TJX Raises Long-Term Target to 7,500 Stores

The TJX Companies has increased its long-term global store target by 500 locations to 7,500 stores across its current retail banners and 10 countries. The retailer ended the second quarter of fiscal 2027 with 5,285 stores, leaving room for more than 2,200 additional openings under the updated plan.

Much of the expansion is focused on the United States. TJX now projects TJ Maxx and Marshalls will reach a combined 3,300 stores, up 300 locations from its previous target. The HomeGoods division target rose by 200 stores to 2,000. To reach these goals, the company plans to increase its annual store opening rate to 4% starting in fiscal 2028, up from the prior 3% pace.

Management identified several drivers for the expansion. Marmaxx sees opportunities in rural areas where department stores are shutting down. Sustained comparable-store growth allows locations to open closer together, while smaller-format stores support expansion in dense urban areas. TJX also stated that new stores have exceeded expectations and that it anticipates sufficient quality merchandise to support the faster rollout.

Shares of TJX Companies have dropped 16.8% over the past month, while its industry fell 6.2%. The stock trades at a forward price-to-earnings ratio of 23.88X compared to an industry average of 27.82X. Over the past seven days, the Zacks Consensus Estimate for fiscal 2027 and 2028 earnings per share rose 1 cent to $5.22 and $5.74, respectively.