經營分析與估值(第5版)（簡體書）

At the beginning of 2011， TJX operated over 2，000 stores in the United States with its T.J. Maxx， Marshalls， and Home Goods formats， with U.S. sales accounting for roughly 77 percent of total TJX revenue. Sales for T.J. Maxx and Marshalls stores （referred to collectively as Marmaxx） grew 6 percent in the year ending January 2011， compared to 7.4 percent in the previous year. Comparable store sales grew by 4 percent. Home Goods store sales （which made up about 12 percent of total U.S. sales） grew 9 percent in the year ending January 2011， with same store sales increasing 6 percent. Given that TJX has a fairly comprehensive U.S. retail network （the company estimated that it had achieved roughly 70 percent market penetration in the U.S. market by 2011）， new store openings would be expected to increasingly cannibalize sales from existing stores in the same area as full market penetration is approached， reducing growth in comparable store sales，New store openings are also likely to slow as unique attractive locations become increasingly scarce. At the same time， TJX viewed the recent economic downtum as an opportunity to broaden its customer base， perceiving a permanent consumer "shift to value，" and has worked to attract and retain more affluent customers with store upgrades and targeted advertising.12 However， it is unclear whether this shift in consumer sentiment will be permanent and whether this initiative will be successful in offsetting a coming slowdown in same store sales. TJX also faces increasing competition from high—end department stores that have established their own off—price formats （Nordstrom Rack， Off 5th）， as well as from the growing online channel. Thus， it is reasonable to expect that TJXs overall U.S. sales growth will trend downward， though probably at a slower pace than would be implied by the mean—reverting tendency of sales growth for the overall market.
TJX Canada sales （which accounted for about 12 percent of total TJX sales） increased 16 percent for the year ended January 2011 as compared to the previous year， although roughly 9 percent of that was due to currency translation—previous years sales growth had been only 1 percent， including currency translation impact， which reduced that level by 3 percent. Same store sales increased by 4 percent for the year ended January 2011 and 2 percent for the previous year. Absent currency translation effect，TJX Canada seems to be behaving in a similar manner to the U.S. segment. TJX estimates market penetration in Canada at about 70 percent in early 2011， and thus it is reasonable to expect that TJX Canada will exhibit similar sales growth characteristics as the U.S. market discussed above.