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February 24, 2023

TJX added 146 new stores last year

Photo | Grant Welker TJX headquarters in Framingham

The TJX Companies, Inc. added 146 new stores totalling 3.2 million square feet of space in fiscal 2023, ending Jan. 28.

In the U.S., the company added 120 stores across its five U.S. brands: T.J. Maxx (15), Marshalls (35), HomeGoods (44), Sierra (19), and Homesense (7). 

In Canada, the company added eight stores across three brands. It added 12 stores across two brands in Europe, and six T.K. Maxx stores in Australia.

The Framingham company also announced on Wednesday it plans to buy back $2 to $2.5 million of stock in fiscal 2024. The announcements come after a year featuring 3% sales growth and a 10% increase in earnings per share over fiscal 2022.

“For the full year, total sales neared $50 billion, U.S. comp store sales were flat, and overall profitability improved. During the year, our apparel businesses, including accessories, across the company were strong,” TJX President and CEO Ernie Herrman said in a press release from the company. “Sales at our home businesses overall were softer as we saw extraordinary growth during the two prior years when consumers focused on purchases for their homes. At our international divisions, we saw total sales increases and improved profitability for the year.”

The news comes after higher-end retailers Nordstrom and Macy’s announced weak holiday sales in January. More direct competitors of TJX including Burlington Stores, Inc. of New Jersey and Ross Stores, Inc. of California will announce their earnings at the end of February and the start of March.

TJX reported annual revenue of $49.9 billion in fiscal 2023. As of Friday morning, the company had a market capitalization of $88.5 billion.

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