🔒TJX receives $331M in tariff refunds

Framingham-based TJX Cos. has received $331 million in tariff refunds so far, boosting the off-price retail chain giant’s bottom line as it looks to grow its global store footprint. 

TJX disclosed the tariff refund in its second quarter earnings report for fiscal 2027 released Wednesday, with the refund stemming from previously paid tariffs under the International Emergency Economic Powers Act. 

The U.S. Supreme Court ruled in February that the law did not authorize President Donald Trump’s sweeping import duties impacting $100 billion of trade, according to Reuters. 

TJX said it expects to receive additional tariff refunds in the third quarter. 

The company reported second-quarter net income of $1.5 billion, up from $1.2 billion a year earlier, as sales rose 5% to $15.2 billion and comparable-store sales increased 4%. 

Marmaxx, the company's division containing the United States storefront and e-commerce operations of TJ Maxx, Marshalls, and Sierra stores, saw comparable sales grow 1% in the second quarter, with net sales of $9.1 billion. 

HomeGoods comparable sales rose 7%, with net sales increasing to $2.5 billion. TJX Canada posted comparable sales growth of 6%, climbing to $1.5 billion, while TJX International comparable sales rose 7%, increasing to $2.1 billion.

CEO and President Ernie Herrman said Marmaxx growth fell below expectations but expressed satisfaction in the growth elsewhere in the company’s global portfolio. He added Marmaxx has shown improvement so far in the third quarter.

TJX announced its plans to increase store growth to 4% beginning in fiscal 2028, with the long-term goal of reaching 7,500 stores. The company has added a net of 71 stores this fiscal year, bringing its total to 5,285. TJX did not outline a timeframe to hit the 7,500-store mark.

Beyond store growth, TJX returned $1.3 billion to shareholders in the second quarter through $798 million in buybacks and $529 million in dividends, bringing shareholder returns to $2.4 billion so far this fiscal year. It’s returning some of its gains to employees, accruing $112 million for year-end incentive compensation and discretionary bonuses.

Based on its second quarter results, TJX’s pretax profit-margin forecast for the year is now 12.3% to 12.4%, up from 11.9% to 12%.

TJX Cos.’s footprint spans the United States, Canada, Europe, and Australia under brands including T.J. Maxx, Marshalls, HomeGoods, Sierra, Homesense, Winners, and TK Maxx.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.