In this edition of the Glossy+ Research Briefing, we analyze TJX’s full-year fiscal 2025 earnings results and examine how off-price retail has started to outperform traditional retail.
TJX, parent company to off-price leaders like TJ Maxx and Marshalls, reported 4% sales growth during its full-year fiscal 2025 meeting on Wednesday. In total, TJX reached $56.4 billion in sales for its fiscal 2025. This included a consistent holiday selling season through its fiscal fourth quarter, which included $16.4 billion in flat year-over-year quarterly sales.
Sales growth was led outside of the U.S., with a 2% increase in sales at TJX Canada stores compared to fiscal 2024. TJX International stores in Europe and Australia also experienced a 1% rise in sales. Homegoods stores, including Homesense, were the only U.S. divisions to experience sales growth compared to fiscal 2024.
Ahead of TJX’s Wednesday earnings announcement, analytics platform Placer.ai predicted TJX could outperform sales projections according to its analysis of foot traffic at off-price retails year over year. All off-price retail chains included in Placer.ai’s study started 2025 with more in-store visitors than in the prior year. T.J. Maxx, Marshalls, Burlington and Ross Stores all had more monthly visitors in January 2025 compared to January 2024. Notably, Ross Stores, which had been experiencing less foot traffic since July 2024, saw a 1% lift in January 2025.
The rise in foot traffic at many of these off-price retailers most likely correlates to the number of new stores some of them have opened. In contrast to other retailers like fabrics chain Joann which is closing all of its 800 stores and going out of business, TJX, Ross and Burlington all opened new stores in 2024.
By the end of the year, Ross had opened 89 stores across different states. Burlington ended 2024 with 101 new stores and the retailer plans to open 100 additional stores by the end of 2025.
TJX hit a milestone last year by opening its 5,000th store. During fiscal 2025, the retailer opened a total of 131 TJX-branded stores globally — 110 in the U.S., 10 in Canada, seven in Europe and four in Australia. The company now has a total of 5,085 stores worldwide.
With more monthly in-store visitors and a larger physical retail presence, off-price retailers are tipping the balance against traditional retail, according to Placer.ai. In Q4 2024, off-price retailers claimed the majority of retail apparel visits (52%). And more shoppers turned to off-price stores for their holiday shopping needs than traditional retail chains in Q4 2024, according to Placer.ai — a major win for off-price retailers and a signal that consumer spending may improve in 2025.