Inventory Turnover › By Retailer › TJX Companies
TJX Inventory Turnover: Off-Price Case Study
The TJX Companies, Inc. (TJX), owner of TJ Maxx, Marshalls and HomeGoods, turned its inventory 6.1x in fiscal 2026 (52 weeks ended January 31, 2026). That is about 60 days on hand, fast for a retailer selling apparel and home goods, and roughly double a department store. All figures are from the company's 10-K filings on SEC EDGAR.
Quick answer: TJX's fiscal 2026 and 2025 10-K inventory turnover ratio
Fiscal 2026 (10-K)
6.1x for the 52 weeks ended January 31, 2026. $41,679M cost of sales over $6,859M average inventory ($6,421M opening, $7,297M closing). About 60 days on hand.
Fiscal 2025 (10-K)
6.3x for the 52 weeks ended February 1, 2025. $39,112M cost of sales over $6,193M average inventory. About 58 days on hand.
Turnover = cost of sales / average inventory (mean of opening and closing balance-sheet merchandise inventory). TJX's cost of sales includes buying and occupancy costs. Figures from TJX's 10-K filings on SEC EDGAR (CIK 0000109198), verified 10 November 2026.
Fiscal 2023 - fiscal 2026 turnover history
| Fiscal Year | Cost of Sales | Inv (start) | Inv (end) | Turnover | Days on Hand |
|---|---|---|---|---|---|
| FY2023 (ended Jan 28, 2023) | $36,149M | $5,962M | $5,819M | 6.1x | 59 |
| FY2024 (ended Feb 3, 2024) | $37,951M | $5,819M | $5,965M | 6.4x | 57 |
| FY2025 (ended Feb 1, 2025) | $39,112M | $5,965M | $6,421M | 6.3x | 58 |
| FY2026 (ended Jan 31, 2026) | $41,679M | $6,421M | $7,297M | 6.1x | 60 |
Inventory (start) equals the prior year's inventory (end). TJX names each fiscal year after the January in which it ends. Fiscal 2024 was a 53-week year, which lifts that year's cost of sales and turnover slightly.
6.1x · Inventory came down slightly from its post-pandemic high while cost of sales grew, holding turnover near 6.1x.
6.4x · The fastest year in the window. A 53-week calendar added a week of cost of sales while inventory barely moved.
6.3x · Year-end inventory rose 8% against 3% growth in cost of sales, easing turnover a little.
6.1x · Net sales rose 7% to $60.4B, but year-end inventory rose 14% as TJX bought into available merchandise. Per-store inventories finished the year up 10%.
How off-price buying shows up in the ratio
A department store commits to most of a season's merchandise months in advance, then holds it until it sells or is marked down. TJX works the other way round. Its 10-K describes buying merchandise on an ongoing basis, often from brands with excess stock, close to the time it is needed in stores, with the stated goal of operating on lean inventory compared with conventional retailers.
The ratio reflects that. Across four fiscal years TJX held between 57 and 60 days of inventory, a narrow band for a business with roughly $60B of sales spread across apparel, footwear, beauty and home. There was no glut year like Target's fiscal 2022 or Nike's, because TJX buys after brands have overbought, not before.
Fiscal 2026 shows the model's flexibility rather than a loss of control. Closing inventory rose 14% to $7.3B, and per-store inventories finished the year up 10%, while sales grew 7%. TJX also buys “packaway” merchandise to hold for future seasons when the opportunity is right, so its year-end balance moves with what is available to buy, not only with what it expects to sell next quarter.
What keeps TJX near 6x
1. Buying close to need
Most merchandise is bought for the current or next selling season, in lots that are sold through rather than replenished. Less stock sits in the system waiting for its season, so average inventory stays low relative to cost of sales.
2. No full size and colour runs
A treasure-hunt store does not need every size of every style on the shelf. Department and specialty stores hold deep ranges to complete the assortment, which ties up inventory that sells slowly. TJX sells what it has and moves on.
3. Priced to sell from day one
TJX prices below full-price retail from the moment merchandise reaches the floor, instead of starting at full price and marking down through the season. Its 10-K names frequent inventory turns as a core part of the off-price strategy, alongside lean inventory and the treasure-hunt experience that brings customers back often.
4. Cost of sales includes occupancy
TJX reports cost of sales including buying and occupancy costs (69.0% of net sales in fiscal 2026). Including occupancy raises the numerator, so the ratio runs somewhat higher than a pure merchandise-cost measure. Compare it with retailers that report the same way, such as Ross, rather than with a merchandise-only figure.
Where 6.1x sits among retailers
Latest 10-K inventory turnover, times per year
Each figure is cost of sales over average inventory from the company's latest 10-K. Every retailer here has its own case study; the full ranked list is on the inventory turnover by retailer page.
TJX and Ross, the two largest US off-price chains, sit together around 6x to 6.5x, level with Target and Best Buy and well ahead of the apparel and department-store formats they buy from. Macy's turned about 3.0x and Gap about 4.3x in the same fiscal year.
That is the off-price advantage in one number: the same categories of merchandise, moving through the store about twice as fast as at a full-price department store. Mass merchants such as Walmart (9.3x) and the warehouse clubs still turn faster, because groceries and consumables make up so much of their sales. For the apparel-sector range see the apparel turnover benchmarks.
Frequently asked questions
What is TJX's inventory turnover ratio?
TJX turned its inventory 6.1x in fiscal 2026, the 52 weeks ended January 31, 2026. That is $41,679M of cost of sales divided by $6,859M average merchandise inventory (the mean of the $6,421M opening and $7,297M closing balances) from its 10-K. It works out to about 60 days of inventory on hand.
Why does TJX turn inventory faster than department stores?
TJX buys most of its merchandise close to when it will sell, from brands with excess stock, cancelled orders or overruns, rather than committing to full seasons months ahead. It does not carry the deep size and colour ranges a department store must keep in every location, and it sells each lot through rather than holding it for a full season. In the same fiscal year Macy's turned its inventory about 3.0x, half TJX's pace.
How is TJX's inventory turnover calculated from the 10-K?
Divide cost of sales by average inventory, where average inventory is the mean of the opening and closing merchandise-inventory balances on the consolidated balance sheet. TJX's cost of sales line includes buying and occupancy costs, so its ratio runs somewhat higher than a pure merchandise-cost measure would. For fiscal 2026: $41,679M / (($6,421M + $7,297M) / 2) = 6.1x.
Is TJX's rising inventory a warning sign?
Not on its own. Closing inventory rose 14% in fiscal 2026, but TJX describes its buying as opportunistic: it buys when good merchandise is available, including packaway stock held for future seasons. Sales still grew 7% and turnover only eased from 6.3x to 6.1x. A sustained fall towards 5x without matching sales growth would be the signal worth watching.
Related
Ross Stores Case Study
The other off-price leader, at 6.5x.
Macy's Case Study
The department store comparison, at 3.0x.
Apparel Sector
The full apparel turnover range.
Turnover by Retailer
All 25 retailers ranked.
Days Sales of Inventory
Turn 6.1x into 60 days on hand.
Sell-Through Rate
The weekly metric behind fast turns.