XML 36 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
Segment Information
 12 Months Ended
Jan. 30, 2016
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 International segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe and Trade Secret in Australia. TJX also operates Sierra Trading Post, an off-price Internet retailer that operates a small number of stores in the U.S. 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
2016		     Fiscal
2015		     Fiscal
2014		  

Apparel

       

Clothing including footwear

      55 %      57 %      58 % 

Jewelry and accessories

      15        14        14   

Home fashions

      30        29        28   

Total

      100 %      100 %      100 % 

For fiscal 2016, TJX Canada and TJX International accounted for 23% of TJX’s net sales, 17% 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. 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 30,

2016

     

January 31,

2015

     

February 1,

2014

  

Net sales:

         

In the United States

         

Marmaxx

    $ 19,948,227       $ 18,687,880       $ 17,929,576   

HomeGoods

      3,915,221         3,414,351         2,993,718   

TJX Canada

      2,854,617         2,883,863         2,877,834   

TJX International

      4,226,873         4,092,313         3,621,568   
     $ 30,944,938       $ 29,078,407       $ 27,422,696   

Segment profit:

         

In the United States

         

Marmaxx

    $ 2,858,780       $ 2,736,694       $ 2,612,693   

HomeGoods

      549,318         463,193         386,541   

TJX Canada

      375,306         393,622         405,363   

TJX International

      316,939         337,406         275,453   
     4,100,343         3,930,915         3,680,050   

General corporate expense

      395,643         324,414         329,480   

Loss on early extinguishment of debt

      —         16,830         —   

Interest expense, net

      46,400         39,787         31,081   

Income before provision for income taxes

    $ 3,658,300       $ 3,549,884       $ 3,319,489   

 

Business segment information (continued):

 

      Fiscal Year Ended  
In thousands   

January 30,

2016

     

January 31,

2015

     

February 1,

2014

  

Identifiable assets:

         

In the United States

         

Marmaxx

    $ 5,526,570       $ 5,014,573       $ 4,700,347   

HomeGoods

      915,549         777,214         638,742   

TJX Canada

      1,021,584         1,020,955         962,101   

TJX International

      1,645,296         1,531,661         1,510,132   

Corporate(1)

      2,390,483         2,644,347         2,286,345   
     $ 11,499,482       $ 10,988,750       $ 10,097,667   

Capital expenditures:

         

In the United States

         

Marmaxx

    $ 442,910       $ 445,041       $ 551,839   

HomeGoods

      130,593         148,354         99,828   

TJX Canada

      71,071         100,779         104,888   

TJX International

      244,806         217,348         190,123   
     $ 889,380       $ 911,522       $ 946,678   

Depreciation and amortization:

         

In the United States

         

Marmaxx

    $ 364,892       $ 340,830       $ 318,414   

HomeGoods

      67,204         54,867         47,176   

TJX Canada

      54,573         66,141         66,295   

TJX International

      126,020         123,547         114,651   

Corporate(2)

      4,007         3,590         2,287   
     $ 616,696       $ 588,975       $ 548,823   

 

(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.