TJX Companies Inc

TJX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$24.00	Vvhj	Fffrrnym

TJX Value Proposition Benefiting From Consumer Caution in the Full-Price Channel

Jaime M Katz

Aug 17, 2023

Business Strategy and Outlook

Despite ongoing inflation 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 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 (averaging 30% over the next decade).

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