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TJX FY2027 Q2 IN LINE

TJX Companies, Inc. (The) 실적 발표

Aug 19, 2026 · 11:00 ET DebErnie HerrmanJohn
Buzzberg 분석

Marmax execution issues self-inflicted, improvement seen in August

TJX reported Q2 2027 results above plan, driven by strong performance at HomeGoods and international divisions, but noted significant execution issues at its largest Marmax division. Management raised full-year EPS and margin guidance, but gave a cautious 2-3% comp outlook for Q3 and Q4, citing higher freight costs and a moderate consumer. Q2 consolidated comps up 4%, above plan; driven by a higher average basket and increased transactions.

Buzzberg 분석 Marmax execution issues self-inflicted, improvement seen in August TJX reported Q2 2027 results above plan, driven by strong performance at HomeGoods and international divisions, but noted significant execution issues at its largest Marmax division. Management raised full-year EPS and margin guidance, but gave a cautious 2-3% comp outlook for Q3 and Q4, citing higher freight costs and a moderate consumer. Q2 consolidated comps up 4%, above plan; driven by a higher average basket and increased transactions. 전체 분석 보기분석 접기

TJX reported Q2 2027 results above plan, driven by strong performance at HomeGoods and international divisions, but noted significant execution issues at its largest Marmax division. Management raised full-year EPS and margin guidance, but gave a cautious 2-3% comp outlook for Q3 and Q4, citing higher freight costs and a moderate consumer. Q2 consolidated comps up 4%, above plan; driven by a higher average basket and increased transactions.

  • Marmax comps up only 1% due to self-inflicted merchandise mix execution issues; management expects improvement by the holiday season.
  • HomeGoods and TJX International were bright spots with 7% comps, while Canada saw 6% comps.
  • Full-year EPS guidance raised to $5.15-$5.20, with pre-tax margin guidance raised to 12%-12.1%.
Revenue $15.18B +6% QoQ
EPS $1.22 +3% QoQ
Gross margin 33.41% reported
Op margin 13.09% reported

이번 분기에 달라진 점

01
Execution

Marmax execution issues self-inflicted, improvement seen in August

TJX reported Q2 2027 results above plan, driven by strong performance at HomeGoods and international divisions, but noted significant execution issues at its largest Marmax division. Management raised full-year EPS and margin guidance, but gave a cautious 2-3% comp outlook for…

02
Demand

HomeGoods delivered outstanding 7% comp sales increase

Management noted strong consumer demand for value, with overall comp sales up 4% in Q2, driven by higher average basket and increased transactions. They cited outstanding merchandise availability and a strong start to Q3, with confidence in continued demand despite a planned…

03
Capex

Long-term store growth potential raised by 500 stores

Management is planning to accelerate store openings to 4% starting next year, funded by confidence in merchandise availability and market share opportunities. They increased long-term store growth potential by 500 stores to 7,500 stores, reflecting expansion in TJ Maxx…

04
Capex

Store openings to accelerate to 4% starting next year

Management is planning to accelerate store openings to 4% starting next year, funded by confidence in merchandise availability and market share opportunities. They increased long-term store growth potential by 500 stores to 7,500 stores, reflecting expansion in TJ Maxx…

수요 및 자본지출

수요

수주 및 전환

Management noted strong consumer demand for value, with overall comp sales up 4% in Q2, driven by higher average basket and increased transactions. They cited outstanding merchandise availability and a strong start to Q3, with confidence in continued demand despite a planned moderation in comp sales guidance for the second half.

자본지출

투자 및 생산능력

Management is planning to accelerate store openings to 4% starting next year, funded by confidence in merchandise availability and market share opportunities. They increased long-term store growth potential by 500 stores to 7,500 stores, reflecting expansion in TJ Maxx, Marshalls, and HomeGoods divisions.

톤 · Confident

Management expressed confidence in fixing the Marmax execution issues and accelerating store growth, while reiterating a long runway for growth and market share capture.

공급망 알파

A1

Management is seeing higher fuel and freight costs in the back half due to lower driver availability, guiding Q3 gross margin down 40-50 bps.

“We're seeing higher fuel rates comparatively speaking... Freight rates also, due to what the trucking companies are seeing, they're seeing less driver availability, which is driving up price.”
John

향후 가이던스

In LineGuidance · revenue to $15.7B · was RAISED last Q
지표기간범위중간값상태
EPSFY2027 Q3$1.30–$1.32$1.31MAINTAINED
EPSFY2027$5.15–$5.20$5.18RAISED
EPSFY2027 Q4$1.44–$1.47$1.46MAINTAINED
Gross marginFY2027 Q332.1%–32.2%32.15%MAINTAINED
RevenueFY2027 Q3$15.6B–$15.8B$15.7BMAINTAINED
RevenueFY2027$63.4B–$63.8B$63.6BMAINTAINED

가이던스 신뢰도

8 / 9달성 또는 상회
제시 시점지표목표 기간가이던스실제결과
FY2027 Q1EPSFY2027 Q2$1.15–$1.17$1.22Met / beat
FY2027 Q1Gross marginFY2027 Q230.9%–31%33.41%Met / beat
FY2027 Q1Op marginFY2027 Q211.4%–11.5%0%Missed
FY2027 Q1RevenueFY2027 Q2$15B–$15.1B$15.18BMet / beat
FY2026 Q4RevenueFY2027 Q1$13.8B–$13.9B$14.323BMet / beat
FY2026 Q3EPSFY2026 Q4$1.33–$1.36$1.43Met / beat
FY2026 Q3Gross marginFY2026 Q430.5%–30.6%30.86%Met / beat
FY2026 Q3Op marginFY2026 Q411.7%–11.8%13.27%Met / beat
FY2026 Q3RevenueFY2026 Q4$17.1B–$17.3B$17.743BMet / beat