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8. T J X C O S.
 Marshalls merchandise coordinator Adele Stanley removes men's sport coats from a rolling rack in the retailers Framingham store. Marshalls is the second largest of the seven divisions in the TJX Companies. (Globe Staff Photo / Pat Greenhouse) |
Despite competitors' discounts, a `solid' year
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n the 15-year history of The Globe 100, no company has shown more consistent excellence than TJX Cos. (TJX), the Framingham-based retailer that operates such chains as T.J. Maxx, Marshalls, HomeGoods, and A.J. Wright.
Don't call TJX a discounter. In fashion circles, discounters such as Wal-Mart -- whose apparel departments are wall-to-wall with no-name labels -- are not held in high regard.
TJX, in contrast, calls itself an offprice retailer. In no-frills stores, it sells at lower prices the same fashionable brand names as department stores. When the price gap between TJX and department stores is wide, TJX flourishes. When that gap narrows, results can be less spectacular. In this tough economy, desperate discounting by department stores has narrowed the price gap. Partly as a result, TJX saw earnings slow for the holiday quarter.
To describe TJX's performance in 2002, chief executive Edmond J. English used the word "solid." Sales rose 11.9 percent to $11.98 billion as the company opened 178 stores to bring its year-end total to 1,843.
Net income rose 15.6 percent to $578.4 million, partly because TJX took a charge the previous year. TJX says its performance is best measured by net income from continuing operations, which rose 11 percent on an earnings per share basis.
Like many retailers, "TJX's business has decelerated as the economy slowed down," said Lazard analyst Todd Slater. "But this is an extremely well-managed company."
CHRIS REIDY
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