1 PAGE 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 /X/ Quarterly Report Under Section 13 and 15(d) of the Securities Exchange Act of 1934 or / / Transition Report Pursuant to Section 13 and 15(d) of the Securities Exchange Act of 1934 For Quarter Ended August 1, 1998 Commission file number 1-4908 The TJX Companies, Inc. (Exact name of registrant as specified in its charter) DELAWARE 04-2207613 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 770 Cochituate Road Framingham, Massachusetts 01701 (Address of principal executive offices) (Zip Code) (508)390-1000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . --- --- The number of shares of Registrant's Common Stock outstanding as of August 29, 1998: 314,622,327.
2 PAGE 2 PART I FINANCIAL INFORMATION THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES STATEMENTS OF INCOME (UNAUDITED) DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS Thirteen Weeks Ended -------------------------- August 1, July 26, 1998 1997 ---------- --------- Net sales $1,864,236 $1,698,372 ---------- ---------- Cost of sales, including buying and occupancy costs 1,418,490 1,323,261 Selling, general and administrative expenses 303,332 283,788 Interest expense, net 1,425 1,545 ---------- ---------- Income before income taxes 140,989 89,778 Provision for income taxes 56,113 37,200 ---------- ---------- Net income 84,876 52,578 Preferred stock dividends 1,238 4,601 ---------- ---------- Net income available to common shareholders $ 83,638 $ 47,977 ========== ========== Earnings per share: Basic $ .26 $ .15 Diluted $ .25 $ .15 Cash dividends per common share $ .03 $ .025 The accompanying notes are an integral part of the financial statements.
3 PAGE 3 PART I FINANCIAL INFORMATION THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES STATEMENTS OF INCOME (UNAUDITED) DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS Twenty-Six Weeks Ended -------------------------- August 1, July 26, 1998 1997 ---------- ---------- Net sales $3,640,083 $3,258,522 ---------- ---------- Cost of sales, including buying and occupancy costs 2,748,751 2,525,880 Selling, general and administrative expenses 603,167 557,526 Interest expense, net 1,383 2,400 ---------- ---------- Income before income taxes 286,782 172,716 Provision for income taxes 114,139 71,677 ---------- ---------- Net income 172,643 101,039 Preferred stock dividends 2,488 7,226 ---------- ---------- Net income available to common shareholders $ 170,155 $ 93,813 ========== ========== Earnings per share: Basic $ .53 $ .29 Diluted $ .51 $ .28 Cash dividends per common share $ .06 $ .05 The accompanying notes are an integral part of the financial statements.
4 PAGE 4 THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES BALANCE SHEETS (UNAUDITED) IN THOUSANDS August 1, January 31, July 26, 1998 1998 1997 ---------- ---------- ---------- ASSETS - ------ Current assets: Cash and cash equivalents $ 58,017 $ 404,369 $ 138,232 Accounts receivable 81,493 60,735 75,691 Merchandise inventories 1,469,956 1,190,170 1,421,529 Prepaid expenses 63,627 27,357 34,462 ---------- ---------- ---------- Total current assets 1,673,093 1,682,631 1,669,914 ---------- ---------- ---------- Property, at cost: Land and buildings 113,911 108,729 103,542 Leasehold costs and improvements 514,437 480,964 456,091 Furniture, fixtures and equipment 663,190 611,470 572,360 ---------- ---------- ---------- 1,291,538 1,201,163 1,131,993 Less accumulated depreciation and amortization 576,215 515,027 471,070 ---------- ---------- ---------- 715,323 686,136 660,923 Other assets 22,837 36,645 47,330 Goodwill and tradename, net of amortization 201,235 204,220 213,079 ---------- ---------- ---------- TOTAL ASSETS $2,612,488 $2,609,632 $2,591,246 ========== ========== ========== LIABILITIES - ----------- Current liabilities: Short-term debt $ 6,613 $ - $ 7,966 Current installments of long-term debt 22,669 23,360 17,716 Accounts payable 639,188 582,791 576,964 Accrued expenses and other current liabilities 566,190 553,643 559,885 Federal and state income taxes payable 32,361 57,863 4,020 ---------- ---------- ---------- Total current liabilities 1,267,021 1,217,657 1,166,551 ---------- ---------- ---------- Long-term debt exclusive of current installments: Real estate mortgages - - 21,827 Equipment notes 738 1,127 1,544 General corporate debt 219,904 219,897 219,891 Deferred income taxes 952 6,859 12,541 SHAREHOLDERS' EQUITY - -------------------- Preferred stock at face value, authorized 5,000,000 shares, par value $1, issued and outstanding 632,600; 727,300; and 1,204,100 shares of Series E cumulative convertible stock 63,260 72,730 120,410 Common stock, authorized 600,000,000 shares, par value $1, issued and outstanding 314,772,568; 159,901,247; and 161,218,240 shares 314,772 159,901 161,218 Additional paid-in capital - 202,053 340,920 Retained earnings 745,841 729,408 546,344 ---------- ---------- ---------- Total shareholders' equity 1,123,873 1,164,092 1,168,892 ---------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,612,488 $2,609,632 $2,591,246 ========== ========== ========== The accompanying notes are an integral part of the financial statements.
5 PAGE 5 THE TJX COMPANIES, INC. AND CONSOLIDATED SUBSIDIARIES STATEMENTS OF CASH FLOWS (UNAUDITED) IN THOUSANDS Twenty-Six Weeks Ended ----------------------- August 1, July 26, 1998 1997 --------- --------- Cash flows from operating activities: Net income $ 172,643 $ 101,039 Adjustments to reconcile net income to net cash (used in) operating activities: Depreciation and amortization 65,585 60,633 Property disposals 1,391 5,036 Other (622) (100) Changes in assets and liabilities: (Increase) in accounts receivable (20,758) (18,416) (Increase) in merchandise inventories (279,786) (362,024) (Increase) in prepaid expenses (36,270) (18,083) Increase in accounts payable 56,397 43,019 Increase in accrued expenses and other current liabilities 12,547 11,644 (Decrease) in income taxes payable (25,502) (40,145) Increase (Decrease) in deferred income taxes (2,934) 2,730 --------- --------- Net cash (used in) operating activities (57,309) (214,667) --------- --------- Cash flows from investing activities: Property additions (94,235) (80,966) Proceeds from sale of other assets 8,338 - Proceeds adjustment for sale of Chadwick's - (28,805) --------- --------- Net cash (used in) investing activities (85,897) (109,771) --------- --------- Cash flows from financing activities: Proceeds from borrowings of short-term debt 6,613 7,966 Principal payments on long-term debt (1,080) (10,579) Common stock repurchased (194,486) (45,580) Proceeds from sale and issuance of common stock, net 7,340 4,469 Cash dividends (21,533) (22,789) --------- --------- Net cash (used in) financing activities (203,146) (66,513) --------- --------- Net cash (used in) continuing operations (346,352) (390,951) Net cash provided by discontinued operations - 54,451 --------- --------- Net (decrease) in cash and cash equivalents (346,352) (336,500) Cash and cash equivalents at beginning of year 404,369 474,732 --------- --------- Cash and cash equivalents at end of period $ 58,017 $ 138,232 ========= ========= The accompanying notes are an integral part of the financial statements.
6 PAGE 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION ------------------------------------- Thirteen Weeks (Second Quarter) and Twenty-Six Weeks Ended August 1, 1998 Versus Thirteen Weeks and Twenty-Six Weeks Ended July 26, 1997 -------------------------------------------------------------- Net sales from continuing operations for the second quarter were $1,864.2 million, up 10% from $1,698.4 million last year. For the six months, net sales from continuing operations were $3,640.0 million, up 12% from $3,258.5 million for the same period last year. The increase in sales is primarily attributable to an increase in same store sales and new stores. Same store sales for the second quarter increased by 6% at T.J. Maxx, 7% at Marshalls, 17% at Winners, 6% at HomeGoods and 13% at T.K. Maxx. Same store sales for the six months increased by 6% at T.J. Maxx, 8% at Marshalls, 14% at Winners, 7% at HomeGoods and 10% at T.K. Maxx. Net income for the second quarter was $84.9 million, or $.25 per common share (diluted) versus $52.6 million, or $.15 per common share. For the six months, net income was $172.6 million, or $.51 per common share versus $101 million, or $.28 per common share. The following table sets forth operating results expressed as a percentage of net sales: Percentage of Net Sales -------------------------------------- 13 Weeks Ended 26 Weeks Ended ---------------- ------------------ 8/1/98 7/26/97 8/1/98 7/26/97 ------ ------- ------ ------- Net sales 100.0% 100.0% 100.0% 100.0% ----- ----- ----- ----- Cost of sales, including buying and occupancy costs 76.1 77.9 75.5 77.5 Selling, general and administrative expenses 16.2 16.7 16.5 17.1 Interest expense, net .1 .1 .1 .1 ----- ----- ----- ----- Income before income taxes 7.6% 5.3% 7.9% 5.3% ===== ===== ===== ===== Cost of sales, including buying and occupancy costs as a percent of net sales, decreased in both periods from the prior year. The improvement in both periods reflects improved merchandise margins, particularly at T.J. Maxx and Marshalls resulting from strong inventory management and strong growth in sales. Selling, general and administrative expenses, as a percentage of net sales decreased in both periods from the prior year. The improvement in this ratio is primarily due to the strong sales performance. Interest expense, net, includes income of $5.0 million in the second quarter and $10.9 million in the first six months of the current year, versus interest income of $5.3 million and $11.4 million for the quarter and six months ended last year. Gross interest expenses decreased due to the early write-off of deferred financing costs associated with the Company's replacement, in September 1997, of its former revolving credit agreement, as well as the benefit of reduced fees associated with the new agreement.
7 PAGE 7 The Company's effective income tax rate is 39.8% for the quarter ended and six months ended August 1, 1998 versus 41.4% and 41.5% for the second quarter and six months ended last year, respectively. This reduction is due to a lower effective state income tax rate, the impact of foreign operations and a favorable tax benefit associated with a charitable donation of appreciated property. The following table sets forth the operating results of the Company's major business segments: (unaudited) (In Thousands) Thirteen Weeks Ended Twenty-Six Weeks Ended ------------------------ ------------------------- August 1, July 27, August 1, July 26, 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Net sales: Off-price family apparel stores $1,837,419 $1,677,034 $3,587,884 $3,216,791 Off-price home fashion stores 26,817 21,338 52,199 41,731 ---------- ---------- ---------- ---------- $1,864,236 $1,698,372 $3,640,083 $3,258,522 ========== ========== ========== ========== Operating income (loss): Off-price family apparel stores $ 157,470 $ 110,369 $ 324,831 $ 216,572 Off-price home fashion stores (2,246) (3,706) (4,502) (6,539) ---------- ---------- ---------- ---------- 155,224 106,663 320,329 210,033 General corporate expense 12,158 14,686 30,859 33,610 Goodwill amortization 652 654 1,305 1,307 Interest expense, net 1,425 1,545 1,383 2,400 ---------- ---------- ---------- ---------- Income before income taxes $ 140,989 $ 89,778 $ 286,782 $ 172,716 ========== ========== ========== ========== The off-price family apparel stores segment, T.J. Maxx, Marshalls, Winners, T.K. Maxx and A.J. Wright, significantly increased its operating income for both the second quarter and six months. These results reflect strong inventory management and the strong sales performance. The decline in general corporate expense in both periods reflects higher charges in the prior year associated with a deferred compensation award (initially denominated in shares of the Company's common stock), granted to the Company's Chief Executive Officer in the first quarter of fiscal 1998. Stores in operation at the end of the period are as follows: August 1, 1998 July 26, 1997 -------------- ------------- T.J. Maxx 593 578 Marshalls 464 453 Winners 81 68 HomeGoods 25 21 T.K. Maxx 35 21
8 PAGE 8 FINANCIAL CONDITION Cash flows from operating activities for the six months reflect increases in inventories and accounts payable that are primarily due to normal seasonal requirements. In February 1998, the Company completed its $250 million stock buyback program initiated in June 1997, and announced its intention to purchase an additional $250 million of the Company's common stock. During the first six months ended August 1, 1998, the Company repurchased a combined total of 8,387,000 shares (adjusted for the June 1998 stock split) at a cost of $194.5 million. On April 8, 1998, the Company approved a two-for-one stock split to be effected in the form of a 100% stock dividend which was subject to approval by the shareholders of an increase in the number of authorized shares of the Company's common stock. On June 2, 1998, the Company's shareholders approved the increase making the two-for-one stock split effective. The split was distributed on June 25, 1998 to shareholders of record on June 11, 1998 and resulted in the issuance of 158.9 million shares of common stock. All historical earnings per share amounts have been restated to reflect the two-for-one stock split as well as the two-for-one stock split distributed in June 1997. The following table (unaudited) sets forth the shareholders' equity transactions for the six months ended August 1, 1998: (Dollars In Millions) Prfd Common Stock Stock Add'l Face Par Paid-In Retained Value Value Capital Earnings Total ------- ------ ------- -------- -------- Balance, January 31, 1998 $72.7 $159.9 $ 202.0 $729.4 $1,164.0 Net income - - - 172.6 172.6 Cash dividends: Preferred - - - (2.5) (2.5) Common - - - (19.0) (19.0) Conversion of Series E cumulative convertible preferred stock into common (9.5) 1.0 8.5 - - Common stock repurchased - (5.7) (118.6) (70.2) (194.5) Stock split - 158.9 (96.3) (62.6) - Issuance of common stock under stock incentive plan - .7 7.7 - 8.4 Comprehensive income (loss) - - (3.3) (1.9) (5.2) ----- ------ ------- ------ -------- Balance, August 1, 1998 $63.2 $314.8 $ - $745.8 $1,123.8 ===== ====== ======= ====== ========
9 Page 9 The Company has developed plans to address issues related to the impact on its computer systems of the year 2000. Financial and operational systems have been assessed and plans have been developed, to address systems modification requirements. The Company expects to spend an aggregate of approximately $12 million on conversion costs in fiscal years 1998 through 2000. The Company has spent approximately $6 million on conversion costs to date. There can be no guarantee that a failure to resolve a year 2000 issue by the Company or a third party whose systems may interface with the Company, would not have a material effect on the Company.
10 PAGE 10 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The results for the first six months are not necessarily indicative of results for the full fiscal year, because the Company's business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. 2. The preceding data are unaudited and reflect all normal recurring adjustments, the use of retail statistics, and accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by the Company for a fair presentation of its financial statements for the periods reported, all in accordance with generally accepted accounting principles and practices consistently applied. Certain amounts in prior period financial statements have been reclassified for comparative purposes. 3. The Company's cash payments for interest and income taxes are as follows: (In Thousands) Twenty-Six Weeks Ended ----------------------- August 1, July 26, 1998 1997 --------- -------- Cash paid for: Interest $ 12,013 $ 14,259 Income taxes $143,051 $109,524 4. In October 1988, the Company completed the sale of its former Zayre Stores division to Ames Department Stores, Inc. ("Ames"). In April 1990, Ames filed for protection under Chapter 11 of the Federal Bankruptcy Code and in December 1992, Ames emerged from bankruptcy under a plan of reorganization. The Company remains contingently liable for the leases of most of the former Zayre stores still operated by Ames. In addition, the Company is contingently liable on a number of leases of the Hit or Miss division, the Company's former off-price women's specialty stores, sold on September 30, 1995. The Company believes that the Company's contingent liability on these leases will not have a material effect on the Company's financial condition. The Company is also contingently liable on certain leases of its former warehouse club operations (BJ's Wholesale Club and HomeBase), which was spun off by the Company in fiscal 1990 as Waban Inc. During fiscal 1998, Waban Inc. was renamed HomeBase, Inc. and spun-off its BJ's Wholesale Club division (BJ's Wholesale Club, Inc.). HomeBase, Inc. and BJ's Wholesale Club, Inc. are primarily liable on their respective leases and have indemnified the Company for any amounts the Company may have to pay with respect to such leases. In addition, HomeBase, Inc., BJ's Wholesale Club, Inc. and the Company have entered into agreements under which BJ's Wholesale Club, Inc. has substantial indemnification responsibility with respect to such HomeBase, Inc. leases. The Company is also contingently liable on certain leases of BJ's Wholesale Club, Inc. for which both BJ's Wholesale Club, Inc. and HomeBase, Inc. remain liable. The Company believes that its contingent liability on the HomeBase, Inc. and BJ's Wholesale Club, Inc. leases will not have a material effect on the Company's financial condition.
11 Page 11 5. In February 1998, the Company completed its $250 million stock buyback program initiated in June 1997, and announced its intention to purchase an additional $250 million of the Company's common stock. During the first six months ended August 1, 1998, the Company repurchased a combined total of 8,387,000 shares (adjusted for the June 1998 stock split) at a cost of $194.5 million 6. On April 8, 1998, the Company approved a two-for-one stock split to be effected in the form of a 100% stock dividend which was subject to approval by the shareholders of an increase in the number of authorized shares of the Company's common stock. On June 2, 1998, the Company's shareholders approved the increase making the two-for-one stock split effective. The split was distributed on June 25, 1998 to shareholders of record on June 11, 1998 and resulted in the issuance of 158.9 million shares of common stock. All historical earnings per share amounts have been restated to reflect the two-for-one stock split as well as the two-for-one stock split distributed in June 1997. 7. The computation of basic and diluted earnings per share is as follows: For The Thirteen Weeks Ended August 1, July 26, ---------------------------- 1998 1997 ------------ ------------ ($'s in thousands except per share amounts) Net income (Numerator in diluted calculation) $ 84,876 $ 52,578 Less preferred dividends 1,238 4,601 ------------ ------------ Net income available to common shareholders (Numerator in basic calculation) $ 83,638 $ 47,977 ============ ============ Shares for basic and diluted earnings per share calculations: Average common shares outstanding for basic EPS 317,367,085 319,231,612 Dilutive effect of stock options and awards 5,721,400 3,934,092 Dilutive effect of convertible preferred stock 14,048,540 31,918,782 ------------ ------------ Average common shares outstanding for diluted EPS 337,137,025 355,084,486 ============ ============ Basic earnings per share $ 0.26 $ 0.15 Diluted earnings per share $ 0.25 $ 0.15
12 PAGE 12 For The Twenty-Six Weeks Ended August 1, July 26, ------------------------------ 1998 1997 ------------ ------------ ($'s in thousands except per share amounts) Net income (Numerator in diluted calculation) $ 172,643 $ 101,039 Less preferred dividends 2,488 7,226 ------------ ------------ Net income available to common shareholders (Numerator in basic calculation) $ 170,155 $ 93,813 ============ ============ Shares for basic and diluted earnings per share calculations: Average common shares outstanding for basic EPS 318,350,224 318,924,242 Dilutive effect of stock options and awards 5,862,259 3,598,598 Dilutive effect of convertible preferred stock 14,742,915 32,153,724 ------------ ------------ Average common shares outstanding for diluted EPS 338,955,398 354,676,564 ============ ============ Basic earnings per share $ 0.53 $ 0.29 Diluted earnings per share $ 0.51 $ 0.28 ============ ============ 8. The Company adopted Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income (SFAS No. 130), in the first quarter ended May 2, 1998. The components of other comprehensive income for the Company generally include foreign currency translation adjustments of its foreign subsidiaries (including related hedging activity) and unrealized gains and losses on marketable securities. Restatement of prior period information is required. The computation of comprehensive income follows: (In Thousands) Thirteen Weeks Ended Twenty-Six Weeks Ended --------------------- ----------------------- August 1, July 26, August 1, July 26, 1998 1997 1998 1997 --------- -------- --------- -------- Net income $84,876 $52,578 $172,643 $101,039 Other comprehensive income (loss) net of reclassification adjustments (1,372) (3,556) (5,178) (3,824) ------- ------- -------- -------- Total comprehensive income $83,504 $49,022 $167,465 $ 97,215 ======= ======= ======== ======== Cumulative other comprehensive income (loss) is as follows: (In Thousands) August 1, January 31, July 26, 1998 1998 1997 --------- ----------- -------- Cumulative other comprehensive income (loss) $(1,862) $3,316 $(952) ======= ====== =====
13 PAGE 13 Cumulative comprehensive income (loss) has historically been included as a component of additional paid-in capital. As a result of equity transactions during the second quarter, which have eliminated the balance of additional paid-in capital, cumulative comprehensive income (loss) was reclassified to retained earnings. 9. During 1998, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 133 "Accounting for Derivative Instruments and Hedging Activities". This Statement established accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. This statement requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. The Company is currently evaluating the effects of this change on its current reporting of derivative instruments and hedging activities.
14 PAGE 14 PART II. OTHER INFORMATION Item 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Information with respect to matters voted on at the Company's Annual Meeting of Stockholders on June 2, 1998 (during the period covered by this report) was provided in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 1998. Item 5 OTHER INFORMATION STOCKHOLDER PROPOSALS AND DIRECTOR NOMINATIONS Proposals of stockholders submitted for consideration at the 1999 annual meeting of stockholders must be received by the Company no later than December 28, 1998 in order to be considered for inclusion in the Company's proxy materials for that meeting. Under recent changes to the Federal proxy rules and the Company's By-Laws, if a stockholder who wishes to present a proposal at the Company's 1999 annual meeting that will not be included in the Company's proxy statement fails to notify the Company by January 25, 1999, then the proxies that management solicits for the 1999 annual meeting will include discretionary authority to vote on the stockholder's proposal, if it is properly brought before the meeting. Under the Company's By-Laws, such a proposal would not be properly brought before the meeting because it would not satisfy the advance notice procedure contained in the Company's By-Laws with respect to stockholder nomination of candidates for election as directors and other stockholder proposals (whether or not such proposals are to be included in the Company's proxy material). A notice regarding stockholder nominations for director or other stockholder proposals must be received by the Secretary of the Company not less than 90 days prior to the first date of mailing of the Company's proxy materials for the last annual meeting. Accordingly, with respect to the 1999 Annual Meeting, the notice must be received by the Secretary of the Company by January 25, 1999. The stockholder submitting the nomination or proposal must satisfy certain requirements including providing a notice containing specified information concerning the persons to be nominated or the proposal being made and the stockholder submitting the nomination or proposal, all as set forth in the By-Laws. The presiding officer of the meeting shall refuse to acknowledge any director nomination or other stockholder proposal not made in compliance with such advance notice requirements. Item 6(a) EXHIBITS 3.1 The By-Laws of the Company, as amended, are filed herewith. Item 6(b) REPORTS ON FORM 8-K The Company was not required to file a current report on Form 8-K during the quarter ended August 1, 1998.
15 PAGE 15 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE TJX COMPANIES, INC. ------------------------------------ (Registrant) Date: September 14, 1998 /s/ Donald G. Campbell ------------------------------------ Donald G. Campbell, Executive Vice President - Finance, on behalf of The TJX Companies, Inc. and as Principal Financial and Accounting Officer of The TJX Companies, Inc.