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Segment Information
 12 Months Ended
Jan. 31, 2015
Segment Information

Note H.    Segment Information

TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls and tjmaxx.com) and the HomeGoods segment both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX Europe segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe. TJX also operates STP, an off-price Internet retailer in the U.S. that operates a small number of stores. The results of STP are included in the Marmaxx segment.

 

All of TJX’s stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer home fashions.

The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows:

 

      Fiscal
2015		     Fiscal
2014		     Fiscal
2013		  

Apparel

       

Clothing including footwear

      57 %      58 %      59 % 

Jewelry and accessories

      14        14        13   

Home fashions

      29        28        28   

Total

      100 %      100 %      100 % 

For fiscal 2015, TJX Canada and TJX Europe accounted for 24% of TJX’s net sales, 19% of segment profit and 23% of consolidated assets.

TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, loss on early extinguishment of debt and interest expense, net. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. The terms “segment margin” or “segment profit margin” are used to describe segment profit or loss as a percentage of net sales. These measures of performance should not be considered alternatives to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.

Presented below is financial information with respect to TJX’s business segments:

 

      Fiscal Year Ended  
In thousands   

January 31,

2015

     

February 1,

2014

     

February 2,

2013

  
     (53 weeks)  

Net sales:

         

In the United States

         

Marmaxx

    $ 18,687,880       $ 17,929,576       $ 17,011,409   

HomeGoods

      3,414,351         2,993,718         2,657,111   

TJX Canada

      2,883,863         2,877,834         2,925,991   

TJX Europe

      4,092,313         3,621,568         3,283,861   
     $ 29,078,407       $ 27,422,696       $ 25,878,372   

Segment profit:

         

In the United States

         

Marmaxx

    $ 2,736,694       $ 2,612,693       $ 2,486,274   

HomeGoods

      463,193         386,541         324,623   

TJX Canada

      393,622         405,363         414,914   

TJX Europe

      337,406         275,453         215,713   
     3,930,915         3,680,050         3,441,524   

General corporate expense

      324,414         329,480         334,998   

Loss on early extinguishment of debt

      16,830         —         —   

Interest expense, net

      39,787         31,081         29,175   

Income before provision for income taxes

    $ 3,549,884       $ 3,319,489       $ 3,077,351   

 

Business segment information (continued):

 

      Fiscal Year Ended  
In thousands   

January 31,

2015

     

February 1,

2014

     

February 2,

2013

  
     (53 weeks)  

Identifiable assets:

         

In the United States

         

Marmaxx

    $ 5,014,573       $ 4,700,347       $ 4,569,887   

HomeGoods

      777,214         638,742         569,476   

TJX Canada

      1,020,955         962,101         978,577   

TJX Europe

      1,531,661         1,510,132         1,261,556   

Corporate(1)

      2,783,978         2,389,700         2,132,359   
     $ 11,128,381       $ 10,201,022       $ 9,511,855   

Capital expenditures:

         

In the United States

         

Marmaxx

    $ 445,041       $ 551,839       $ 590,307   

HomeGoods

      148,354         99,828         90,291   

TJX Canada

      100,779         104,888         132,874   

TJX Europe

      217,348         190,123         164,756   
     $ 911,522       $ 946,678       $ 978,228   

Depreciation and amortization:

         

In the United States

         

Marmaxx

    $ 340,830       $ 318,414       $ 293,820   

HomeGoods

      54,867         47,176         47,915   

TJX Canada

      66,141         66,295         64,810   

TJX Europe

      123,547         114,651         99,487   

Corporate(2)

      3,590         2,287         2,897   
     $ 588,975       $ 548,823       $ 508,929   

 

(1) Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, the trust assets in connection with the Executive Savings Plan and deferred taxes. Consolidated cash, including cash held in our foreign entities, is included with Corporate assets for consistency with the reporting of cash for our segments in the U.S.
(2) Includes debt discount accretion and debt expense amortization.