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Segment Information
 6 Months Ended
Aug. 01, 2015
Segment Information

 

Note G. 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 that operates sierratradingpost.com and a small number of stores in the U.S. The results of STP are included with 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.

On July 28, 2015, TJX announced that it had signed a definitive agreement to acquire Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited for AUD $80 million. TJX expects the transaction, which has customary conditions to closing, to be consummated by the end of calendar 2015.

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 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:

 

     Thirteen Weeks Ended  

In thousands

    August 1,
2015		      August 2,
2014		  

Net sales:

      

In the United States:

      

Marmaxx

    $ 4,805,883       $ 4,493,878   

HomeGoods

      895,378         773,071   

TJX Canada

      699,347         695,924   

TJX Europe

      963,123         954,339   
  

 

 

     

 

 

  
   $ 7,363,731       $ 6,917,212   
  

 

 

     

 

 

  

Segment profit:

      

In the United States:

      

Marmaxx

    $ 715,546       $ 685,614   

HomeGoods

      112,135         94,635   

TJX Canada

      119,681         95,024   

TJX Europe

      50,874         55,614   
  

 

 

     

 

 

  
     998,236         930,887   

General corporate expense

      101,234         72,289   

Loss on early extinguishment of debt

      —           16,830   

Interest expense, net

      10,808         11,150   
  

 

 

     

 

 

  

Income before provision for income taxes

    $ 886,194       $ 830,618   
  

 

 

     

 

 

  

 

     Twenty-Six Weeks Ended  

In thousands

    August 1,
2015		      August 2,
2014		  

Net sales:

      

In the United States:

      

Marmaxx

    $ 9,301,293       $ 8,728,633   

HomeGoods

      1,775,571         1,530,223   

TJX Canada

      1,319,559         1,304,344   

TJX Europe

      1,832,945         1,845,188   
  

 

 

     

 

 

  
   $ 14,229,368       $ 13,408,388   
  

 

 

     

 

 

  

Segment profit:

      

In the United States:

      

Marmaxx

    $ 1,367,849       $ 1,308,688   

HomeGoods

      233,434         192,840   

TJX Canada

      164,853         139,047   

TJX Europe

      77,229         93,875   
  

 

 

     

 

 

  
     1,843,365         1,734,450   

General corporate expense

      169,624         135,726   

Loss on early extinguishment of debt

      —           16,830   

Interest expense, net

      22,432         20,745   
  

 

 

     

 

 

  

Income before provision for income taxes

    $ 1,651,309       $ 1,561,149