TJX Companies, Inc.

Strong quarter vs plan; global diversification continues to offset Marmaxx - Consolidated comparable sales (comp): +4%, above plan. - Comp drivers: higher average basket + higher customer transactions, and home categories outperformed apparel. - 3 other divisions delivered +6% to +7% comps while Marmaxx underperformed; management attributes Marmaxx issue to self-inflicted execution problems (not competition).

Profitability beat + margin supports an improved full-year outlook - Adjusted pretax margin: 11.9% (+50 bps YoY), well above plan. - Adjusted gross margin: 31.4% (+70 bps YoY), largely benefiting from tariff favorability. - Adjusted EPS (diluted): $1.22 (+11% YoY), above plan. - Note: results presented on an adjusted basis excluding tariff refunds received and related incremental compensation expense accruals.

Marmaxx “what went wrong” and recovery path - Problem: merchandise mix/execution issues in a handful of areas—management says it was within TJX control and came from not having the right mix in the right stores at the right time. - Actions: systematic changes in planning and broader institutionalization across teams (buyers/merchants/planning leadership). - Recovery expectation: improving in August (Q3 start) and management is most confident by Q4; expects moving back toward a more normal Marmaxx comp cadence over the subsequent quarters (timing stated as trending improvement now → clearer by Q4).