TJX Companies: Playing offense to ensure share gains continue

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TJX Companies: Playing offense to ensure share gains continue

Accessible version

TJX Companies

Playing offense to ensure share gains

continue

Reiterate Rating: BUY | PO: 175.00 USD | Price: 159.21 USD

Another quarter of consistency 21 May 2026

TJX beat on sales and margins, raised F27 guidance and spoke to a good start to 2Q (see Equity

our recap note). We expect continued share gains from existing customers and trade-

down and we reiterate our Buy rating. We are raising our F27/F28 EPS ests by 3/2% to

Key Changes$5.15/$5.56 to reflect 1Q outperformance, partly offset by higher fuel costs. We are

maintaining our PO of $175, still based on 32x F28E EPS. (US$) Previous Current

2027E Rev (m) 64,276.4 63,904.4

2028E Rev (m) 68,419.3 68,160.9How they’re playing offense

TJX has multiple strategies to ensure comp strength and share gains continue. 1) 2029E Rev (m) 72,541.4 72,382.8

Marketing: Management is using marketing as a “weapon” to target a broad customer 2027E EPS 5.01 5.15

demographic, including younger shoppers by focusing on digital media. This year will 2028E EPS 5.48 5.56

feature fresh campaigns and partnerships across banners and new channels such as 2029E EPS 6.00 6.09

streaming. 2) Merchandise: TJX continues to see outstanding product availability, which

is improving further as the company scales. Having a good/better/best assortment has Lorraine Hutchinson, CFA

Research Analyst

allowed it to maintain a strong value proposition across income cohorts. 3) Stores: BofAS

Management remains focused on improving in-store experience with investments in +1 646 855 0951 lorraine.hutchinson@bofa.com

payroll and training. International store expansion is another key area of growth with a

Mary Sport

large amount of whitespace remaining in existing markets.