Stock Analysis on Net
Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Common-Size Income Statement 
Quarterly Data

TJX Cos. Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales, including buying and occupancy costs -70.52 -69.55 -68.42 -69.65 -70.03 -70.25 -68.90 -69.84 -71.07 -73.91 -70.87 -72.38 -72.09 -72.86 -70.50 -70.61 -71.93 -72.03 -69.80 -77.61 -100.13 -71.62 -71.19 -71.83 -71.55
Gross earnings (loss) 29.48% 30.45% 31.58% 30.35% 29.97% 29.75% 31.10% 30.16% 28.93% 26.09% 29.13% 27.62% 27.91% 27.14% 29.50% 29.39% 28.07% 27.97% 30.20% 22.39% -0.13% 28.38% 28.81% 28.17% 28.45%
Selling, general and administrative expenses -19.44 -19.16 -19.54 -19.80 -19.23 -18.85 -19.43 -20.06 -18.99 -17.03 -17.96 -18.36 -18.36 -18.02 -18.33 -18.41 -20.47 -20.04 -19.63 -22.91 -29.80 -17.49 -18.04 -17.70 -18.35
Operating income (loss) 10.04% 11.30% 12.04% 10.56% 10.74% 10.90% 11.67% 10.10% 9.94% 9.06% 11.17% 9.26% 9.54% 9.12% 11.17% 10.97% 7.59% 7.93% 10.56% -0.52% -29.93% 10.89% 10.77% 10.47% 10.10%
Impairment on equity investment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loss on early extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.01 0.00 -2.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest income (expense), net 0.23 0.26 0.31 0.34 0.40 0.33 0.31 0.30 0.31 0.16 0.00 -0.09 -0.16 -0.15 -0.16 -0.24 -0.44 -0.43 -0.52 -0.86 -0.53 -0.03 -0.03 -0.03 -0.01
Income (loss) before income taxes 10.27% 11.55% 12.34% 10.90% 11.14% 11.23% 11.98% 10.40% 10.25% 9.22% 11.17% 9.17% 7.47% 8.97% 11.00% 8.73% 7.15% 4.64% 10.04% -1.38% -30.46% 10.87% 10.74% 10.44% 10.09%
(Provision) benefit for income taxes -2.36 -3.00 -3.12 -2.74 -2.56 -2.68 -3.00 -2.65 -2.69 -2.07 -2.44 -2.33 -2.32 -2.18 -2.84 -2.22 -1.86 -1.67 -1.48 -1.83 10.33 -2.80 -2.81 -2.68 -2.55
Net income (loss) 7.90% 8.55% 9.22% 8.16% 8.57% 8.55% 8.98% 7.75% 7.56% 7.15% 8.74% 6.83% 5.15% 6.79% 8.16% 6.51% 5.29% 2.97% 8.57% -3.21% -20.13% 8.07% 7.92% 7.76% 7.55%

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

Net Sales
The net sales consistently maintain a baseline of 100% throughout all reported periods, serving as the reference point for relative financial measurements of other items.
Cost of Sales, Including Buying and Occupancy Costs
The cost of sales as a percentage of net sales remains relatively stable, mostly fluctuating between approximately -68.42% and -73.91%. A notable anomaly occurs in May 2020, where a sharp increase to -100.13% is observed, indicating extraordinary costs during that quarter, likely related to external disruptions. Post that period, costs decline and stabilize closer to the lower end of the historical range, suggesting improved cost management or operational adjustments.
Gross Earnings (Loss)
Gross earnings generally hover around 27% to 31% of net sales, reflecting stable gross margin performance across most quarters. The severe drop to slightly negative (-0.13%) in May 2020 aligns with the spike in cost of sales, indicating a near elimination of gross profit during that period. Subsequently, gross earnings recover and display a gradual upward trend, peaking above 31% in late 2023, indicating favorable margin conditions.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses mostly range from about -17% to -20%, with a sharp spike to -29.8% during May 2020, coinciding with the challenging financial quarter reflected in other metrics. After this outlier, SG&A expenses revert to roughly pre-crisis levels, suggesting a return to normalized operating cost structures.
Operating Income (Loss)
Operating income as a percentage of net sales remains positive and stable between approximately 7.5% and 12% in most quarters, with a significant negative deviation to -29.93% in May 2020 corresponding to pandemic-related impacts. Following this, operating income rapidly recovers to positive territory and maintains an upward tendency, reaching above 12% by late 2024.
Impairment on Equity Investment
Minor impairment impact is recorded in April 2022 at -1.91%, with no other impairments reported, indicating limited write-downs on equity investments during the analyzed period.
Loss on Early Extinguishment of Debt
The loss on early extinguishment of debt occurs sporadically, notably in January 2021 and July 2021, with percentages of -2.85% and -2.01%, respectively, suggesting costs related to debt refinancing or restructuring activities in these quarters.
Interest Income (Expense), Net
Interest expense is generally minimal but negative in earlier periods, with a noticeable increase in expense during early 2020 amid financial pressures. Starting in early 2023, interest income turns positive, peaking at 0.4% in May 2024, which may reflect improved financial income or reduced borrowing costs.
Income (Loss) before Income Taxes
Income before taxes demonstrates a parallel pattern to operating income, maintaining positive values mostly between 7% and 12%. The May 2020 quarter shows a marked drop to -30.46%, mirroring severe operational impacts. Recovery resumes post-crisis, with pre-tax income attaining new highs above 12% in the latest quarters.
(Provision) Benefit for Income Taxes
The tax provision is consistently a negative figure around -2% to -3% of net sales, except for May 2020 where a tax benefit of 10.33% is registered—a possible result of loss carrybacks or special tax treatments during the loss quarter. Following this, tax expenses normalize again within their typical historical range.
Net Income (Loss)
Net income as a percentage of net sales follows similar trends to operating income and pre-tax income, mostly positive between 5% and 9%, excluding the significant drop to -20.13% in May 2020. Post this decline, net income recovers steadily and reaches higher levels approaching 9% by late 2024, indicating overall profitability resilience and strength beyond the crisis period.