeSense, Europe

Q (Jay Sole): Analyst asked how Sierra, HomeSense and Europe fit the 7.5k long-term store target and whether new countries are being considered.

A: Management said they always look at new countries and have had success in new markets like Spain and Mexico; they are looking for more opportunities. They said Sierra and HomeSense grow faster than the company average and add disproportionately to growth, and they are constantly evaluating international markets.

"Sierra is, you know, disproportionate that adds disproportionately into the growth, right? it is a higher growth rate Yes. Than the 4% by far." — Ernie L. Herrman (CEO)

Which Marmaxx categories missed and HomeGoods categories

Q (Marni Shapiro): Analyst asked whether the missing Marmaxx items were fashion or impulse, how beauty and other non-apparel categories did, and whether HomeGoods consumables remain strong.

A: Management said they cannot identify the specific Marmaxx categories for competitive reasons and that it was a mix of issues across categories; Marmaxx also had many performing categories so the net comp was a modest miss. For HomeGoods, they said performance is strong across consumables and higher-ticket decorative categories driven by unique product and execution.

"It was a combination of different things in Marmaxx. And then at the same time, as witnessed by the fact, in Marmaxx, that we ran a 1 and not a -3 is we had a lot of categories that were performing well." — Ernie L. Herrman (CEO)

Freight outlook and weather planning for Q4

Q (Ike Boruchow): Analyst asked if freight expectations for the back half changed since three months ago and whether Super El Niño weather is changing how they plan product for Q4.

A: Management said freight expectations are in line with prior expectations; first-quarter freight hedges benefited the early period and back half was expected to be less favorable. On weather, they said their model and staged warehouses let them maneuver and reallocate inventory regionally to handle unusual weather better than typical brick-and-mortar retailers.

"I mean, it is in line with what we were expecting." — John Klinger

Ticket/AUR runway and marketing activity

Q (Aneesha Sherman): Analyst asked if there is more runway for ticket and AUR growth and whether marketing approach or budget is changing meaningfully this year.

A: Management said AUR and ticket have increased but they expect moderation in the near term and that ticket changes are often driven bottom-up by category and vendor opportunities. On marketing they said they plan consistently but will add dollars when they have a strong year; they reported 1.1 billion paid video views in the first half across major platforms and high completion rates.

"In the first half of the year, we had 1.1 billion paid video views across Facebook, Instagram, TikTok, Pinterest, YouTube." — Ernie L. Herrman (CEO)

AI-generated notes on the earnings call transcript. Quotes are taken from the transcript. This is not a FolioObs investment view.

TJX COS INC NEW (TJX) · Earnings calendar

Other earnings calls this week

  • GOOGL · ALPHABET INC — Gemini 4 models and Cloud TPU scaling
  • AMZN · AMAZON.COM INC — AWS AI growth and company results
  • MSFT · MICROSOFT CORP — Copilot expansion and AI-driven Azure growth
  • GOOG · ALPHABET INC-CL C — Gemini 4 launch and Cloud TPU scaling
  • V · VISA INC — Tokenization, VAS growth, and agentic commerce focus
  • MA · MASTERCARD INCORPORATED — Network expansion and agentic commerce push
  • SPGI · S&P GLOBAL INC — Strategic review of Capital IQ and data businesses
  • DASH · DOORDASH INC - A — Instacart deal and DashMart expansion

All of this week's earnings call summaries

FolioObs Features | 주요 기능

  • Dashboard — SEC 13F Portfolio Tracker, FolioObs 50 | 대시보드
  • AI Insights — Portfolio Analysis & Signals | AI 인사이트
  • Insider Trading — SEC Form 4 Tracker | 내부자 거래
  • Cathie Wood Today's Trades + AI Insights | 캐시 우드 오늘의 매매
  • ARK Invest Report — Daily Trades | ARK 리포트
  • Investment News — Data-Driven Updates | 뉴스
  • Weekly Report — Market Movers | 주간 리포트
  • How to Read a 13F — 5-Minute Guide | 13F 읽는 법
  • The FolioObs 50 — All Tracked Investors | FolioObs 50 전체 보기
  • Wall Street Consensus — Shared Holdings | 월가 컨센서스
  • US Politician Trades — STOCK Act | 정치인 매매 추적
  • Earnings Calendar | 실적 발표 캘린더
  • This Week's Earnings Call Summaries | 이번 주 어닝콜 한 줄 요약

FolioObs 50 | 추적 중인 월가 투자자 50인

  • Warren Buffett — Berkshire Hathaway | 워렌 버핏
  • Cathie Wood — ARK Invest | 캐시 우드
  • Stanley Druckenmiller — Duquesne Family Office | 스탠리 드러켄밀러
  • Ray Dalio — Bridgewater Associates | 레이 달리오
  • George Soros — Soros Fund Management | 조지 소로스
  • Bill Ackman — Pershing Square Capital | 빌 애크먼
  • David Tepper — Appaloosa Management | 데이비드 테퍼
  • Chase Coleman — Tiger Global Management | 체이스 콜먼
  • Dan Loeb — Third Point | 댄 로엡
  • Seth Klarman — Baupost Group | 세스 클라만
  • National Pension Service (NPS) — Korea National Pension Service | 국민연금
  • David Einhorn — Greenlight Capital | 데이비드 아인혼
  • John Paulson — Paulson & Co | 존 폴슨
  • Howard Marks — Oaktree Capital Management | 하워드 막스
  • Leon Cooperman — Omega Family Office | 레온 쿠퍼먼
  • Ken Griffin — Citadel | 켄 그리핀
  • Steve Cohen — Point72 Asset Management | 스티브 코헨
  • Li Lu — Himalaya Capital | 리 루
  • Mohnish Pabrai — Pabrai Investment Funds | 모니시 파브라이
  • Bruce Berkowitz — Fairholme Capital Management | 브루스 버코비츠
  • Nelson Peltz — Trian Fund Management | 넬슨 펠츠
  • Carl Icahn — Icahn Capital | 칼 아이칸
  • Paul Singer — Elliott Management | 폴 싱어
  • Philippe Laffont — Coatue Management | 필립 라퐁
  • Andreas Halvorsen — Viking Global | 안드레아스 할보르센
  • Daniel Sundheim — D1 Capital | 다니엘 선드하임
  • Masayoshi Son — SoftBank Group | 손정의
  • Terry Smith — Fundsmith | 테리 스미스
  • Joel Greenblatt — Gotham Asset Management | 조엘 그린블랫
  • Bill Miller — Miller Value Partners | 빌 밀러
  • Brad Gerstner — Altimeter Capital | 브래드 거스트너
  • Rajiv Jain — GQG Partners | 라지브 자인
  • Duan Yongping — H&H International | 돤융핑
  • Chris Hohn — TCI Fund Management | 크리스 혼
  • Stephen Mandel — Lone Pine Capital | 스티븐 만델
  • Prem Watsa — Fairfax Financial | 프렘 왓사
  • Sequoia Fund — Ruane Cunniff & Goldfarb | 세쿼이아 펀드
  • Guy Spier — Aquamarine Capital | 가이 스파이어
  • Lee Ainslie — Maverick Capital | 리 아인슬리
  • David Abrams — Abrams Capital | 데이비드 아브람스
  • Pat Dorsey — Dorsey Asset Management | 팻 도시
  • Dev Kantesaria — Valley Forge Capital | 데브 칸테사리아
  • Francois Rochon — Giverny Capital | 프랑수아 로숑
  • Thomas Russo — Gardner Russo & Quinn | 토마스 루소
  • Tweedy Browne — Tweedy Browne | 트위디 브라운
  • Temasek — Temasek Holdings | 테마섹
  • Saudi PIF — Public Investment Fund | 사우디 국부펀드
  • Baillie Gifford — Baillie Gifford | 베일리 기포드
  • Ron Baron — Baron Capital | 론 배런
  • Thomas Gayner — Markel Group | 토마스 게이너