Freight News:
2023 Shipper of Choice profile: The TJX Cos.
The Shipper of Choice award, presented by FreightWaves in partnership with TriumphPay, recognizes the manufacturers, distributors and retailers that do the best job of keeping the American economy moving by fighting driver detention, providing accessible facilities and understanding what it takes to remove inefficiencies from the supply chain.
Among the top 25 Shippers of Choice for 2023 is … The TJX Cos.
The TJX Cos., headquartered in Framingham, Massachusetts, is a global leader in off-price apparel and home fashions, including its T.J. Maxx, Marshalls and HomeGoods stores. It operates 4,865 brick-and-mortar stores in nine countries, including the U.S., Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands and Australia, as well as five e-commerce sites.
TJX, which was founded in 1976, opened its first T.J. Maxx store in 1977. It plans to expand its footprint to around 6,275 stores long term, according to its FY2023 earnings report. TJX’s fiscal year ended on Jan. 28.
The global retail giant operates 3,394 T.J. Maxx, Marshalls and HomeGoods stores in the U.S.
| New York Stock Exchange Ticker | TJX |
| Headquarters | Framingham, Massachusetts |
| FY 2023 net sales | $49.9 billion |
| FY 2023 net income | $3.5 billion |
| Shipper of Choice history | First appearance |
Why TJX is a Shipper of Choice
TJX relies on an independent network of freight carriers to transport goods to its stores in the U.S. and globally.
The person who nominated TJX for the Shipper of Choice award, which specifically mentioned T.J. Maxx, said the “transparent communication and ease of doing business makes it a clear winner in the retail space.”
During the companies’ latest quarterly call, on Aug. 16, TJX announced net sales had grown to $12.8 billion for the second quarter of FY24, an 8% increase compared with the second quarter of FY23, according to John Klinger, executive vice president and CFO of TJX Cos.
Ernie Herrman, CEO and president of TJX Cos., said on its most recent earnings call that it has “developed one of the most flexible brick-and-mortar retail models in the world.”
“The flexibility of our close-to-need opportunistic buying allows our merchants to quickly react to the hottest trends in the marketplace and adapt to changing consumer preferences,” Herrman said. “The flexibility of our supply chain and store formats allows us to ship to our stores multiple times a week, merchandise stores individually and flex our floor space to support our ever-changing assortment.”
Looking ahead to the remainder of fiscal year 2024, Klinger said TJX “remains laser-focused and looking at ways to reduce our freight costs.”
About Shipper of Choice partner TriumphPay
TriumphPay is the transportation industry’s premier payment network trusted by leading shippers, brokers, factors and carriers. Its innovative and highly automated FinTech payment solution brings cost savings and efficiencies to antiquated transportation payment processes for network participants. Integrated financing options leverage the strength of TriumphPay’s parent bank and can provide liquidity and cashflow visibility.
TriumphPay is a division of Triumph Financial, Inc. (NASDAQ: TFIN).
The post 2023 Shipper of Choice profile: The TJX Cos. appeared first on FreightWaves.
Source: freightwaves - 2023 Shipper of Choice profile: The TJX Cos.
Editor: Clarissa Hawes