The TJX Companies, Inc. (TJX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do varejo fora do preço, a TJX Companies, Inc. revolucionou as compras ao transformar o Merchandising com desconto em uma experiência sofisticada de caça ao tesouro. Com um modelo de negócios notável que se estende 4,600+ Lojas em várias marcas como TJ Maxx e Marshalls, o TJX dominou a arte de fornecer produtos de alta qualidade e nomes a preços imbatíveis. Sua abordagem exclusiva combina fornecimento global estratégico, gerenciamento inovador de inventário e um forte entendimento dos consumidores orientados a valores, tornando-os uma potência no cenário de varejo que continua a surpreender e encantar compradores que buscam estilo e economia.

The TJX Companies, Inc. (TJX) - Modelo de negócios: Parcerias -chave

Fornecedores de vestuário e mercadorias em todo o mundo

O TJX mantém parcerias com mais de 21.000 fornecedores em todo o mundo a partir de 2023. A empresa foge de mercadorias de aproximadamente 18 países, com redes significativas de fornecedores em:

País	Porcentagem de fornecimento
China	35%
Bangladesh	15%
Vietnã	12%
Índia	10%

Fabricantes de marcas internacionais

A TJX faz parceria com mais de 1.000 fabricantes de marcas internacionais, incluindo:

• Nike
• Adidas
• Ralph Lauren
• Calvin Klein
• Tommy Hilfiger

Empresas de remessa e logística

As principais parcerias de logística incluem:

Parceiro de logística	Volume anual de transporte
FedEx	12,4 milhões de pacotes anualmente
UPS	9,7 milhões de pacotes anualmente

Proprietários e proprietários imobiliários

O TJX opera 4.778 lojas em vários formatos a partir de 2023, com parcerias envolvendo:

• Grupo de Propriedade Simon
• Macerich
• Grupo Westfield

Parceiros de Gerenciamento de Tecnologia e Inventário

As parcerias de tecnologia incluem:

Parceiro de tecnologia	Serviço específico
SEIVA	Planejamento de recursos corporativos
Oráculo	Sistemas de gerenciamento de inventário

The TJX Companies, Inc. (TJX) - Modelo de negócios: Atividades -chave

Merchandising de varejo fora do preço

A TJX opera 4.758 lojas em várias marcas de varejo em janeiro de 2024. A empresa gerencia os seguintes formatos de loja:

Marca	Número de lojas
T.J. Maxx	1.270 lojas
Marshalls	1.127 lojas
HomeGoods	868 lojas
Serra	273 lojas
Homesense	220 lojas

Fornecimento global de inventário com desconto

O TJX Fontes Inventário de aproximadamente 19.000 fornecedores em todo o mundo. A empresa compra mercadorias em 20-60% abaixo dos preços originais do varejo.

• Compras anuais de mercadorias: US $ 28,9 bilhões
• Taxa de rotatividade de estoque: 4,2 vezes por ano
• Escritórios internacionais de fornecimento: 11 locais em todo o mundo

Operações da loja e gerenciamento de inventário

A TJX utiliza sistemas avançados de gerenciamento de inventário com recursos de rastreamento em tempo real.

Métrica operacional	Valor
Quadra quadrada total de varejo	206 milhões de pés quadrados
Centros de distribuição	23 centros
Tamanho médio da loja	29.000 pés quadrados

Desenvolvimento da plataforma de comércio eletrônico

O TJX opera plataformas on -line para marcas selecionadas com recursos digitais crescentes.

• Vendas on -line: US $ 3,6 bilhões no fiscal 2023
• Países de plataforma digital: Estados Unidos, Canadá
• Downloads de aplicativos móveis: mais de 15 milhões

Otimização da experiência do cliente

A TJX investe na experiência do cliente por meio de tecnologia e serviços personalizados.

• Membros do programa de fidelidade do cliente: 35 milhões
• Interações anuais do cliente: mais de 1,3 bilhão
• Classificação de satisfação do cliente: 4.2/5

The TJX Companies, Inc. (TJX) - Modelo de negócios: Recursos -chave

Extensa rede de varejo

A partir de 2023, o TJX opera 4.637 lojas em várias marcas de varejo:

Marca	Número de lojas
TJ Maxx	1,270
Marshalls	1,100
HomeGoods	875
Serra	300
Homesense	92

Capacidades de compra e negociação

Poder de compra anual: US $ 22,4 bilhões em mercadorias

• Mais de 1.000 compradores e mercadorias profissionais
• Rede de fornecimento global em 18 países
• Relacionamentos com mais de 21.000 fornecedores em todo o mundo

Sistemas de gerenciamento de inventário

Investimento em tecnologia: US $ 450 milhões em infraestrutura digital e tecnológica em 2022

• Sistema de rastreamento de inventário em tempo real
• Plataformas avançadas de análise de dados
• Algoritmos de previsão de demanda movidos a IA

Infraestrutura da cadeia de suprimentos

Rede de distribuição: 8 centros de distribuição regional na América do Norte

Localização	Tamanho do armazém	Taxa de transferência anual
Nova Iorque	1,2 milhão de pés quadrados	45 milhões de unidades
Califórnia	1,5 milhão de pés quadrados	55 milhões de unidades

Recursos financeiros

Métricas financeiras:

• Total de ativos: US $ 31,5 bilhões (2023)
• Caixa e equivalentes em dinheiro: US $ 4,2 bilhões
• Receita anual: US $ 49,9 bilhões

The TJX Companies, Inc. (TJX) - Modelo de Negócios: Proposições de Valor

Descontos significativos em mercadorias de marca

O TJX oferece descontos médios de 20 a 60% de desconto nos preços tradicionais de varejo em mercadorias de marca. No ano fiscal de 2023, a empresa gerou US $ 52,4 bilhões em receita total por meio de sua estratégia de varejo com desconto.

Intervalo de desconto	Tipo de mercadoria	Economia média
20-30%	Vestuário	25%
30-50%	Bens domésticos	40%
40-60%	Marcas de designer	50%

Ampla variedade de produtos em várias categorias

O TJX opera várias marcas de varejo que cobrem diversas categorias de produtos:

• T.J. Maxx: vestuário, bens domésticos, acessórios
• Marshalls: roupas, calçados, decoração de casa
• HomeGoods: móveis, itens de cozinha, acessórios decorativos
• Sierra: equipamento ao ar livre, equipamentos esportivos
• Homesense: mobiliário e decoração de casa

Mudança constantemente de inventário e experiência de compra de caça ao tesouro

O TJX recebe aproximadamente 10.000 novos itens semanalmente em suas lojas, criando uma experiência de compra única. Em 2023, a empresa manteve 4.827 lojas em nove países.

Marca de loja	Número de lojas	Países operavam
T.J. Maxx	1,270	Estados Unidos
Marshalls	1,131	Estados Unidos, Canadá
HomeGoods	849	Estados Unidos

Produtos de alta qualidade a preços acessíveis

A TJX obtém produtos de mais de 21.000 fornecedores em todo o mundo, garantindo a qualidade, mantendo preços competitivos. A margem bruta da empresa foi de 29,7% no ano fiscal de 2023.

Compras convenientes em vários formatos de varejo

O TJX oferece compras:

• Locais de lojas físicas
• Plataformas online
• Aplicativos móveis
• Sites de comércio eletrônico

No ano fiscal de 2023, as vendas on -line da TJX representaram aproximadamente 3% da receita total, totalizando aproximadamente US $ 1,57 bilhão.

The TJX Companies, Inc. (TJX) - Modelo de Negócios: Relacionamentos do Cliente

Programas de fidelidade

TJX opera o Cartão de crédito TJX Rewards Programa com as seguintes características:

• 5% recompensas nas compras de marcas TJX
• 1% de recompensas em todas as outras compras
• Nenhuma taxa anual para os titulares do cartão

Métrica do programa	Valor
Totistas de cartão de crédito total	31,5 milhões em 2023
Receita anual do cartão de crédito	US $ 1,2 bilhão em 2023

Comunicações de marketing personalizadas

O TJX utiliza estratégias de personalização orientadas a dados com:

• Campanhas de e -mail direcionadas
• Anúncios digitais personalizados
• Comunicação segmentada do cliente

Canal de marketing	Taxa de engajamento
Marketing por e -mail	18,5% de taxa de abertura
Publicidade digital	Taxa de conversão de 3,2%

Atendimento ao cliente na loja

TJX mantém Atendimento ao cliente de alto toque com:

• Associados de varejo treinados
• Políticas de retorno eficientes
• Suporte multilíngue de cliente

Métrica de serviço	Desempenho
Tempo médio de interação do cliente	7,5 minutos
Taxa de satisfação do cliente	88.3%

Engajamento digital através de aplicativos móveis

Os recursos do aplicativo móvel TJX incluem:

• Rastreamento de inventário em tempo real
• Cupons digitais
• Localizador de armazenamento

Métrica de aplicativo móvel	Valor
Downloads de aplicativos totais	12,6 milhões
Usuários ativos mensais	4,3 milhões

Interação da mídia social e canais de feedback do cliente

Métricas de engajamento de mídia social TJX:

• Plataformas ativas: Instagram, Facebook, Twitter
• Integração de feedback do cliente

Plataforma de mídia social	Seguidores/engajamento
Instagram	2,1 milhões de seguidores
Facebook	1,8 milhão de seguidores
Twitter	350.000 seguidores

The TJX Companies, Inc. (TJX) - Modelo de Negócios: Canais

Lojas de varejo físico

A TJX opera 4.789 lojas em várias marcas de varejo em janeiro de 2024:

Marca	Número de lojas
T.J. Maxx	1.286 lojas
Marshalls	1.127 lojas
HomeGoods	868 lojas
Serra	387 lojas
Homesense	62 lojas
Lojas internacionais	1.059 lojas

Plataformas online de comércio eletrônico

As vendas on -line do TJX atingiram US $ 4,3 bilhões no ano fiscal de 2023, representando 6,5% da receita total.

Aplicativos de compras móveis

• T.J. Downloads de aplicativos móveis maxx: 12,5 milhões de usuários ativos
• Aplicativo disponível em plataformas iOS e Android
• O aplicativo móvel gera aproximadamente US $ 1,2 bilhão em vendas anuais

Campanhas de marketing direto

Despesas de marketing no ano fiscal de 2023: US $ 789 milhões

• Banco de dados de marketing por e -mail: 35 milhões de assinantes
• Gastes de publicidade digital: US $ 214 milhões
• Campanhas de mala direta: 22 milhões de correspondências trimestrais

Parcerias de varejo de terceiros

Tipo de parceiro	Número de parcerias
Distribuidores por atacado	47 parcerias estratégicas
Parceiros de franquia internacional	9 países
Integrações de mercado on -line	3 plataformas principais

The TJX Companies, Inc. (TJX) - Modelo de negócios: segmentos de clientes

Consumidores conscientes do orçamento

O TJX tem como alvo os consumidores que buscam descontos significativos em mercadorias de marca. A partir do terceiro trimestre de 2023, o modelo de varejo fora do preço da empresa atrai aproximadamente 32 milhões de clientes semanais em suas marcas de lojas.

Demografia demográfica do cliente	Padrões de gastos	Desconto médio
Compradores conscientes do orçamento	$ 40- $ 75 por transação	20-60% de desconto nos preços de varejo originais

Entusiastas de moda e decoração de casa

As lojas Marshalls, HomeGoods e TJ Maxx da TJX atendem a clientes interessados ​​em roupas e acessórios para casa e preços reduzidos.

• Receita anual do segmento de moda: US $ 41,5 bilhões (2023)
• Rama de produtos para decoração de casa: mais de 10.000 SKUs exclusivos
• Faixa etária do cliente: 25-45 anos

Famílias de renda média

A empresa tem como alvo especificamente as famílias com renda anual entre US $ 50.000 e US $ 100.000.

Faixa de renda	Preferência da loja	Frequência de compras anual
$50,000-$100,000	Marshalls, TJ Maxx	12-18 visitas por ano

Jovens profissionais

O TJX atrai a geração do milênio e os consumidores da geração Z que buscam roupas e acessórios acessíveis e modernos.

• Faixa etária-alvo: 22-35 anos
• Valor médio da transação: $ 55- $ 85
• Engajamento online: 2,5 milhões de seguidores de mídia social

Compradores orientados por valor em diferentes faixas etárias

Os segmentos de clientes da TJX abrangem várias faixas etárias, unidas pelo comportamento de busca de valor.

Faixa etária	Frequência de compras	Gasto médio anual
18-24 anos	8-12 visitas/ano	$450-$600
25-40 anos	12-18 visitas/ano	$750-$1,200
41-60 anos	6-10 visitas/ano	$500-$800

The TJX Companies, Inc. (TJX) - Modelo de negócios: estrutura de custos

Compras de inventário

Custos de compras de inventário da TJX para o ano fiscal de 2024:

Categoria de custo	Quantia
Total de compras de mercadorias	US $ 21,4 bilhões
Aquisição de inventário fora do preço	US $ 15,6 bilhões
Despesas internacionais de fornecimento	US $ 2,3 bilhões

Operações e manutenção da loja

Despesas anuais relacionadas à loja:

• Custos totais de ocupação da loja: US $ 3,8 bilhões
• Utilitários e manutenção: US $ 587 milhões
• Despesas de renovação da loja: US $ 412 milhões

Salários e treinamento de funcionários

Categoria de despesa	Quantia
Total de despesas com folha de pagamento	US $ 4,2 bilhões
Programas de treinamento de funcionários	US $ 76 milhões
Benefícios e compensação	US $ 1,1 bilhão

Despesas de marketing e publicidade

Redução de custos de marketing:

• Despesas totais de marketing: US $ 342 milhões
• Marketing Digital: US $ 98 milhões
• Publicidade tradicional: US $ 244 milhões

Investimentos de tecnologia e infraestrutura

Área de investimento em tecnologia	Quantia
Gastos totais de tecnologia	US $ 512 milhões
Desenvolvimento da plataforma de comércio eletrônico	US $ 187 milhões
Tecnologia da cadeia de suprimentos	US $ 214 milhões
Infraestrutura de segurança cibernética	US $ 111 milhões

The TJX Companies, Inc. (TJX) - Modelo de negócios: fluxos de receita

Vendas de varejo em várias marcas

As empresas TJX geraram receita total de US $ 52,4 bilhões no ano fiscal de 2023. A empresa opera várias marcas de varejo, incluindo:

Marca	Receita anual (2023)
T.J. Maxx	US $ 24,7 bilhões
Marshalls	US $ 15,6 bilhões
HomeGoods	US $ 7,8 bilhões
Serra	US $ 3,3 bilhões

Receita da plataforma de comércio eletrônico

Os recursos de vendas digitais expandidos da TJX, atingindo US $ 1,2 bilhão em receita on -line no ano fiscal de 2023.

Expansão do mercado internacional

As receitas de segmento internacional para 2023 fiscais totalizaram US $ 8,9 bilhões, com contribuições significativas de:

• Canadá: US $ 3,6 bilhões
• Europa: US $ 4,5 bilhões
• Austrália: US $ 0,8 bilhão

Vendas de mercadorias sazonais e de liberação

A autorização e a mercadoria fora do preço representavam aproximadamente 48% da receita total da empresa, gerando US $ 25,1 bilhões em 2023 fiscal.

Ofertas de linha de produtos complementares

Categoria de produto	Contribuição da receita
Vestuário	62% (US $ 32,5 bilhões)
Bens domésticos	22% (US $ 11,5 bilhões)
Acessórios	16% (US $ 8,4 bilhões)

The TJX Companies, Inc. (TJX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why The TJX Companies, Inc. keeps drawing in shoppers, even when the economy gets tight. It all comes down to the value they deliver every single day.

Brand-name and designer merchandise at 20% to 60% below full-price

The TJX Companies, Inc. mission centers on offering quality, fashionable, brand name, and designer merchandise with retail prices generally 20% to 60% below full-price retailers' regular prices on comparable merchandise. This discount level is a consistent operational blueprint, not a promotional event. This is supported by their opportunistic buying strategies, which secure excess inventory from a network of over 21,000 global vendors.

Exciting, ever-changing 'treasure-hunt' shopping experience

The constant flow of fresh inventory creates that famous treasure-hunt effect, which encourages frequent customer visits. This psychological anchor is working, as evidenced by operational metrics. For the third quarter of Fiscal Year 2026, consolidated comparable store sales increased 5%, following sequential increases of 3% in Q3 FY2025 and 4% in the second quarter of Fiscal 2026. This trend suggests value-focused shoppers are visiting more often across divisions. The company operated 5,191 stores as of November 1, 2025, up from over 5,000 stores at the end of Fiscal 2025.

The strength of this experience is reflected in the segment performance for the third quarter of Fiscal 2026:

Revenue Segment	Net Sales (Q3 FY2026)	Year-over-Year Increase
Marmaxx (TJ Maxx, Marshalls)	$9 billion	7%
HomeGoods (HomeGoods, Homesense)	$2.5 billion	8%
TJX Canada	$1.5 billion	Data Not Explicitly Stated
TJX International	$2 billion	Data Not Explicitly Stated

High-quality apparel and home fashions assortment

The assortment is defined by quality and brand names, secured through buying power. The inventory position as of November 1, 2025, reflected terrific buying opportunities, with consolidated inventories on a per-store basis up 8% compared to the prior year. The full fiscal year 2025 net sales reached approximately $56.4 billion, showing the scale of the merchandise flow.

The breadth of the offering supports strong overall financial health, even while maintaining deep discounts:

• Full Year Fiscal 2025 Pretax Profit Margin: 11.5%.
• Q3 Fiscal 2026 Pretax Profit Margin: 12.7%.
• Full Year Fiscal 2025 Diluted EPS: $4.26.
• Q3 Fiscal 2026 Diluted EPS: $1.28.

Value-driven pricing that is resilient in inflationary environments

The model is built for choppy economic conditions, as consumers stretch their dollars without sacrificing quality. The TJX Companies, Inc. practice is to not engage in promotional pricing activity such as sales or coupons, relying instead on everyday low prices. This focus on value is what drives traffic. For instance, customer transactions drove the comp sales increases in Q3 FY2025. The company's ability to maintain a strong pretax profit margin of 11.5% in fiscal year 2025 while offering such deep discounts shows their buying power and operational efficiency are world-class. The company also maintains a $2.5 billion repurchase authorization with $1.9 billion remaining as of November 1, 2025, underscoring ongoing capital return capacity.

The TJX Companies, Inc. (TJX) - Canvas Business Model: Customer Relationships

You're looking at how The TJX Companies, Inc. keeps its massive customer base coming back, and honestly, it's all about the deal and the hunt. The relationship is fundamentally transactional, built on the immediate value you get when you walk out the door.

Transactional, driven by the immediate value of the deal

The core of the relationship is the price difference. The TJX Companies, Inc. offers quality, fashionable, brand name, and designer merchandise at prices generally between 20% to 60% below what full-price retailers charge every day. This value proposition drives traffic. For the full Fiscal Year 2025, which ended February 1, 2025, consolidated comparable store sales increased 4%, and this growth was entirely driven by an increase in customer transactions. Even in the third quarter of Fiscal 2025, the 3% consolidated comparable store sales increase was entirely transaction-driven. This shows the relationship hinges on the frequency of successful, value-driven purchases, not necessarily long-term contractual lock-in.

Loyalty programs (e.g., TJX Rewards credit card) for repeat visits

To encourage those repeat visits, The TJX Companies, Inc. pushes its co-branded credit card. This program is designed to reward frequent shoppers within their family of stores. If you use the TJX Rewards® Platinum Mastercard®, you earn 5 points per every dollar spent across the family of stores, online or in-store. Once you hit 1,000 Points, you receive a $10 Rewards Certificate. New cardmembers get an immediate incentive: 10% off their first purchase. For purchases made outside the TJX family, the standard Mastercard earns 1% back in Rewards. This structure directly incentivizes using the card for every transaction to accelerate reward accumulation.

Here's a quick look at the loyalty mechanics and the scale of the business they are driving transactions across:

Metric	Value/Rate	Context/Source Year
In-Store Rewards Earning Rate	5% back (5 points per $1)	TJX Rewards Credit Card Program
Reward Redemption Threshold	1,000 Points = $10 Certificate	TJX Rewards Credit Card Program
New Cardmember Incentive	10% off first purchase	TJX Rewards Credit Card Program
Total Stores (as of Feb 1, 2025)	5,085 stores	Fiscal Year 2025 End
FY2025 Consolidated Comp Store Sales Growth	4% increase	Entirely transaction-driven

In-store service focused on quick checkout and returns

The service model supports the high-transaction volume. The TJX Companies, Inc. trains its store Associates to provide friendly and helpful customer service, aiming to staff stores to deliver a positive shopping experience. They also maintain customer-friendly return policies. The focus is on efficiency to process the high number of transactions generated by the treasure hunt appeal. The company is committed to executing its business model which generally allows it to deliver steady sales and earnings growth through many retail and economic environments.

Low-touch, self-service model in the physical store environment

The physical store environment itself is designed for a low-touch experience, which is inherent to the off-price model. You are expected to browse and select items yourself, creating that sense of excitement and urgency. The rapid turn of inventories relative to traditional retailers means the merchandise assortment is constantly changing, which encourages frequent customer visits. The company operates over 5,000 stores as of February 1, 2025, and the customer relationship is primarily managed through the physical interaction of finding a deal, completing the purchase quickly, and leaving. Finance: draft 13-week cash view by Friday.

The TJX Companies, Inc. (TJX) - Canvas Business Model: Channels

The TJX Companies, Inc. primarily drives customer interaction and product delivery through an extensive physical footprint, supplemented by targeted digital avenues.

The core channel remains the vast brick-and-mortar store network. As of the close of Fiscal 2025 on February 1, 2025, The TJX Companies, Inc. operated a total of 5,085 stores globally, marking a net increase of 131 stores during that fiscal year. Total net sales for the full Fiscal 2025 year surpassed $56.36 billion. The company has an ambitious long-term target to grow this physical base to 7,000 stores. The physical presence is segmented across its various banners, which is detailed below.

Banner Group/Format	Specific Banner	Store Count (End of FY2025)	Geographic Focus
Marmaxx (U.S.)	TJ Maxx	1,333	U.S.
Marmaxx (U.S.)	Marshalls	1,230	U.S.
HomeGoods (U.S.)	HomeGoods	943	U.S.
HomeGoods (U.S.)	Homesense	72	U.S.
TJX Canada	Winners	307	Canada
TJX Canada	HomeSense	160	Canada
TJX Canada	Marshalls	109	Canada
TJX International	T.K. Maxx (Australia)	84	Australia
TJX International	Homesense (Europe)	75	Europe

The TJX Companies, Inc. operates six branded e-commerce sites, though the digital reach is more limited compared to the physical network. For instance, the largest online store, tjx.com, recorded annual sales of US$497 million in 2024, with a projected growth rate of 0-5% for 2025 over 2024. The Marmaxx segment, which includes the U.S. e-commerce sites tjmaxx.com and marshalls.com, reported net sales of $9 billion for the third quarter of Fiscal 2026. You see, the digital component supports the physical stores, it isn't the primary driver yet.

The company supports its physical traffic and customer retention through digital tools. The T.J.Maxx mobile app showed a strong presence in the U.S. Shopping category on the Google Play Store as of October 2025, holding a rank of #155. Its overall usage rank across all categories in the United States was #2,842 for the last 28-day period ending October 2025.

The Homesense and Sierra specialty store formats represent key growth vectors outside the core T.J. Maxx and Marshalls banners. Homesense, which focuses on off-price home fashions, had 72 stores in the U.S. and 160 in Canada by the end of Fiscal 2025. Sierra, which focuses on off-price active and outdoor merchandise, is part of the Marmaxx segment, and management has a long-term goal to add 325 Sierra stores to the existing base. The company is also making strategic moves to enter new international markets, with plans to open its first stores in Spain under the T.K. Maxx banner by early 2026.

• The TJX Companies, Inc. plans to open 130 net-new stores in the 12 months following the end of FY2025.
• The planned FY2026 openings include 40 TJ Maxx or Marshalls locations, 30 HomeGoods stores, 20 Sierra locations, and 9 HomeSense stores in the U.S. alone.
• The company's selling square footage increased approximately 2% in Fiscal 2025 compared to the prior year.

The TJX Companies, Inc. (TJX) - Canvas Business Model: Customer Segments

You're analyzing The TJX Companies, Inc. (TJX) and its customer base as of late 2025. Honestly, the appeal here is broad, which is a key strength of their model. They operate with one of the widest demographic reaches in retail, which is something management has noted throughout their history.

Value-seeking consumers across all income levels form the core. The company reported strong market performance across all income demographics during the third quarter of fiscal 2026. This suggests their value proposition successfully bridges income gaps. The CEO, Ernie Herrman, specifically positioned their stores as gifting destinations for value-conscious shoppers heading into the holiday season of late 2025.

Next, you have shoppers looking for brand-name apparel and home fashion bargains. This group is drawn by the fundamental promise: The TJX Companies, Inc. offers quality, fashionable, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers' regular prices on comparable merchandise, every day. This deep discount on known brands is the primary magnet.

The financial scale of the U.S. customer base, which drives the majority of the business, is best seen through the segment revenue contribution for the fiscal year ended February 1, 2025:

Segment	Fiscal Year 2025 Net Sales	Percentage of Total Revenue
Marmaxx (U.S. TJ Maxx & Marshalls)	$34.60 B	61.4%
HomeGoods (U.S. HomeGoods & Homesense)	$9.39 B	16.65%
TJX International (Europe & Australia)	$7.18 B	12.74%
TJX Canada	$5.19 B	9.21%

The Marmaxx segment, representing over 60% of total revenue, shows where the bulk of the apparel and general bargain-hunting traffic is concentrated.

You also capture frequent, loyal customers driven by the novelty of new inventory. The company cultivates this loyalty through its 'treasure-hunt shopping experience,' which is characterized by a diverse and ever-changing product assortment. This constant influx of unique finds keeps customers returning. For instance, HomeGoods shoppers respond well to its unique, globally sourced merchandise with frequent new arrivals.

Finally, the base includes budget-conscious families and discretionary spenders. The growth in transactions confirms this segment's importance. In the second quarter of fiscal year 2025, consolidated comparable store sales growth of 4% was entirely driven by a 4% increase in customer transactions. Similarly, the strong 6% comparable sales growth at Marmaxx in Q3 2026 was driven by both higher customer transactions and a higher average basket. They are shopping often, not just for deep discounts on occasion.

The TJX Companies, Inc. (TJX) - Canvas Business Model: Cost Structure

The cost structure for The TJX Companies, Inc. is heavily weighted toward the cost of the merchandise itself, which is the core of its off-price model.

Merchandise costs (Cost of Goods Sold) are the largest expense. For the full fiscal year 2025, Cost of Goods Sold totaled $39.112 billion. Relative to the reported full-year Fiscal 2025 net sales of $56.4 billion, this represents a cost ratio of approximately 69.35%. For the third quarter of Fiscal 2025, the gross profit margin was reported at 31.6%, meaning merchandise costs absorbed about 68.4% of net sales for that period.

High store wage and payroll costs, a rising pressure point. This category is a key driver of operating expense pressure. For instance, the increase in Selling, General, and Administrative (SG&A) costs as a percentage of sales in the fourth quarter of Fiscal 2025 was attributed to incremental store wage and payroll costs.

Store occupancy and operating costs for over 5,000 locations. The TJX Companies, Inc. ended Fiscal 2025 with a total of 5,085 stores across the U.S., Canada, Europe, and Australia. The company leases virtually all of its store locations.

Selling, General, and Administrative (SG&A) expenses at 19.5% of sales in Q3 FY2025. This ratio was consistent with the first nine months of fiscal 2025, which was also reported at 19.5%. However, the fourth quarter of Fiscal 2025 saw SG&A at 19.2% of sales, while the full-year Fiscal 2025 SG&A ratio was 19.4% of sales.

Here's a quick look at the key financial figures around the cost structure for the relevant periods:

Financial Metric	Value (Q3 FY2025)	Value (Full Year FY2025)
Net Sales	$14.1 billion	$56.4 billion
Cost of Goods Sold (COGS)	Implied $\approx$ 68.4% of Sales	$39.112 billion
SG&A as a Percent of Sales	19.5%	19.4%
Gross Profit Margin	31.6%	Not Directly Provided
Total Store Count (Period End)	5,057 stores (End of Q3)	5,085 stores (End of FY)

The composition of operating expenses includes several key components that you need to watch:

• Merchandise costs, which are the largest outflow.
• Store payroll and wages, which are noted as an incremental pressure point.
• Occupancy costs tied to the global footprint of over 5,000 locations.
• General administrative costs factored into the SG&A ratio.

For the first nine months of Fiscal 2025, net sales reached $40.0 billion.

The TJX Companies, Inc. (TJX) - Canvas Business Model: Revenue Streams

The revenue generation for The TJX Companies, Inc. is overwhelmingly from in-store sales across its vast network of physical banners. This brick-and-mortar dominance is the core engine of its financial performance.

For the Fiscal Year 2025, The TJX Companies, Inc. reported Total Net Sales of $56.4 billion. This figure reflects the company's ability to drive traffic and transaction volume through its unique off-price, treasure-hunt shopping experience.

The revenue is segmented across its major operating divisions, with the Marmaxx group being the largest contributor by a significant margin. Here is a breakdown of the key segment net sales for Fiscal Year 2025:

Segment	FY2025 Net Sales (Billions USD)	Percentage of Total Net Sales (Approximate)
Marmaxx (T.J. Maxx/Marshalls/Sierra)	$34.6 billion	61.4%
HomeGoods (HomeGoods/Homesense U.S.)	$9.4 billion	16.65%
TJX International	$7.2 billion	12.74%
TJX Canada	$5.2 billion	9.21%

You can see that the two U.S. segments, Marmaxx and HomeGoods, together account for nearly 78% of the total net sales, underscoring the importance of the domestic market to the overall revenue base.

When looking at the digital component, revenue from e-commerce remains minimal relative to the massive in-store operation. Specifically, the Marmaxx e-commerce sites (tjmaxx.com and marshalls.com), along with sierra.com, represented less than 3% of Marmaxx's net sales for fiscal 2025. This low digital penetration highlights that the primary revenue stream is tied directly to physical store performance and customer visits.

The reliance on physical locations means revenue generation is highly sensitive to factors impacting store operations, such as:

• Comparable store sales growth, which was 4% in FY2025.
• New store openings, contributing a 2% increase to net sales in FY2025.
• Customer traffic and transaction volume in physical locations.

Honestly, for The TJX Companies, Inc., the revenue story is about maximizing the efficiency and appeal of its physical footprint, not scaling a massive online sales channel, at least not yet.