Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Ratios (Summary)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

TJX Cos. Inc., short-term (operating) activity ratios (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Turnover Ratios
	Inventory turnover
	Receivables turnover
	Payables turnover
	Working capital turnover
	Average No. of Days
	Average inventory processing period
	Add: Average receivable collection period
	Operating cycle
	Less: Average payables payment period
	Cash conversion cycle

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	TJX Cos. Inc.’s inventory turnover deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	TJX Cos. Inc.’s receivables turnover deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	TJX Cos. Inc.’s payables turnover declined from Q2 2019 to Q3 2019 but then increased from Q3 2019 to Q4 2019 exceeding Q2 2019 level.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	TJX Cos. Inc.’s working capital turnover improved from Q2 2019 to Q3 2019 and from Q3 2019 to Q4 2019.

Ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	TJX Cos. Inc.’s average inventory processing period deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	TJX Cos. Inc.’s operating cycle deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	TJX Cos. Inc.’s average payables payment period increased from Q2 2019 to Q3 2019 but then declined significantly from Q3 2019 to Q4 2019.
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	TJX Cos. Inc.’s cash conversion cycle deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 not reaching Q2 2019 level.

TJX Cos. Inc., inventory turnover calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data (USD $ in thousands)
	Cost of sales, including buying and occupancy costs
	Merchandise inventories
	Ratio
	Inventory turnover¹

Q4 2019 Calculations

¹ Inventory turnover = (Cost of sales, including buying and occupancy costs_{Q4 2019} + Cost of sales, including buying and occupancy costs_{Q3 2019} + Cost of sales, including buying and occupancy costs_{Q2 2019} + Cost of sales, including buying and occupancy costs_{Q1 2019}) ÷ Merchandise inventories
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	TJX Cos. Inc.’s inventory turnover deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.

TJX Cos. Inc., receivables turnover calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data (USD $ in thousands)
	Net sales
	Accounts receivable, net
	Ratio
	Receivables turnover¹

Q4 2019 Calculations

¹ Receivables turnover = (Net sales_{Q4 2019} + Net sales_{Q3 2019} + Net sales_{Q2 2019} + Net sales_{Q1 2019}) ÷ Accounts receivable, net
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	TJX Cos. Inc.’s receivables turnover deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.

TJX Cos. Inc., payables turnover calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data (USD $ in thousands)
	Cost of sales, including buying and occupancy costs
	Accounts payable
	Ratio
	Payables turnover¹

Q4 2019 Calculations

¹ Payables turnover = (Cost of sales, including buying and occupancy costs_{Q4 2019} + Cost of sales, including buying and occupancy costs_{Q3 2019} + Cost of sales, including buying and occupancy costs_{Q2 2019} + Cost of sales, including buying and occupancy costs_{Q1 2019}) ÷ Accounts payable
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	TJX Cos. Inc.’s payables turnover declined from Q2 2019 to Q3 2019 but then increased from Q3 2019 to Q4 2019 exceeding Q2 2019 level.

TJX Cos. Inc., working capital turnover calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data (USD $ in thousands)
	Current assets
	Less: Current liabilities
	Working capital
	Net sales
	Ratio
	Working capital turnover¹

Q4 2019 Calculations

¹ Working capital turnover = (Net sales_{Q4 2019} + Net sales_{Q3 2019} + Net sales_{Q2 2019} + Net sales_{Q1 2019}) ÷ Working capital
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	TJX Cos. Inc.’s working capital turnover improved from Q2 2019 to Q3 2019 and from Q3 2019 to Q4 2019.

TJX Cos. Inc., average inventory processing period calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data
	Inventory turnover
	Ratio (no. of days)
	Average inventory processing period¹

Q4 2019 Calculations

¹ Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ hidden = hidden

Ratio	Description	The company
Average inventory processing period	An activity ratio equal to the number of days in the period divided by inventory turnover over the period.	TJX Cos. Inc.’s average inventory processing period deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.

TJX Cos. Inc., average receivable collection period calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data
	Receivables turnover
	Ratio (no. of days)
	Average receivable collection period¹

Q4 2019 Calculations

¹ Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ hidden = hidden

Ratio	Description	The company
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.

TJX Cos. Inc., operating cycle calculation (quarterly data)

No. of days

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Ratio
	Operating cycle¹

Q4 2019 Calculations

¹ Operating cycle = Average inventory processing period + Average receivable collection period
= hidden + hidden = hidden

Ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	TJX Cos. Inc.’s operating cycle deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 exceeding Q2 2019 level.

TJX Cos. Inc., average payables payment period calculation (quarterly data)

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data
	Payables turnover
	Ratio (no. of days)
	Average payables payment period¹

Q4 2019 Calculations

¹ Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ hidden = hidden

Ratio	Description	The company
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	TJX Cos. Inc.’s average payables payment period increased from Q2 2019 to Q3 2019 but then declined significantly from Q3 2019 to Q4 2019.

TJX Cos. Inc., cash conversion cycle calculation (quarterly data)

No. of days

		Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016	Jan 30, 2016	Oct 31, 2015	Aug 1, 2015	May 2, 2015	Jan 31, 2015	Nov 1, 2014	Aug 2, 2014	May 3, 2014	Feb 1, 2014	Nov 2, 2013	Aug 3, 2013	May 4, 2013
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Average payables payment period
	Ratio
	Cash conversion cycle¹

Q4 2019 Calculations

¹ Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= hidden + hidden – hidden = hidden

Ratio	Description	The company
Cash conversion cycle	A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.	TJX Cos. Inc.’s cash conversion cycle deteriorated from Q2 2019 to Q3 2019 but then improved from Q3 2019 to Q4 2019 not reaching Q2 2019 level.

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TJX Cos. Inc. (TJX)

Short-term (Operating) Activity Analysis
Quarterly Data

Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

TJX Cos. Inc. (TJX)

Short-term (Operating) Activity AnalysisQuarterly Data

Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Short-term (Operating) Activity Analysis
Quarterly Data