Analysis of Geographic Areas
TJX Cos. Inc. operates in 3 regions: United States; Canada; and International.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Return on Assets (ROA) since 2005
- Analysis of Debt
- Aggregate Accruals
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Area Asset Turnover
TJX Cos. Inc., asset turnover by geographic area
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Canada | ||||||
| International |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
- United States Asset Turnover Trend
- The asset turnover ratio in the United States experienced a decline from 7.9 in February 2020 to 6.62 in January 2021. Subsequently, there was a notable increase to 9.52 in January 2022, followed by a gradual decrease over the next three periods, ending at 7.5 in February 2025. This pattern indicates some volatility with a peak in early 2022 and a general weakening in asset efficiency toward the latest period.
- Canada Asset Turnover Trend
- Canada exhibited higher asset turnover ratios compared to the other regions, starting at 15.51 in February 2020. After a decline to 11.76 in January 2021, there was a significant increase that peaked at 17.93 in January 2023. This peak was followed by a decline over the next two periods, settling at 14.26 in February 2025. The data suggest strong asset utilization generally above other regions despite recent decreases.
- International Asset Turnover Trend
- The International segment showed the lowest asset turnover ratios overall but with a generally upward trend beginning at 5.61 in February 2020, dipping to 4.04 in January 2021, then progressively increasing to 6.45 by February 2025. This steady improvement suggests strengthening asset efficiency in the international operations over the measured periods.
- Comparative Insights
- Across all geographic areas, the data reveal recovery and growth in asset turnover following declines in early 2021. Canada leads in asset turnover efficiency throughout the periods examined, though it demonstrated some recent declines. The United States shows a more cyclical pattern with marked volatility, while International operations steadily improve, indicating expanding productive asset use.
Area Asset Turnover: United States
TJX Cos. Inc.; United States; area asset turnover calculation
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Long-lived tangible assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
1 2025 Calculation
Area asset turnover = Net sales ÷ Long-lived tangible assets
= ÷ =
- Net Sales
- Net sales exhibited a fluctuating but generally upward trend over the analyzed periods. Starting at 32,021 million US dollars in early 2020, there was a notable decline to 25,459 million in early 2021. Subsequently, net sales increased steadily each year, reaching 43,990 million by early 2025. This indicates a recovery and growth phase following the dip in 2021.
- Long-lived Tangible Assets
- The value of long-lived tangible assets showed consistent growth throughout the reported years. Beginning at 4,055 million US dollars in early 2020, the asset base expanded annually, reaching 5,869 million by early 2025. This steady increase suggests ongoing investments in physical assets or property, plant, and equipment over the period.
- Area Asset Turnover
- The area asset turnover ratio displayed variability with an overall declining tendency. It started at a high of 7.9 in early 2020 but decreased significantly to 6.62 in early 2021. There was a strong rebound to 9.52 in early 2022, followed by a downward trend in the subsequent years, settling at 7.5 by early 2025. This pattern indicates fluctuating efficiency in generating sales from the assets within the geographic area, with a notable peak in 2022 and a decrease thereafter.
Area Asset Turnover: Canada
TJX Cos. Inc.; Canada; area asset turnover calculation
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Long-lived tangible assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
1 2025 Calculation
Area asset turnover = Net sales ÷ Long-lived tangible assets
= ÷ =
The financial data for the Canada geographic area reveals several notable trends across the periods analyzed.
- Net Sales
- Net sales displayed significant fluctuations throughout the time frame. Initially, there was a pronounced decline from 4,031 million US dollars in February 2020 to 2,836 million in January 2021. This was followed by a strong recovery, with net sales increasing to 4,343 million in January 2022 and continuing to rise steadily through February 2025, reaching 5,189 million. The overall pattern indicates an initial downturn possibly attributable to external factors, succeeded by consistent growth momentum.
- Long-lived Tangible Assets
- The value of long-lived tangible assets exhibited a general upward trend. Starting at 260 million US dollars in February 2020, it experienced a slight decline to 241 million by January 2021. Subsequently, the asset base expanded steadily, rising to 248 million in January 2022 and accelerating more markedly in the later periods, peaking at 364 million by February 2025. This growth suggests increased investment in physical assets within the Canada region.
- Area Asset Turnover
- The area asset turnover ratio showed considerable variability over the reporting periods. It declined from a high of 15.51 in February 2020 to 11.76 in January 2021, reflecting decreased efficiency in utilizing assets during this period. A significant rebound followed, with the ratio climbing to 17.54 in January 2022 and maintaining a relatively high level of 17.93 in January 2023. Thereafter, the ratio declined gradually to 14.8 in February 2024 and further to 14.26 by February 2025, indicating a slight reduction in asset turnover efficiency despite growing sales and asset base.
In summary, the Canada segment experienced an initial dip in sales and asset efficiency in early periods, with subsequent recovery and expansion in both revenues and asset investment. Despite increasing sales and asset levels, the efficiency ratio suggests a moderate decline in asset utilization efficiency in the most recent periods. These dynamics underscore a phase of growth accompanied by evolving asset management performance.
Area Asset Turnover: International
TJX Cos. Inc.; International; area asset turnover calculation
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Long-lived tangible assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
1 2025 Calculation
Area asset turnover = Net sales ÷ Long-lived tangible assets
= ÷ =
- Net Sales
- Net sales exhibited noticeable volatility over the observed periods. Starting at 5,665 million US dollars in February 2020, sales dropped significantly to 3,842 million US dollars by January 2021. Subsequently, a strong recovery took place, with sales increasing to 5,729 million in January 2022, then steadily rising to 7,181 million by February 2025. This pattern suggests an initial disruption followed by consistent growth through the later years.
- Long-lived Tangible Assets
- The value of long-lived tangible assets remained relatively stable throughout the timeframe, fluctuating modestly between 950 million and 1,113 million US dollars. Beginning at 1,010 million in early 2020, a slight dip occurred in 2021 and 2022, followed by a gradual increase up to 1,113 million by early 2025. This stability suggests controlled asset management without major expansions or reductions in physical assets.
- Area Asset Turnover
- The area asset turnover ratio displayed trends consistent with net sales fluctuations. From a high of 5.61 in February 2020, it dropped to 4.04 in January 2021, indicating lower efficiency in asset utilization during that period. Recovery and improvement were evident thereafter, with the ratio climbing to 5.83 in January 2022 and peaking around 6.45 by February 2025. This upward trajectory reflects enhanced efficiency and better leveraging of assets to generate sales over time.
Long-lived tangible assets
TJX Cos. Inc., long-lived tangible assets by geographic area
US$ in millions
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Canada | ||||||
| International | ||||||
| Total |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
- Long-Lived Tangible Assets in the United States
- The value of long-lived tangible assets in the United States showed a slight decline from 4055 million USD in February 2020 to 3845 million USD in January 2021. Following this dip, the asset base experienced a gradual recovery and consistent growth, reaching 4041 million USD in January 2022 and then increasing more significantly to 4518 million USD in January 2023. The upward trend continued strongly, with values reaching 5127 million USD in February 2024 and further expanding to 5869 million USD by February 2025. Overall, the United States segment demonstrated a resilient and expanding asset base, particularly marked by acceleration in growth after January 2022.
- Long-Lived Tangible Assets in Canada
- Assets in Canada showed a decrease from 260 million USD in February 2020 to 241 million USD in January 2021, mirroring the initial decline observed in the United States. After this trough, the Canadian asset values steadily increased each year, reaching 248 million USD in January 2022, followed by 274 million USD in January 2023. The growth rate accelerated subsequently, with assets rising to 341 million USD in February 2024 and then to 364 million USD in February 2025. This pattern indicates a recovering and expanding asset base in Canada, with notable upticks in the most recent years.
- Long-Lived Tangible Assets in International Markets
- The international segment experienced a moderate decline from 1010 million USD in February 2020 to 950 million USD in January 2021. Subsequently, asset values showed a modest but steady increase, rising to 982 million USD in January 2022 and holding relatively stable at 991 million USD in January 2023. Assets expanded more significantly thereafter, reaching 1103 million USD in February 2024 and slightly higher at 1113 million USD in February 2025. This indicates a steady recovery and gradual growth in international tangible assets, with less volatility compared to the domestic segments.
- Total Long-Lived Tangible Assets
- The aggregate long-lived tangible assets across all geographic areas declined from 5325 million USD in February 2020 to 5036 million USD in January 2021, reflecting the downturns apparent in individual regions. After this decline, there was a consistent upward trajectory each year, with assets rising to 5271 million USD in January 2022 and further increasing to 5783 million USD in January 2023. The pace of growth intensified in the subsequent years, with total assets reaching 6571 million USD in February 2024 and culminating at 7346 million USD in February 2025. This overall trend reflects a robust recovery and expansion in the company's long-lived tangible asset base across all geographic areas after the initial decline in 2021.
Net sales
TJX Cos. Inc., net sales by geographic area
US$ in millions
| Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Canada | ||||||
| International | ||||||
| Total |
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
The net sales data across different geographic areas exhibits clear trends over the analyzed periods.
- United States
- Net sales in the United States showed a significant decline from February 1, 2020, to January 30, 2021, dropping from $32,021 million to $25,459 million. This was followed by a strong recovery and consistent growth, rising to $38,478 million by January 29, 2022, and continuing upwards to $43,990 million by February 1, 2025. Overall, the United States remains the largest contributor to total net sales, with a marked upward trajectory after the initial dip.
- Canada
- Sales in Canada reflected a similar initial decline from $4,031 million in February 2020 to $2,836 million in January 2021. Subsequently, net sales rebounded steadily, reaching $5,189 million by February 2025. This represents nearly a doubling of sales from the low point, indicating a robust recovery and growth within the Canadian market.
- International
- International sales followed the pattern of decline in the early period, dropping from $5,665 million to $3,842 million between February 2020 and January 2021. Starting from January 2021, a consistent upward trend is observed, with sales growing to $7,181 million by February 2025. This segment demonstrates steady and relatively strong growth, surpassing pre-decline levels.
- Total Net Sales
- Total net sales decreased markedly from $41,717 million to $32,137 million between February 2020 and January 2021, reflecting the combined declines in all geographic regions. However, following this downturn, total sales increased consistently to reach $56,360 million by February 2025. This recovery and growth point to a positive overall performance and expansion after the initial contraction period.