The tjx companies, Inc. Q4 and Full Year Fiscal Year 2022 Earnings Press Release

 
 
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The TJX Companies, Inc. and Consolidated Subsidiaries 
Financial Summary 
(Unaudited) 
(In Thousands Except Per Share Amounts)
Thirteen Weeks Ended
January 29,
2022
January 30,
2021
February 1,
2020
Net sales
$ 13,854,368 
$ 10,943,210 
$ 12,206,462 
Cost of sales, including buying and occupancy costs
10,094,515 
7,882,575 
8,741,805 
Selling, general and administrative expenses
2,495,905 
2,193,101 
2,135,329 
Loss on early extinguishment of debt
— 
312,233 
— 
Interest expense, net
21,053 
47,163 
3,053 
Income before income taxes
1,242,895 
508,138 
1,326,275 
(Provision) for income taxes
(302,691)
(182,615)
(341,485)
Net income
$ 
940,204 
$ 
325,523 
$ 
984,790 
Diluted earnings per share
$ 
0.78 
$ 
0.27 
$ 
0.81 
Cash dividends declared per share
$ 
0.26 
$ 
0.26 
$ 
0.23 
Weighted average common shares – diluted
1,204,650 
1,219,479 
1,219,365 

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The TJX Companies, Inc. and Consolidated Subsidiaries 
Financial Summary 
(Unaudited) 
(In Thousands Except Per Share Amounts) 
Fifty-Two Weeks Ended
January 29,
2022
January 30,
2021
February 1,
2020
Net sales
$ 48,549,982 
$ 32,136,962 
$ 41,716,977 
Cost of sales, including buying and occupancy costs
34,713,812 
24,533,815 
29,845,780 
Selling, general and administrative expenses
9,081,238 
7,020,917 
7,454,988 
Loss on early extinguishment of debt
242,248 
312,233 
— 
Interest expense, net
115,076 
180,734 
10,026 
Income before income taxes
4,397,608 
89,263 
4,406,183 
(Provision) benefit for income taxes
(1,114,793)
1,207 
(1,133,990)
Net income
$ 3,282,815 
$ 
90,470 
$ 3,272,193 
Diluted earnings per share
$ 
2.70 
$ 
0.07 
$ 
2.67 
Cash dividends declared per share
$ 
1.04 
$ 
0.26 
$ 
0.92 
Weighted average common shares – diluted
1,215,591 
1,214,703 
1,226,519 

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The TJX Companies, Inc. and Consolidated Subsidiaries 
Condensed Balance Sheets 
(Unaudited) 
(In Millions) 
January 29,
2022
January 30,
2021
February 1,
2020
ASSETS
Current assets:
Cash and cash equivalents
$ 
6,226.8 
$ 10,469.6 
$ 
3,216.8 
Accounts receivable and other current assets
955.7 
896.1 
754.3 
Merchandise inventories
5,961.6 
4,337.4 
4,872.6 
Federal, state and foreign income taxes recoverable
114.5 
36.2 
47.0 
Total current assets
13,258.6 
15,739.3 
8,890.7 
Net property at cost
5,270.8 
5,036.1 
5,325.0 
Operating lease right of use assets
8,853.9 
8,990.0 
9,060.3 
Goodwill
96.7 
99.0 
95.5 
Other assets
981.5 
949.2 
773.5 
TOTAL ASSETS
$ 28,461.5 
$ 30,813.6 
$ 24,145.0 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 
4,465.4 
$ 
4,823.4 
$ 
2,672.6 
Accrued expenses and other current liabilities
4,426.1 
3,553.0 
3,066.5 
Current portion of operating lease liabilities
1,576.6 
1,677.6 
1,411.2 
Current portion of long-term debt
— 
749.7 
— 
Total current liabilities
10,468.1 
10,803.7 
7,150.3 
Other long-term liabilities
1,015.8 
1,063.9 
851.1 
Non-current deferred income taxes, net
44.2 
37.2 
142.2 
Long-term operating lease liabilities
7,575.6 
7,743.2 
7,816.6 
Long-term debt
3,354.8 
5,332.9 
2,236.6 
Shareholders’ equity
6,003.0 
5,832.7 
5,948.2 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 28,461.5 
$ 30,813.6 
$ 24,145.0 

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The TJX Companies, Inc. and Consolidated Subsidiaries 
Condensed Statements of Cash Flows
(Unaudited) 
(In Millions) 
Fifty-Two Weeks Ended
January 29,
2022
January 30,
2021
February 1,
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 
3,282.8 
$ 
90.5 
$ 
3,272.2 
Depreciation and amortization
868.0 
870.8 
867.3 
Loss on early extinguishment of debt
242.2 
312.2 
— 
Loss on property disposals and impairment charges
8.6 
83.8 
16.1 
Deferred income tax (benefit)
(44.5)
(230.7)
(6.2)
Share-based compensation
189.0 
58.5 
125.0 
(Increase) in accounts receivable and other assets
(28.8)
(128.5)
(60.1)
(Increase) decrease in merchandise inventories
(1,657.8)
588.8 
(296.5)
(Increase) decrease in income taxes recoverable
(78.3)
10.7 
(34.2)
(Decrease) increase in accounts payable
(338.1)
2,111.2 
29.3 
Increase in accrued expenses and other liabilities
758.5 
637.3 
217.4 
(Decrease) increase in net operating lease liabilities
(129.1)
200.2 
29.6 
Other
(15.0)
(42.9)
(93.2)
Net cash provided by operating activities
3,057.5 
4,561.9 
4,066.7 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions
(1,044.8)
(568.0)
(1,223.1)
Investment in Familia
— 
— 
(230.2)
Purchase of investments
(21.9)
(29.1)
(28.8)
Sales and maturities of investments
20.3 
18.5 
12.7 
Other
— 
— 
7.4 
Net cash (used in) investing activities
(1,046.4)
(578.6)
(1,462.0)
CASH FLOWS FROM FINANCING ACTIVITIES: 
Payments on revolving credit facilities
— 
(1,000.0)
— 
Proceeds from long-term debt including revolving credit facilities
— 
5,986.9 
— 
Payments of long-term debt and extinguishment expenses
(2,975.5)
(1,418.3)
— 
Payments for debt issuance expenses
— 
(42.4)
— 
Payments for repurchase of common stock
(2,176.3)
(201.5)
(1,552.0)
Proceeds from issuance of common stock
229.4 
211.2 
232.1 
Cash dividends paid
(1,251.8)
(278.3)
(1,071.6)
Other
(25.6)
(29.3)
(23.4)
Net cash (used in) provided by financing activities
(6,199.8)
3,228.3 
(2,414.9)
Effect of exchange rate changes on cash
(54.1)
41.2 
(3.2)
Net (decrease) increase in cash and cash equivalents
(4,242.8)
7,252.8 
186.6 
Cash and cash equivalents at beginning of year
10,469.6 
3,216.8 
3,030.2 
Cash and cash equivalents at end of period
$ 
6,226.8 
$ 10,469.6 
$ 
3,216.8 

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The TJX Companies, Inc. and Consolidated Subsidiaries 
Selected Information by Major Business Segment 
(Unaudited) 
(In Thousands) 
Thirteen Weeks Ended
January 29,
2022
January 30,
2021
February 1,
2020
Net sales:
In the United States:
Marmaxx
$ 8,279,975 
$ 6,920,701 
$ 7,402,361 
HomeGoods
2,516,556 
2,224,758 
1,951,658 
TJX Canada
1,254,181 
836,706 
1,134,689 
TJX International
1,803,656 
961,045 
1,717,754 
Total net sales
$ 13,854,368 
$ 10,943,210 
$ 12,206,462 
Segment profit (loss):
In the United States:
Marmaxx
$ 
984,257 
$ 
835,308 
$ 
998,172 
HomeGoods
210,623 
274,480 
241,581 
TJX Canada
125,764 
22,839 
130,046 
TJX International
82,227 
(200,315)
128,738 
Total segment profit 
1,402,871 
932,312 
1,498,537 
General corporate expense
138,923 
64,778 
169,209 
Loss on early extinguishment of debt
— 
312,233 
— 
Interest expense, net
21,053 
47,163 
3,053 
Income before income taxes
$ 1,242,895 
$ 
508,138 
$ 1,326,275 

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The TJX Companies, Inc. and Consolidated Subsidiaries 
Selected Information by Major Business Segment 
(Unaudited) 
(In Thousands) 
Fifty-Two Weeks Ended
January 29,
2022
January 30,
2021
February 1,
2020
Net sales:
In the United States:
Marmaxx
$ 29,483,073 
$ 19,362,573 
$ 25,664,805 
HomeGoods
8,995,140 
6,096,237 
6,355,770 
TJX Canada
4,342,538 
2,836,088 
4,031,406 
TJX International
5,729,231 
3,842,064 
5,664,996 
Total net sales
$ 48,549,982 
$ 32,136,962 
$ 41,716,977 
Segment profit (loss):
In the United States:
Marmaxx
3,812,847 
$ 
891,180 
$ 3,469,794 
HomeGoods
907,391 
509,562 
680,520 
TJX Canada
484,585 
124,143 
515,559 
TJX International
161,199 
(503,618)
307,081 
Total segment profit 
5,366,022 
1,021,267 
4,972,954 
General corporate expense
611,090 
439,037 
556,745 
Loss on early extinguishment of debt
242,248 
312,233 
— 
Interest expense, net
115,076 
180,734 
10,026 
Income before income taxes
$ 4,397,608 
$ 
89,263 
$ 4,406,183 

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The TJX Companies, Inc. and Consolidated Subsidiaries 
Notes to Consolidated Condensed Statements 
1.
On June 4, 2021, the Company completed make-whole calls for its $1.25 billion principal outstanding 3.50% 
Notes due April 15, 2025, and its $750 million principal outstanding 3.75% Notes due April 15, 2027, both of 
which were issued in the first quarter of fiscal 2021. As a result of these redemptions prior to their scheduled 
maturities, the Company recorded a pre-tax debt extinguishment charge of $242 million in the second quarter 
of fiscal 2022. In addition, in the first quarter of fiscal 2022, the Company redeemed $750 million of its 
2.75% Notes due June 15, 2021 at par.
2.
During the fourth quarter ended January 29, 2022, the Company returned a total of $1.4 billion to 
shareholders. The Company repurchased and retired 15.2 million shares of its common stock at a cost of $1.1 
billion on a "trade date" basis and paid $310 million in shareholder dividends. During the twelve months 
ended January 29, 2022, the Company returned a total of $3.4 billion to shareholders. The Company 
repurchased and retired 31.5 million shares of its common stock at a cost of $2.2 billion on a "trade date" 
basis and paid $1.25 billion in shareholder dividends. In February 2022, the Company announced that the 
Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an 
additional $3.0 billion of TJX common stock from time to time. TJX records the repurchase of its stock on a 
cash basis, and the amounts reflected in the financial statements may vary from the above amounts due to the 
timing of settlement of repurchases.
3.
The novel coronavirus disease ("COVID-19") was identified in December 2019 before spreading worldwide.
The Company has been, and may continue to be, impacted by the COVID-19 pandemic. Additionally, 
COVID-19's resurgence or the emergence of new variants has caused and may continue to cause intermittent 
or prolonged periods of temporary store closures, and stringent occupancy restrictions while stores are open, 
and could elicit further actions and recommendations from governments and public health authorities that 
could impact the Company's operations. These and other factors have had and may continue to have a 
material impact on the Company's business, results of operations, financial position and liquidity. 

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Document Outline

• TJX Q4 FY22 Earnings Press Release-Final PDF Backup
• Press Release Financials Q4 FY22
  • The TJX Companies, Inc. and Consolidated Subsidiaries
  • The TJX Companies, Inc. and Consolidated Subsidiaries
  • The TJX Companies, Inc. and Consolidated Subsidiaries
  • The TJX Companies, Inc. and Consolidated Subsidiaries
  • The TJX Companies, Inc. and Consolidated Subsidiaries