실적분석 2026년 8월 19일

TJX Companies ($TJX) FY2027 Q2 Earnings Analysis — Adjusted EPS Surprise and Full-Year Guidance Lift Met with After-Hours Decline

Earnings Scorecard

Revenue: $15.180 billion (+5% YoY, vs. $15.197 billion estimate) ❌ Miss

EPS: Adjusted diluted $1.22 (vs. $1.19 estimate) ✅ Beat

Guidance: Raised — FY2027 adjusted diluted EPS to $5.15–$5.20 (from $5.08–$5.15)

Stock Reaction: After-hours -3.78% ($145.15) — as of 20:45 Korea time, 08-19

The Positives

Same-store sales +4%: Above company plan, led by HomeGoods, Canada, and international segments

Adjusted EPS of $1.22: Core earnings beat the $1.19 consensus

Full-year guidance raised: FY2027 adjusted diluted EPS lifted to $5.15–$5.20

Same-store sales at HomeGoods and the international segment rose 6–7%, lifting the overall results. The company said it has secured sufficient branded merchandise heading into the fall and holiday season, and also announced plans to raise its store-growth rate to 4% starting in FY2028.

The Negatives

Slight revenue miss: $15.180 billion fell short of the $15.197 billion estimate

Marmaxx same-store sales +1%: The core U.S. segment underperformed company expectations

Net tariff-refund impact of $0.14: One-time benefit included in GAAP EPS of $1.36

On a GAAP basis, the results look stronger, but stripping out the $0.14 net tariff-refund impact reveals the underlying adjusted picture. The market is pricing in both the slowdown in the core segment and the one-time factor, signaling caution.

What Management Said

Management said Q2 results exceeded plan, leading to higher full-year pretax margin and EPS guidance. While management acknowledged Marmaxx sales fell short of expectations, it noted Q3 has started strong and Marmaxx is showing signs of improvement.

Market Reaction and Key Forward Watchpoints

Beyond the headline results, the softness in core Marmaxx and the one-time tariff-refund effect appear to have fueled the after-hours sell-off.

Watch whether Marmaxx same-store sales truly recover in Q3.

Track how much of the EPS guidance is supported by additional tariff refunds and their timing.

See whether fall and holiday same-store growth settles within the 2–3% guidance range.