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Segment Information
 9 Months Ended
Oct. 29, 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 (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 in the Marmaxx segment. The former TJX Europe segment was renamed TJX International in the fourth quarter of fiscal 2016 to reflect the acquisition of Trade Secret in Australia.

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

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 29,
2016		      October 31,
2015		  

Net sales:

      

In the United States:

      

Marmaxx

    $ 5,252,815       $ 4,926,507   

HomeGoods

      1,078,373         959,844   

TJX Canada

      855,473         753,630   

TJX International

      1,105,027         1,113,514   
  

 

 

     

 

 

  
   $ 8,291,688       $ 7,753,495   
  

 

 

     

 

 

  

Segment profit:

      

In the United States:

      

Marmaxx

    $ 703,092       $ 678,343   

HomeGoods

      149,739         134,550   

TJX Canada

      142,491         113,152   

TJX International

      87,821         115,290   
  

 

 

     

 

 

  
     1,083,143         1,041,335   

General corporate expense

      97,902         87,140   

Loss on early extinguishment of debt

      51,773         —     

Pension settlement charge

      31,173         —     

Interest expense, net

      12,462         13,005   
  

 

 

     

 

 

  

Income before provision for income taxes

    $ 889,833       $ 941,190   
  

 

 

     

 

 

  

 

     Thirty-Nine Weeks Ended  

In thousands

    October 29,
2016		      October 31,
2015		  

Net sales:

      

In the United States:

      

Marmaxx

    $ 15,217,188       $ 14,227,800   

HomeGoods

      3,075,472         2,735,415   

TJX Canada

      2,297,831         2,073,189   

TJX International

      3,125,606         2,946,459   
  

 

 

     

 

 

  
   $ 23,716,097       $ 21,982,863   
  

 

 

     

 

 

  

Segment profit:

      

In the United States:

      

Marmaxx

    $ 2,154,238       $ 2,046,192   

HomeGoods

      415,996         367,984   

TJX Canada

      321,942         278,005   

TJX International

      145,047         192,519   
  

 

 

     

 

 

  
     3,037,223         2,884,700   

General corporate expense

      290,975         256,764   

Loss on early extinguishment of debt

      51,773         —     

Pension settlement charge

      31,173         —     

Interest expense, net

      33,918         35,437   
  

 

 

     

 

 

  

Income before provision for income taxes

    $ 2,629,384       $ 2,592,499