Strong Beat, Conservative Guide Leaves Room for Potential Upside Ahead

研报英文原文证据摘录

Strong Beat, Conservative Guide Leaves Room for Potential Upside Ahead

USA | Dept. Stores & Specialty Softlines

The TJX Companies EquityMayResearch20, 2026

TARGET | ESTIMATE CHANGEStrong Beat, Conservative Guide Leaves Room

RATING BUYfor Potential Upside Ahead

PRICE $150.68^

TJX delivered a strong Q1 beat with broad-based comp strength and

meaningful margin upside, driven by merchandising and leverage. While FY PRICE TARGET | % TO PT $185.00 ($180.00) | +23%

guidance embeds fuel-driven conservatism, underlying trends remain intact. 52W HIGH-LOW $165.82 - $119.84

We are raising our estimates and PT, as we see sustained share gains, strong FLOAT (%) | ADV MM (USD) 98.2% | 751.52

supply tailwinds, and upside if fuel pressures ease. MARKET CAP $169.5B

TICKER TJX

^Prior trading day's closing price unless otherwise

What We LIKED in the Quarter noted.

(1) Another Clear Top-Line Beat With Broad-Based Comp Strength… TJX delivered a standout Q1,

with comps of +6%, well ahead of plan and cons. Strength was broad-based across all divisions, FY (Jan) CHANGE TO JEFe JEF vs CONS

driven by both higher basket and transactions, with mgmt highlighting consistent growth across 2026 2027 2026 2027

geographies and income cohorts. REV NA NM NM NM

EPS NA +2% NM NM

(2) … Margin Expansion Remains a Key Differentiator… Pretax margin of 12.0% (+170bps y/y) and

gross margin of 31.3% (+180bps Y-Y) were well above plan, driven by stronger merchandise margin,

2026 ($) Q1A Q2A Q3A Q4A FY

expense leverage on above-plan sales, and favorable fuel and inventory hedges. Importantly,

mgmt continues to highlight “off the charts” merchandise availability, reinforcing structural buying EPS 0.92 1.10 1.28 1.36 4.73

advantages in a dislocated retail environment. PREV

(3) ... EPS Upside & Raised Guide.