TJX Companies Inc

TJX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$55.00	Nng	Lfzfnbnbj

TJX's Leading Position in Off-Price Should Serve It Well Even as Economic Conditions Change

Zain Akbari

Jun 2, 2023

Business Strategy and Outlook

Despite inflation, freight and labor challenges, and an unsettled economy, we believe TJX and the rest of the off-price sector are better suited than most retailers, with potential for improved merchandise availability as supply chain dislocations and shifting spending patterns upset full-price stores’ merchandise orders. We still believe TJX and its peers benefit from durable advantages over full-price apparel and home décor sellers, with strong brands, store experiences, and scale working to keep returns on invested capital high (nearly 30% average over the next decade).

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