TJ Maxx 2013 Annual Report Download

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BRINGING
VALUE AROUND
THE WORLD
THE TJX COMPANIES, INC.
2013 ANNUAL REPORT

Table of contents

  • Page 1
    BRINGING VALUE AROUND THE WORLD THE TJX COMPANIES, INC. 2013 ANNUAL REPORT

  • Page 2

  • Page 3
    SUCCESSFUL U.S. AND INTERNATIONAL EXPANSION...37 YEARS IN THE U.S. OVER 2 DECADES IN CANADA 20 YEARS IN THE U.K. NEARLY 2 DECADES IN IRELAND 7 YEARS IN GERMANY IN POLAND SINCE 2009 AS OF 2013, 3 E-COMMERCE SITES IN THE U.S. AND U.K. ...WITH MORE TO COME

  • Page 4
    ... for our Company in Europe. We also successfully launched our new e-commerce site tjmaxx.com, which, along with sierratradingpost.com and our tkmaxx.com site in the U.K., gives more consumers the ability and convenience to shop our great values 24 hours a day, 365 days a year! In 2013, net sales for...

  • Page 5
    MARMAXX 2,021 STORES IN 2013 3,000 POTENTIAL STORES

  • Page 6

  • Page 7
    ... to target a very broad customer demographic. To reach even more consumers, we are capitalizing on our global marketing capabilities. During the holiday season, our tri-branding campaigns for T.J. Maxx, Marshalls and HomeGoods in the U.S. and Winners, HomeSense and Marshalls in Canada, allowed...

  • Page 8

  • Page 9
    ... experience in all of our chains. By the end of 2013, our new store prototype for T.J. Maxx was in 159 stores and, based on its success, we are working on a new prototype for Marshalls in 2014. Across the Company, we plan to remodel approximately 250 additional stores in 2014. Customer service...

  • Page 10

  • Page 11
    ... Marshalls can become a 100-store chain in Canada. We see TJX EUROPE as a major part of the future growth of our Company. We believe we can grow T.K. Maxx and HomeSense to 875 stores, more than double our current base, with just our existing chains, in our existing European markets alone. TJX Europe...

  • Page 12
    ...a strong credit rating and continuing our share buyback and dividend programs. In 2013, we generated $2.6 billion in cash from operations, and we spent a total of $1.5 billion to repurchase TJX stock, retiring 27.0 million shares, and increased the pershare dividend 26%. In 2014, we plan to continue...

  • Page 13
    ... compliance efforts globally across TJX, working closely with department leaders to evaluate our program's ongoing progress. has been a central pursuit to TJX for 37 years. TJX is committed to its corporate governance practices, like those captured in our Board of Directors' Corporate Governance...

  • Page 14
    ... Growth 3.00 Reinvesting in Our Business Returning Value to Shareholders 3,000 2,750 DILUTED EARNINGS PER SHARE 2.50 2,500 2,250 $ MILLIONS DOLLARS 2.00 2,000 1,750 1,500 1,250 1.50 1.00 1,000 750 0.50 500 250 0.00 0 10 11 12 (FY) 13 14 10 14 10 (FY) 14 10 14 Net Cash...

  • Page 15
    ...CONTENTS PAGE Business Overview Store Locations Selected Financial Data Management's Discussion and Analysis Report of Independent Registered Public Accounting Firm Consolidated Financial Statements Notes to Consolidated Financial Statements: Selected Business Segment Financial Information Selected...

  • Page 16
    ... 150 100 50 0 BASE YEAR DJARI S&P 2010 2011 2012 2013 2014 The line graph above compares the cumulative performance of TJX's common stock with the S&P Composite-500 Stock Index and the Dow Jones Apparel Retailers Index as of the date nearest the end of TJX's fiscal year for which index data...

  • Page 17
    ... August 3, 2013, the last business day of the registrant's most recently completed second fiscal quarter, was $38,305,480,702 based on the closing sale price as reported on the New York Stock Exchange. There were 703,683,274 shares of the registrant's common stock, $1.00 par value, outstanding as of...

  • Page 18
    ...-K under Item 1, "Business," Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and Item 8, "Financial Statements and Supplementary Data," and in our 2013 Annual Report to Shareholders under our letter to shareholders and our performance graphs. Forward...

  • Page 19
    ... merchandise, every day. Our stores are known for our value proposition of brand, fashion, quality and price and offer a treasure hunt shopping experience through the rapid turn of inventories relative to traditional retailers. Our opportunistic buying strategies and flexible business model...

  • Page 20
    ..., acquired in 2012, a leading off-price Internet retailer of brand name outdoor gear, family apparel and footwear, sporting goods and home fashions. Sierra Trading Post launched its e-commerce site, sierratradingpost.com, in 1998 and operates four retail stores in the U.S. Flexible Business Model...

  • Page 21
    ... associates to provide friendly and helpful customer service and seek to staff our stores to deliver a positive shopping experience. We typically offer customer-friendly return policies. We accept a variety of payment methods including cash, credit cards and debit cards, and offer TJX-branded credit...

  • Page 22
    ... Size (square feet) Number of Stores at Year End Fiscal 2013 Fiscal 2014 Fiscal 2015 (estimated) Estimated Store Growth Potential Marmaxx T.J. Maxx Marshalls 29,000 31,000 1,036 904 1,940 415 1,079 942 2,021 450 2,096 485 3,000 825 HomeGoods TJX Canada Winners HomeSense Marshalls TJX Europe...

  • Page 23
    ...fiscal 2012, we completed the consolidation of A.J. Wright, our former off-price chain targeting lower middle income customers, converting 90 of the A.J. Wright stores to T.J. Maxx, Marshalls or HomeGoods banners and closing A.J. Wright's remaining 72 stores, two distribution centers and home office...

  • Page 24
    STORE LOCATIONS Our major chains operated stores in the following locations at the end of fiscal 2014: United States: T.J. Maxx Marshalls HomeGoods Alabama Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas ...

  • Page 25
    ... brand name, price, selection and freshness; in-store service and shopping experience; reputation and store location. We compete with local, regional, national and international department, specialty, off-price, discount, warehouse and outlet stores as well as other retailers that sell apparel, home...

  • Page 26
    ... growth strategy includes successfully expanding our off-price model in our current markets and in new geographic regions, product lines, businesses and channels and, as appropriate, adding new businesses, whether by development, investment or acquisition. There are significant risks associated with...

  • Page 27
    ..., our revenue or results of operations may be adversely affected. Customer traffic and demand for our merchandise is influenced by our advertising, marketing and promotional activities, the name recognition and reputation of our chains and the location of and service offered in our stores. Although...

  • Page 28
    ... sales, systems, distribution center and other associates in large numbers as well as experienced buying and management personnel. Many of our associates are in entry level or part-time positions with historically high rates of turnover. Availability and skill of associates may differ across markets...

  • Page 29
    ... pension plans. Economic conditions, both on a global level and in particular markets, including unemployment, decreased disposable income and actual and perceived wealth, energy and health care costs, interest and tax rates and policies, weakness in the housing market, volatility in capital markets...

  • Page 30
    ...the operation of our e-commerce websites could cause us to suffer reputational harm or to lose sales if customers are unable to access our site or purchase merchandise from us during such interruption. The efficient operation and successful growth of our business depends upon our information systems...

  • Page 31
    ... international operations may expose us to risks inherent in operating in new countries. We have a significant retail presence in Canada and countries in Europe and have established buying offices around the world, and our goal is to continue to expand our operations into other international markets...

  • Page 32
    ... the retail climate and trends, local customs and competitive conditions; and complying with relevant laws, rules and regulations; developing the appropriate infrastructure for local operations; as well as financial risks including currency exchange fluctuations and adverse tax consequences...

  • Page 33
    ... from time to time. Changes in currency exchange rates can also increase the cost of inventory purchases that are denominated in a currency other than the local currency of the business buying the merchandise. When these changes occur suddenly, it can be difficult for us to adjust retail prices...

  • Page 34
    ... of management from operating the existing businesses, and we may not effectively evaluate target companies or investments or assess the risks, benefits and cost of buying, investing in or closing businesses or of the integration of acquired businesses, all of which can be difficult, time-consuming...

  • Page 35
    ... examinations for payroll, value added, sales-based and other taxes relating to our businesses. Our real estate leases generally obligate us for long periods, which subjects us to financial risks. We lease virtually all of our store locations, generally for an initial term of ten years, with options...

  • Page 36
    ... s.f.-owned in several buildings 198,000 s.f.-leased 154,000 s.f.-leased 29,000 s.f.-leased Sierra Trading Post, acquired late in fiscal 2013, owns two fulfillment centers in Wyoming totaling approximately 300,000 square feet and a 60,000 square foot home office facility in Cheyenne, Wyoming. 20

  • Page 37
    ... that arise from time to time in the ordinary course of our business. In addition, TJX is a defendant in several lawsuits filed in federal and state courts brought as putative class or collective actions on behalf of various groups of current and former salaried and hourly associates in the U.S. The...

  • Page 38
    ... 2015, subject to declaration and approval by our Board of Directors, and currently intend to continue to pay comparable dividends in the future. Information on Share Repurchases The number of shares of common stock repurchased by TJX during the fourth quarter of fiscal 2014 and the average price...

  • Page 39
    ... 2014 Fiscal Year Ended 2013 (53 Weeks) 2012 2011 2010 Income statement and per share data: Net sales Income from continuing operations Weighted average common shares for diluted earnings per share calculation (in thousands)(1) Diluted earnings per share from continuing operations(1) Cash dividends...

  • Page 40
    ... the Marmaxx segment. Fiscal 2014 was another successful year for TJX as we posted solid gains in same store sales, net sales and earnings per share on top of strong increases in both fiscal 2013 and fiscal 2012. We increased our e-commerce presence by launching our new e-commerce website tjmaxx.com...

  • Page 41
    ... of fiscal 2014. Sales from jewelry and accessories, and home fashions performed particularly well in fiscal 2014. Geographically, in the U.S., sales were strongest in the West Coast and Florida. Same store sales at TJX Europe were above the consolidated average while same store sales at TJX Canada...

  • Page 42
    ... margins and earnings we report. Cost of sales, including buying and occupancy costs: Cost of sales, including buying and occupancy costs, as a percentage of net sales was 71.5% in fiscal 2014, 71.6% in fiscal 2013 and 72.7% in fiscal 2012. The 53rd week in fiscal 2013, which benefitted that year...

  • Page 43
    ... earnings per share were $2.94 in fiscal 2014, $2.55 in fiscal 2013 and $1.93 in fiscal 2012. The tax benefits referred to above added $0.11 per share to net income for fiscal 2014, while the 53rd week benefitted fiscal 2013 earnings per share by $0.08 per share. Foreign currency exchange rates...

  • Page 44
    ... data U.S.$ % of Net Sales Adjustments Fiscal Year 2012 As adjusted U.S.$* % of Net Sales Net sales Cost of sales, including buying and occupancy costs Gross profit margin Selling, general and administrative expenses Income before provision for income taxes Diluted earnings per share * Figures may...

  • Page 45
    ... 1, 2014 February 2, 2013 January 28, 2012 Net sales Segment profit Segment profit as a percentage of net sales Adjusted segment profit as a percentage of net sales* Increase in same store sales Stores in operation at end of period T.J. Maxx Marshalls Total Marmaxx Selling square footage at end of...

  • Page 46
    ...fiscal 2012, we completed the consolidation of A.J. Wright, our former off-price chain targeting lower middle income customers, converting 90 of the A.J. Wright stores to T.J. Maxx, Marshalls or HomeGoods banners and closing A.J. Wright's remaining 72 stores, two distribution centers and home office...

  • Page 47
    ...TJX Canada Fiscal Year Ended U.S. Dollars in millions February 1, 2014 February 2, 2013 January 28, 2012 Net sales Segment profit Segment profit as a percentage of net sales Increase (decrease) in same store sales Stores in operation at end of period Winners HomeSense Marshalls Total Selling square...

  • Page 48
    TJX Europe Fiscal Year Ended U.S. Dollars in millions February 1, 2014 February 2, 2013 January 28, 2012 Net sales Segment profit Segment profit as a percentage of net sales Increase in same store sales Stores in operation at end of period T.K. Maxx HomeSense Total Selling square footage at end of ...

  • Page 49
    ...based plans, additional investments in systems and technology and additional costs related to the expansion of our home office facilities. LIQUIDITY AND CAPITAL RESOURCES Operating activities: Net cash provided by operating activities was $2,590 million in fiscal 2014, $3,046 million in fiscal 2013...

  • Page 50
    ... year. Investing activities for fiscal 2013 also included the net cash paid in December 2012 for the acquisition of STP, an off-price Internet retailer. During fiscal 2014, after customary post-closing adjustments, the estimated purchase price was reduced by $3 million. The final purchase price, net...

  • Page 51
    ... the total minimum rent for fiscal 2014. Does not include leases reflected in our reserve for former operations. (3) Includes estimated obligations under purchase orders for merchandise and under agreements for capital items, products and services used in our business, including executive employment...

  • Page 52
    ... in our long-term rate of return would increase or decrease our fiscal 2014 pension cost by approximately $2 million. When the discount rate, market performance of our plan assets, changes in tax or other benefits laws and regulations, or other factors have a negative impact on the funded status of...

  • Page 53
    ... position or cash flow. ITEM 7A. Quantitative and Qualitative Disclosure about Market Risk TJX is exposed to market risks in the ordinary course of business. Some potential market risks are discussed below: FOREIGN CURRENCY EXCHANGE RISK We are exposed to foreign currency exchange rate risk...

  • Page 54
    ...Financial Reporting There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d15(f) under the Exchange Act) during the fourth quarter of fiscal 2014 identified in connection with our Chief Executive Officer's and Chief Financial Officer's evaluation...

  • Page 55
    ... with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of February 1, 2014 based on the framework in Internal Control-Integrated Framework issued...

  • Page 56
    ..., Store Operations, Human Resources and Distribution Services, Marmaxx from 1996 to 2000. Senior Executive Vice President, Group President, since January 2012. President, HomeGoods from 2010 to 2012. Chief Operating Officer, Marmaxx from 2007 until 2010. Various merchandising positions at TJX from...

  • Page 57
    ... for TJX Executives or the Code of Business Conduct and Ethics for Directors within four business days of the waiver or amendment through a website posting or by filing a Current Report on Form 8-K with the Securities and Exchange Commission. ITEM 11. Executive Compensation The information required...

  • Page 58
    ... Accounts Balance Beginning of Period Amounts Charged to Net Income Write-Offs Against Reserve Balance End of Period In thousands Sales Return Reserve: Fiscal Year Ended February 1, 2014 Fiscal Year Ended February 2, 2013 Fiscal Year Ended January 28, 2012 Reserves Related to Former Operations...

  • Page 59
    ....13 to the Form 10-K filed for the year ended January 28, 2012.* The Stock Incentive Plan (2013 Restatement) is incorporated herein by reference to Exhibit 10.1 to the Form 10-Q filed for the quarter ended May 4, 2013.* The Stock Incentive Plan Rules for U.K. Employees, as amended April 7, 2009, is...

  • Page 60
    ... the Stock Incentive Plan is incorporated herein by reference to Exhibit 10.18 to the Form 10-K filed for the year ended February 2, 2013.* Description of Director Compensation Arrangements is filed herewith.* The Management Incentive Plan and Long Range Performance Incentive Plan (2013 Restatement...

  • Page 61
    ...The TJX Companies, Inc.'s Annual Report on Form 10-K for the fiscal year ended February 1, 2014, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv...

  • Page 62
    ... of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated. /s/ CAROL MEYROWITZ Carol Meyrowitz, Chief Executive Officer and Director (Principal Executive Officer) SCOTT GOLDENBERG...

  • Page 63
    ... TJX Companies, Inc. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS For Fiscal Years Ended February 1, 2014, February 2, 2013 and January 28, 2012. Report of Independent Registered Public Accounting Firm ...Consolidated Financial Statements: Consolidated Statements of Income for the fiscal years ended...

  • Page 64
    ...financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the...

  • Page 65
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF INCOME Fiscal Year Ended Amounts in thousands except per share amounts February 1, 2014 February 2, 2013 (53 weeks) January 28, 2012 Net sales Cost of sales, including buying and occupancy costs Selling, general and administrative expenses Interest...

  • Page 66
    The TJX Companies, Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Year Ended Amounts in thousands February 1, 2014 February 2, 2013 (53 weeks) January 28, 2012 Net income Other comprehensive income, net of related tax benefits/provisions: Foreign currency translation adjustments, net ...

  • Page 67
    ... SHEETS Fiscal Year Ended Amounts in thousands except share amounts February 1, 2014 February 2, 2013 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Merchandise inventories Prepaid expenses and other current assets Current deferred income taxes, net...

  • Page 68
    ... stock Excess tax benefits from share-based compensation Cash dividends paid Net cash (used in) financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year...

  • Page 69
    ... post retirement obligations Total comprehensive income Cash dividends declared on common stock Recognition of share-based compensation Issuance of common stock under stock incentive plan and related tax effect Common stock repurchased Balance, January 28, 2012 Comprehensive income: Net income...

  • Page 70
    ... returns. We estimate returns based upon our historical experience. We defer recognition of a layaway sale and its related profit to the accounting period when the customer receives the layaway merchandise. Proceeds from the sale of gift cards as well as the value of store cards issued to customers...

  • Page 71
    ... interest during the active construction period of major capital projects. Capitalized interest is added to the cost of the related assets. Capitalized interest in fiscal 2014, 2013 and 2012 relates to costs on active owned real estate projects and development costs on a merchandising system. F-9

  • Page 72
    ...represents goodwill associated with the T.J. Maxx chain, as well as the excess of cost over the estimated fair market value of the net assets acquired by TJX in the purchase of Winners in fiscal 1991 and the purchase of Sierra Trading Post in fiscal 2013 (See Note B). Goodwill totaled $169.3 million...

  • Page 73
    ... of Sierra Trading Post On December 21, 2012, TJX acquired Sierra Trading Post (STP), an off-price Internet retailer, which includes the operating assets of its online business, sierratradingpost.com and four retail locations. The final purchase price, after adjusting for customary post-closing...

  • Page 74
    ... of A.J. Wright: In fiscal 2011, TJX's Board of Directors approved the consolidation of the A.J. Wright division whereby TJX would convert 90 A.J. Wright stores into T.J. Maxx, Marshalls or HomeGoods stores and close the remaining 72 A.J. Wright stores, two distribution centers and home office. The...

  • Page 75
    ...business operations it has closed or sold. The reserve activity for the last three fiscal years is presented below: Fiscal Year Ended In thousands February 1, 2014 February 2, 2013 January 28, 2012 Balance at beginning of year Additions (reductions) to the reserve charged to net income: A.J. Wright...

  • Page 76
    ... 2014, fiscal 2013 and fiscal 2012: Foreign Currency Translation Accumulated Other Comprehensive Income (Loss) Amounts in thousands Deferred Benefit Costs Balance, January 29, 2011 Foreign currency translation adjustments (net of taxes of $2,918) Deferred pension and other post-retirement benefit...

  • Page 77
    ... earnings per share for income from continuing operations: Fiscal Year Ended Amounts in thousands except per share amounts February 1, 2014 February 2, 2013 (53 weeks) January 28, 2012 Basic earnings per share: Net income Weighted average common stock outstanding for basic earnings per share...

  • Page 78
    ... a summary of TJX's derivative financial instruments, related fair value and balance sheet classification at February 1, 2014: Net Fair Value in U.S.$ at February 1, 2014 In thousands Pay Receive Blended Contract Rate Balance Sheet Location Current Asset U.S.$ Current (Liability) U.S.$ Fair...

  • Page 79
    ... 1, 2014 February 2, 2013 (53 weeks) January 28, 2012 Fair value hedges: Intercompany balances, primarily short-term debt and related interest Economic hedges for which hedge accounting was not elected: Diesel contracts Merchandise purchase commitments Gain (loss) recognized in income Selling...

  • Page 80
    ... segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe. Late in fiscal 2013 TJX acquired STP, an off-price Internet retailer in the U.S. The results of STP are reported in the Marmaxx segment. All of TJX's stores, with the exception of HomeGoods and HomeSense, sell family apparel and home...

  • Page 81
    ... Presented below is financial information with respect to TJX's business segments: Fiscal Year Ended In thousands February 1, 2014 February 2, 2013 (53 weeks) January 28, 2012 Net sales: In the United States Marmaxx HomeGoods A.J. Wright(1) TJX Canada TJX Europe Segment profit (loss): In the United...

  • Page 82
    Business segment information (continued): Fiscal Year Ended In thousands February 1, 2014 February 2, 2013 (53 weeks) January 28, 2012 Identifiable assets: In the United States Marmaxx HomeGoods TJX Canada TJX Europe Corporate (2) Capital expenditures: In the United States Marmaxx HomeGoods TJX ...

  • Page 83
    ...the status of TJX's stock options and related weighted average exercise prices ("WAEP") is presented below (shares in thousands): Fiscal Year Ended February 1, 2014 Options WAEP February 2, 2013 Options WAEP (53 weeks) January 28, 2012 Options WAEP Outstanding at beginning of year Granted Exercised...

  • Page 84
    .... As of the end of fiscal 2014, a total of 269,405 of these deferred shares were outstanding under the plan. Note J. Pension Plans and Other Retirement Benefits Pension: TJX has a funded defined benefit retirement plan that covers a majority of its full-time U.S. employees hired prior to February...

  • Page 85
    ... information relating to TJX's funded defined benefit pension plan (qualified pension plan or funded plan) and its unfunded supplemental pension plan (unfunded plan) for the fiscal years indicated: Funded Plan Fiscal Year Ended In thousands February 1, 2014 February 2, 2013 (53 weeks) Unfunded Plan...

  • Page 86
    ...in fiscal 2015. The following are the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to our pension plans: Funded Plan Fiscal Year Ended Dollars in thousands February 1, February 2, January 28, 2014 2013 2012 (53 weeks) Unfunded Plan Fiscal...

  • Page 87
    ... in net periodic pension cost. The following is a schedule of the benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter: In thousands Funded Plan Expected Benefit Payments Unfunded Plan Expected Benefit Payments Fiscal Year 2015...

  • Page 88
    ... 312 507 (4,170) $ 7,713 Pension plan assets are reported at fair value. Investments in equity securities traded on a national securities exchange are valued at the composite close price, as reported in the Wall Street Journal, as of the financial statement date. This information is provided by the...

  • Page 89
    ... the TJX stock fund. The TJX stock fund represents 8.3% of plan investments at December 31, 2013, 7.2% of plan investments at December 31, 2012 and 6.6% at December 31, 2011. In addition, TJX also maintained a 401(k) plan for eligible associates of Sierra Trading Post. Assets under this plan totaled...

  • Page 90
    ...filed with the Securities and Exchange Commission. TJX was in compliance with all covenants related to its credit facilities at the end of all periods presented. As of February 1, 2014 and February 2, 2013, TJX's foreign subsidiaries had uncommitted credit facilities. TJX Canada had two credit lines...

  • Page 91
    ... in fiscal 2012. TJX had net deferred tax (liabilities) assets as follows: Fiscal Year Ended In thousands February 1, 2014 February 2, 2013 Deferred tax assets: Net operating loss carryforwards Reserve for former operations Pension, stock compensation, postretirement and employee benefits Leases...

  • Page 92
    ... fiscal 2012. The difference between the U.S. federal statutory income tax rate and TJX's worldwide effective income tax rate is reconciled below: February 1, 2014 Fiscal Year Ended February 2, 2013 (53 weeks) January 28, 2012 U.S. federal statutory income tax rate Effective state income tax rate...

  • Page 93
    ... total net amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by a range estimated at $0 million to $10.4 million. On September 13, 2013 the U.S. Department of the Treasury and Internal Revenue Service released final tangible property regulations...

  • Page 94
    ...: Fiscal Year Ended February 1, February 2, 2014 2013 In thousands Employee compensation and benefits, current Computer Intrusion reserve Reserve for former operations - short term Rent, utilities and occupancy, including real estate taxes Merchandise credits and gift certificates Insurance Sales...

  • Page 95
    ... relating to these operations. TJX's cash payments for interest and income taxes and non-cash investing and financing activities are as follows: Fiscal Year Ended February 1, February 2, January 28, 2014 2013 2012 (53 weeks) In thousands Cash paid for: Interest on debt Income taxes Changes...

  • Page 96
    ...Fourth Quarter(2) Fiscal Year Ended February 1, 2014 (52 weeks) Net sales Gross earnings(1) Net income Basic earnings per share Diluted earnings per share Fiscal Year Ended February 2, 2013 (53 weeks) Net sales Gross earnings(1) Net income Basic earnings per share Diluted earnings per share $6,189...

  • Page 97
    ... Information Officer, Safeway Inc. Michael F. Hines Former Executive Vice President and Chief Financial Officer, Dick's Sporting Goods, Inc. Amy B. Lane Retired Managing Director, Global Retailing Investment Banking Group, Merrill Lynch & Co., Inc. Dawn Lepore Former CEO and Chairman of the Board...

  • Page 98
    ... Zelman Brand and Product Development SENIOR VICE PRESIDENTS Alfred Appel Property Tax and Insurance David Averill Corporate Tax John Bauer Chief Logistics Officer Marc Boesch Global Procurement Elaine Boltz E-Commerce John Caban Corporate Internal Audit Norman Cantin New York Buying Office George...

  • Page 99
    ... Senior Vice President, Global Communications 508-390-2323 Executive Offices Framingham, Massachusetts 01701 Public Information and SEC Filings: Visit our corporate website: tjx.com For the store nearest you, call or visit us online at: UNITED STATES T.J. Maxx: 1-800-2-TJMAXX tjmaxx.com Marshalls...

  • Page 100
    ... jewelry and some feature The Runway, a high-end designer department. Winners operated 227 stores at 2013's year end, which average approximately 29,000 square feet in size. Marshalls was acquired by TJX in 1995, and with T.J. Maxx, forms The Marmaxx Group, the largest off-price retailer of apparel...

  • Page 101
    The TJX Companies, Inc. 770 Cochituate Road Framingham, MA 01701 508-390-1000 tjx.com