The raised FY27 guidance and accelerated store growth plan signal strong operational momentum and management confidence. Monitor the Marmaxx division's comp sales trajectory in Q3 commentary for any signs of broader consumer weakness. The tariff refund tailwind is a non-recurring item, so focus on adjusted metrics for underlying trend.
Price Chart
Executive Summary
TJX reported Q2 FY27 results above plan with adjusted EPS of $1.22 (beat consensus of $1.19 by 2.7%) and revenue of $15.18B (in line with $15.17B consensus). Comparable sales grew 4%, above the company's plan, driven by strong performance at HomeGoods (+7%), TJX Canada (+6%), and TJX International (+7%), though Marmaxx (+1%) was below expectations. The company raised its full-year FY27 pretax profit margin and EPS guidance, and announced plans to accelerate store growth to 4% starting in FY28 with a new long-term global store target of 7,500 stores. The beat was aided by a $0.14 net benefit from IEEPA tariff refunds; adjusted EPS of $1.22 still beat consensus and was up 11% YoY. The stock is likely to trade up on the raised guidance and strong underlying profitability, despite the Marmaxx softness and tariff refund noise.
Key Financial Metrics
Key Facts
- Q2 FY27 adjusted diluted EPS of $1.22, up 11% YoY and above consensus of $1.19
- Q2 revenue of $15.18B, up 5% YoY, in line with consensus of $15.17B
- Consolidated comparable sales +4%, above the company's plan
- Raised FY27 adjusted pretax profit margin outlook to 12.0%-12.1% and adjusted EPS outlook to $5.15-$5.20
- Q2 operating cash flow of $2.2B; returned $1.3B to shareholders via buybacks and dividends
- Plans to accelerate store growth to 4% starting FY28; increased long-term store target to 7,500
- Marmaxx (U.S.) comparable sales grew only +1%, below expectations
- Q2 results included a $0.14 net benefit from IEEPA tariff refunds; adjusted results exclude this
Financial Impact
Q2 adjusted EPS beat consensus by ~$0.03 (2.7%); FY27 adjusted EPS guidance raised to $5.15-$5.20 from prior $5.08-$5.15
Risk Factors
- Marmaxx (U.S.) comparable sales growth of +1% lagged other divisions and was below plan
- Tariff refunds are a non-recurring benefit; future refunds remain uncertain and subject to legal/regulatory developments
- Foreign currency exchange rates had a 1ppt negative impact on reported sales growth
- SGA costs as a % of sales increased 20 bps on an adjusted basis due to store wage and payroll cost inflation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000109198-26-000045 |
| Document: tjx-20260819.htm | 0000109198-26-000045 |
| Document: 0000109198-26-000045-index-headers.html | 0000109198-26-000045 |
| Document: 0000109198-26-000045-index.html | 0000109198-26-000045 |
| Document: 0000109198-26-000045.txt | 0000109198-26-000045 |
| 8-K Data (Synthetic) | 0000109198-26-000045 |
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