Market Hit: Leveraging CE data to understand the drivers behind TJX’s recent revenue beat

Following TJX’s revenue beat, management cited growing transactions as being the key driver behind the strong top-line performance. By leveraging CE data, users can see how transaction growth breaks down between new customers vs. increasing transactions per customer across TJX’s Marmaxx and HomeGoods segments.

Off-price department store operator The TJX Companies (TJX) recently reported US revenue growth of +9.1%, close to CE Implied Reported growth of +9.3%, and stronger than consensus of +6.0%.

The TJX Companies US Sales Growth vs CE US Panel Data

TJX also reported MARMAXX and HOMEGOODS segments growth of +9.2% and +8.4%, respectively, close to CE Implied Reported growth 10.0% and +8.2%, respectively. These numbers were stronger than the consensus of +6.9% for MARMAXX and +2.4% for HOMEGOODS.

MARMAXX Segment Sales Growth vs CE US Panel Data 

HOMEGOODS Segment Sales Growth vs CE US Panel Data

TJX management noted that the number of customer transactions drove its overall comp sales increase. Breaking out transaction growth further, CE data reveals that MARMAXX benefitted more from an increase in the number of transactions per shopper, while HOMEGOODS experienced a sharper increase in number of shoppers YoY. In the months ahead, clients can monitor how loyal those new customers are and whether shopping frequency persists at a high level.

TJX US YoY Transaction Growth Components for the 3 Months Ending 7/31

Consumer Edge is the leading provider of alternative data for consumer spending behavior, and the only provider of global revenue signals. If you’d like to benefit from using Transact US or other products for restaurants, retail, and other industry data year-round to track trends and dynamics like these, reach out to

Michael Gunther is the VP Head of Insights for the CEIC. Explore more of his insights here and follow him on LinkedIn.