Key Takeaways TJX posted 3% comp sales growth in Q1 FY26, led by customer traffic across all business segments. The off-price model and value-driven inventory strategy continue to attract a broad shopper base. TJX expects 2-3% comp sales growth for both Q2 and FY26, dependent on sustained customer traffic.The TJX Companies, Inc. (TJX) is seeing consistent momentum as customer traffic continues to drive comparable store sales growth. In the first quarter of fiscal 2026, TJX delivered a 3% increase in compa ...

股价表现 - 过去一年股价上涨31.7%，显著跑赢Zacks零售折扣店行业(16%)、零售批发板块(13.2%)和标普500指数(9.8%) [1] - 当前股价128.94美元，较52周高点131.30美元回落1.8%，但仍高于50日及200日均线 [5] - 关键竞争对手表现：Burlington Stores上涨26.3%，Costco上涨31.6%，Dollar General下跌34.1% [4] 商业模式优势 - 灵活折扣模式可快速响应趋势，提供高性价比品牌商品，形成与传统零售商和电商的差异化 [8] - "寻宝式"购物体验和全球多元化门店布局(5,085家)增强客户粘性 [9][10] - 2026财年计划新增130家门店，总门店数突破5,200家(同比增长3%) [10] 财务指标与预期 - 2026财年营收指引58.1-58.6亿美元(同比增长3-4%)，每股收益4.34-4.43美元(2025年为4.26美元) [12] - 同店销售预计增长2-3%，延续增长趋势 [11][12] - 远期市盈率28.39X，低于行业平均32.41X，显著低于Costco(52.96X) [13] 运营挑战 - 销售管理费用率预计上升至20%(同比增加80个基点)，主因门店工资成本增加 [17] - 外汇波动预计拖累2026财年税前利润率0.2个百分点，影响每股收益增长约3% [18] - 毛利率预计下降10-20个基点，受汇率对冲和库存成本影响 [19]