XML 60 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Segment Information
 9 Months Ended
Oct. 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 Sierra Trading Post (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.

In October 2015, we acquired Trade Secret, an off-price retailer that operates 35 stores in Australia. Due to immateriality, we have not reflected any operating results in this third Quarterly Report on Form 10-Q. The operating results of Trade Secret following the acquisition date will be reflected in our fourth quarter results and combined with our operations in Europe. Beginning in the fourth quarter our TJX Europe segment will be renamed to reflect the inclusion of Trade Secret.

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

    October 31,
2015		      November 1,
2014		  

Net sales:

      

In the United States:

      

Marmaxx

    $ 4,926,507       $ 4,673,718   

HomeGoods

      959,844         851,045   

TJX Canada

      753,630         791,725   

TJX Europe

      1,113,514         1,049,578   
  

 

 

     

 

 

  
   $ 7,753,495       $ 7,366,066   
  

 

 

     

 

 

  

Segment profit:

      

In the United States:

      

Marmaxx

    $ 678,343       $ 679,929   

HomeGoods

      134,550         117,922   

TJX Canada

      113,152         136,480   

TJX Europe

      115,290         115,313   
  

 

 

     

 

 

  
     1,041,335         1,049,644   

General corporate expense

      87,140         80,504   

Interest expense, net

      13,005         10,040   
  

 

 

     

 

 

  

Income before provision for income taxes

    $ 941,190       $ 959,100   
  

 

 

     

 

 

  

 

     Thirty-Nine Weeks Ended  

In thousands

    October 31,
2015		      November 1,
2014		  

Net sales:

      

In the United States:

      

Marmaxx

    $ 14,227,800       $ 13,402,351   

HomeGoods

      2,735,415         2,381,268   

TJX Canada

      2,073,189         2,096,069   

TJX Europe

      2,946,459         2,894,766   
  

 

 

     

 

 

  
   $ 21,982,863       $ 20,774,454   
  

 

 

     

 

 

  

Segment profit:

      

In the United States:

      

Marmaxx

    $ 2,046,192       $ 1,988,617   

HomeGoods

      367,984         310,762   

TJX Canada

      278,005         275,527   

TJX Europe

      192,519         209,188   
  

 

 

     

 

 

  
     2,884,700         2,784,094   

General corporate expense

      256,764         216,230   

Loss on early extinguishment of debt

      —           16,830   

Interest expense, net

      35,437         30,785   
  

 

 

     

 

 

  

Income before provision for income taxes

    $ 2,592,499       $ 2,520,249