The TJX Companies, Inc.: Firing on all Cylinders: 1Q26 Review

Research evidence excerpt

The TJX Companies, Inc.: Firing on all Cylinders: 1Q26 Review

Deutsche Bank

Research

Rating Company Date

Buy The TJX Companies, Inc. 21 May 2026

North America Reuters Bloomberg Rating Buy

United States TJX.N TJX US Price target (USD) 183.00 Price at 20 May 26 159.21

52-week range 165.00 – 121.35

Consumer

Retailing / Specialty Valuation & Risks

Firing on all Cylinders: 1Q26 Review

Krisztina Katai

With sentiment leaning more cautious into the print, TJX kicked off 1Q26 off- Research Analyst

+1-212-250-0590 price earnings with a strong beat-and-raise on both the top-and-bottom lines.

While acknowledging that US SSS likely saw benefits from higher tax refund Nick Breckenridge

dollars flowing through consumer wallets, we were encouraged by top-line trends Research Associate

at both TJX Canada and International remaining similar to 4Q despite well- +1-212-250-9179

telegraphed macro headwinds. Importantly, management noted that SSS in 1Q

Jessica Taylor saw similar contribution from both transaction and basket size (vs. basket Research Associate

primarily driving the comp in prior quarters), giving us confidence that TJX's value +1-212-250-3165

proposition, global scale, and broad customer appeal are translating to sustained

new customer acquisition trends across income cohorts.

All told, we walk out of 1Q increasingly convinced that TJX's company-specific Key changes

initiatives (top-of funnel marketing, on-trend merchandising, etc) are positioning Price target (USD) 182 183 1%

the company for accelerating share gains in a macro backdrop increasingly

Source: Deutsche Bank

supportive of the off-price retail value proposition. Furthermore, with: 1)

management hinting at possible upwards revisions to LT store targets; 2) share