TJX Companies: Off-Price Retail Leader with Strong Growth Prospects

TJX Companies has become the leading retailer in its off-price category through its operational acumen and tenured inventory management expertise. TJX could also benefit in 2025 in the event of trade tariffs from the incoming Trump administration. Year-to-date performance: up roughly 29% Forward price-to-earnings multiple: 27.2 versus a five-year average of 24.1 Our rating: 2 rating Our price target: $135 a share TJX YTD mountain TJX year to date performance.

'24 look back TJX — the company behind T.J. Maxx, Marshalls, and HomeGoods — has been a major standout in off-price retail in 2024. Since the start of the year, TJX has been posting positive customer traffic that remained consistently strong throughout 2024, capping the year with a robust Black Friday and holiday shopping season. That's why the stock is one of the Club's 12 core holdings heading into the new year. TJX proved it was a high-quality operator and a great way to play the off-price theme as inflation-pinched consumers maximized budgets by prioritizing value through trading down to less expensive items. The company has also been successful in attracting consumers across income and age demographics while continuing to draw new and younger consumers through its range of assortment of different brands at bargain prices. The company's merchandising strategy — buying products from its 21,000 constantly evolving vendors based on available merchandise and industry trends — allowed management to effectively provide a fresh flow of assortments in stores and online. This strategy increased customer loyalty and drove repeat customers — allowing TJX to gain market share in the off-price retail channel and ultimately leading to strong comparable sales and a higher operating margin profile. This business model also resonated with consumers globally as TJX increased investments in two international off-price retailers this year, one in the Middle East and another in Mexic

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