{"slug":"tjx-companies","name":"TJX 컴퍼니스","name_en":"TJX Companies","ticker":"TJX","updated_at":"2026-10-13T20:25:00.283+00:00","canonical":"https://valuechain.wiki/tjx-companies","citable":"밸류체인 그래프 기준 TJX 컴퍼니스의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-10-13 기준).","citable_en":"Per the valuechain.wiki graph, TJX Companies is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 4 companies within two hops; the links are backed by 6 dated sources, 4 of them primary filings (as of 2026-10-13).","kicker":"글로벌 오프프라이스 유통","kicker_en":"Global off-price retailer","lead":"TJX 컴퍼니스는 TJ Maxx, Marshalls, HomeGoods 등에서 의류와 홈패션 상품을 할인 판매해 소비자에게서 매출을 얻는다. 약 2만1,000개 공급처에서 재고와 특별생산 상품을 조달하고, 대부분 임차 매장을 운영하며 해외 오프프라이스 사업에도 지분 투자한다.","lead_en":"TJX Companies earns revenue by selling discounted apparel and home-fashion merchandise through banners including TJ Maxx, Marshalls and HomeGoods. It sources inventory and special-production goods from about 21,000 vendors, operates nearly all stores in leased locations and holds stakes in overseas off-price businesses.","categories":[{"key":"mass-retail","ko":"대형 유통","en":"Mass Retail","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"Marmaxx","note":"FY2026 순매출 365억 8,500만 달러. 미국 TJ Maxx·Marshalls와 Sierra 포함"},{"name":"HomeGoods","note":"FY2026 순매출 101억 7,200만 달러"},{"name":"TJX Canada","note":"FY2026 순매출 56억 2,900만 달러"},{"name":"TJX International","note":"FY2026 순매출 79억 8,600만 달러. 유럽과 호주 포함"}],"total":"2026-01-31 종료 회계연도 총매출 603억 7,200만 달러 (FY2026, SEC XBRL)","track":"C"},"segments_en":{"parts":[{"name":"Marmaxx","note":"US$36.585 billion of FY2026 net sales, including U.S. TJ Maxx, Marshalls and Sierra"},{"name":"HomeGoods","note":"US$10.172 billion of FY2026 net sales"},{"name":"TJX Canada","note":"US$5.629 billion of FY2026 net sales"},{"name":"TJX International","note":"US$7.986 billion of FY2026 net sales, including Europe and Australia"}],"total":"US$60.372 billion for the fiscal year ended January 31, 2026 (FY2026, SEC XBRL)"},"returns_yearly":{"2021":12.8,"2022":6.7,"2023":19.7,"2024":30.6,"2025":28.7,"2026":-13.2},"return_asof":"2026-09-04","value_chain":{"leading":[],"benefiting":[{"slug":"federal-realty-investment-trust","name":"페더럴 리얼티 인베스트먼트 트러스트","name_en":"Federal Realty Investment Trust","tier":1,"returns_yearly":{"2021":66,"2022":-22.7,"2023":6.6,"2024":12.1,"2025":-5.9,"2026":19.8}},{"slug":"simon-property-group","name":"사이먼 프로퍼티 그룹","name_en":"Simon Property Group","tier":1,"returns_yearly":{"2021":95.7,"2022":-21.9,"2023":29.2,"2024":26.9,"2025":12.9,"2026":11.4}},{"slug":"truist-financial","name":"트루이스트 파이낸셜","name_en":"Truist Financial","tier":2,"returns_yearly":{"2021":26.1,"2022":-23.5,"2023":-8.6,"2024":23.7,"2025":19,"2026":8.2}},{"slug":"wells-fargo","name":"웰스파고","name_en":"Wells Fargo","tier":2,"returns_yearly":{"2021":61.1,"2022":-11.9,"2023":22.9,"2024":46.5,"2025":35.6,"2026":-1.9}}],"analysis":"오프프라이스 수요는 임대인보다 먼저 주가에 반영됐다. TJX는 2023년 19.7%, 2024년 30.6%, 2025년 28.7% 상승했고 같은 기간 로스 스토어스도 20.6%, 10.4%, 20.4% 올랐다. 반면 주요 임대인 Federal Realty는 6.6%, 12.1%, -5.9%에 머물렀다. 임차인의 판매 회복이 리츠 주가로 곧바로 전파되지 않았다는 뜻이다. 2026년에는 TJX가 -13.2%로 조정받는 동안 로스는 28.6%, Federal Realty는 19.8% 올라 관계가 다시 갈라졌다. Federal Realty가 공개한 TJX 연환산 기본임대료는 2,411만6,000달러로 전체의 2.41%에 불과해 단일 임차인 충격은 제한적이다. 다음 확인점은 TJX의 판매 회복과 Federal Realty의 임대료 스프레드가 동시에 이어지는지다.","analysis_en":"Off-price demand reached retailer equities before it reached the landlord. TJX gained 19.7% in 2023, 30.6% in 2024 and 28.7% in 2025; Ross Stores gained 20.6%, 10.4% and 20.4%. Federal Realty returned only 6.6%, 12.1% and -5.9% over the same years, so retailer recovery did not transmit directly into the REIT. The chain diverged again in 2026: TJX fell 13.2% while Ross rose 28.6% and Federal Realty rose 19.8%. Federal Realty reports only $24.116 million of annualized base rent from TJX, or 2.41% of the total, limiting single-tenant shock. The next test is whether TJX sales recovery and Federal Realty rent spreads can strengthen at the same time.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"Marmaxx·Sierra 미국 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-31","basis":"Marmaxx 부문 고객에게서 발생한 순매출. Sierra 포함","value":36585000000,"period":"FY2026","basis_en":"Net sales generated from Marmaxx segment customers, including Sierra","qualifier":null},"note":"미국 TJ Maxx와 Marshalls 고객은 의류, 액세서리와 홈패션 상품을 구매하며 Marmaxx 매출의 중심을 이룬다. Sierra가 이 부문에 포함되며, 가격에 민감한 소비자의 오프프라이스 수요가 매출을 뒷받침한다.","note_en":"Customers of TJ Maxx and Marshalls in the United States buy apparel, accessories and home fashions and form the core demand base for Marmaxx. Sierra is included in this segment, while value-conscious off-price demand supports sales.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-31","url":"https://www.sec.gov/Archives/edgar/data/109198/000010919826000008/tjx-20260131.htm","title":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","title_en":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","excerpt":"TJX는 FY2026 Marmaxx 순매출을 366억 달러로 공시했다.","excerpt_en":"Net sales for Marmaxx were $36.6 billion for fiscal 2026."},{"stance":"mentions","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-12-11","url":"https://v.daum.net/v/20251211130247725?x_trkm=t","title":"'10만원짜리 2만원에 득템'…짠물 소비족 몰리더니 주가 '불기둥'","title_en":"Bargain-Seeking Consumers Flock to TJX as the Stock Surges","excerpt":"트럼프 관세 이후 물가 상승과 고용 불안 우려가 커지면서 조금이라도 저렴한 가격에 물건을 구입하려는 수요가 늘어나서다.","excerpt_en":"Demand grew as inflation and employment concerns led consumers to seek lower-priced goods."},{"stance":"mentions","publisher":"RetailStat","publisher_en":"RetailStat","kind":"analysis","lang":"en","published_at":"2025-10-09","url":"https://rs-api.retailstat.com/uploads/2_Q_Retail_Update_Oct2025_fdc9575b7b.pdf","title":"2Q Retail Update","title_en":"2Q Retail Update","excerpt":"RetailStat은 오프프라이스 업체들이 할인된 브랜드 상품을 찾는 가격 민감 소비자를 계속 끌어들였다고 분석했다.","excerpt_en":"These retailers continue to attract cost-conscious consumers seeking brand-name merchandise at discounted prices."}]},{"direction":"revenue","counterparty":"HomeGoods·Homesense 미국 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-31","basis":"HomeGoods 부문 고객에게서 발생한 순매출","value":10172000000,"period":"FY2026","basis_en":"Net sales generated from HomeGoods segment customers","qualifier":null},"note":"HomeGoods와 미국 Homesense 고객은 가구, 러그, 조명, 조리도구와 장식용품 등 홈패션 상품을 구매한다. TJX는 이 고객군에서 발생한 FY2026 순매출을 별도 부문으로 공시했다.","note_en":"HomeGoods and U.S. Homesense customers purchase home-fashion merchandise including furniture, rugs, lighting, cookware and decorative accessories. TJX reports the FY2026 net sales generated from this customer base as a separate segment.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-31","url":"https://www.sec.gov/Archives/edgar/data/109198/000010919826000008/tjx-20260131.htm","title":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","title_en":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","excerpt":"TJX는 FY2026 HomeGoods 순매출을 102억 달러로 공시했다.","excerpt_en":"Net sales for HomeGoods were $10.2 billion for fiscal 2026."}]},{"direction":"investment","counterparty":"Brands for Less","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-31","basis":"Brands for Less 지분 35% 취득에 투입한 금액. 인수비용 포함","value":358000000,"period":"FY2025_Q4","basis_en":"Amount invested for a 35% stake in Brands for Less, including acquisition costs","qualifier":null},"note":"TJX는 중동 오프프라이스 유통사 Brands for Less의 지분 35%를 취득했다. 이 투자는 경영권이 없는 소수지분이며 인수비용을 포함해 3억5,800만 달러가 투입됐다.","note_en":"TJX acquired a 35% stake in Middle Eastern off-price retailer Brands for Less. The US$358 million investment, including acquisition costs, is a non-controlling minority position.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-31","url":"https://www.sec.gov/Archives/edgar/data/109198/000010919826000008/tjx-20260131.htm","title":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","title_en":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","excerpt":"TJX는 Brands for Less 지분 35%를 3억5,800만 달러에 취득했다고 공시했다.","excerpt_en":"TJX completed this investment for $358 million, inclusive of acquisition costs."}]},{"direction":"cost","counterparty":"페더럴 리얼티 인베스트먼트 트러스트","counterparty_slug":"federal-realty-investment-trust","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-30","basis":"Federal Realty가 공시한 TJX 40개 임차지점의 연환산 기본임대료","value":24116000,"period":"annualized_as_of_2026-06-30","basis_en":"Annualized base rent reported by Federal Realty for 40 TJX leased locations","qualifier":"counterparty_reported_rent"},"note":"TJX는 Federal Realty가 보유한 쇼핑센터 40곳에서 매장을 임차한다. Federal Realty가 공개한 연환산 기본임대료는 2026년 6월 말 2,411만6,000달러로 전체의 2.41%다.","note_en":"TJX leases 40 locations from Federal Realty. Federal Realty reported $24.116 million of annualized base rent, or 2.41% of the total, at June 30, 2026.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-07-31","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000040/frt-6302026xex991.htm","title":"Federal Realty Investment Trust 2026년 2분기 보충자료","title_en":"Federal Realty Investment Trust Second Quarter 2026 Supplemental Information","excerpt":"Federal Realty는 TJX를 40개 지점, 연환산 기본임대료 2,411만6,000달러, 전체의 2.41%인 최대 임차인으로 공시했다.","excerpt_en":"TJX Companies, The ... $24,116,000 ... 2.41% ... 40."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-05-01","url":"https://www.sec.gov/Archives/edgar/data/34903/000003490326000025/frt-3312026xex991.htm","title":"Federal Realty Investment Trust First Quarter 2026 Supplemental Information","title_en":"Federal Realty Investment Trust First Quarter 2026 Supplemental Information","excerpt":"Federal Realty는 TJX를 40개 지점, 연환산 기본임대료 2,391만4,000달러의 최대 임차인으로 제시했다.","excerpt_en":"TJX Companies, The ... $23,914,000 ... 40."},{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-31","url":"https://www.sec.gov/Archives/edgar/data/109198/000010919826000008/tjx-20260131.htm","title":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","title_en":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","excerpt":"TJX는 거의 모든 매장을 임차하며 임차료를 매출원가의 매입·점유비용에 반영한다.","excerpt_en":"We lease virtually all of our store locations."}]},{"direction":"cost","counterparty":"사이먼 프로퍼티 그룹","counterparty_slug":"simon-property-group","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-25","basis":"Simon Property Group 쇼핑센터의 TJX 매장 임대료","value":null,"period":"FY2025","basis_en":"Rent for TJX stores at Simon Property Group shopping centers","qualifier":"confirmed_no_disclosed_value"},"note":"TJX는 Simon Property Group의 여러 미국 쇼핑센터에 TJ Maxx, Marshalls와 HomeGoods 매장을 임차해 운영한다. 양사가 상대별 임대료를 공개하지 않아 금액은 비웠다.","note_en":"TJX operates leased TJ Maxx, Marshalls and HomeGoods stores at multiple U.S. shopping centers owned or co-owned by Simon Property Group. Neither company discloses the rent attributable to this landlord relationship, so the amount is left blank.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-31","url":"https://www.sec.gov/Archives/edgar/data/109198/000010919826000008/tjx-20260131.htm","title":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","title_en":"TJX COMPANIES INC /DE/ 10-K (2026-03-31)","excerpt":"TJX는 거의 모든 매장을 임차하며 미국 매장 운영리스의 최초 계약기간은 일반적으로 10년이다.","excerpt_en":"Most of TJX's leases in the U.S. and Canada are store operating leases."},{"stance":"confirms","publisher":"사이먼 프로퍼티 그룹","publisher_en":"Simon Property Group","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://investors.simon.com/static-files/a8e2acfa-d30b-437e-aeb4-68eaecb910dc","title":"Simon Property Group 2025 Annual Report","title_en":"Simon Property Group 2025 Annual Report","excerpt":"Simon의 자산표는 Prien Lake Mall의 주요 임차인으로 TJ Maxx와 HomeGoods를 열거한다.","excerpt_en":"Prien Lake Mall ... T.J. Maxx/HomeGoods."}]}]}