TJX Should Weather the Changing Retail Landscape, Capitalizing on Its Scale and Off-Price Strength
With first-quarter results largely as expected, we do not plan a large change for our $48 per share valuation for narrow-moat TJX. We still call for mid-single-digit sales growth against roughly 11% adjusted operating margins over the next decade. We have a favorable view of the firm and its prospects, but suggest investors await a more attractive entry point.TJX saw 7% sales growth (slightly better than our 6% target), spurred by 6% comparable store sales expansion at Marmaxx. Management lifte...
TJX Companies is an off-price apparel and home fashions retailer. The company's segments comprised of: Marmaxx, which sells family apparel (including footwear and accessories), home fashions (including home basics, decorative accessories and giftware) and other merchandise; HomeGoods, which provides a range of home fashions, including home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware as well as pet, kids and gourmet food departments; TJX Canada, which operates the Winners, HomeSense and Marshalls chains in Canada; and TJX International, which operates the T.K. Maxx and HomeSense chains in Europe and the T.K. Maxx chain in Australia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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