Discount apparel retailer TJX Cos., Inc. (TJX) reported solid second quarter results. Inventory remained well controlled, which should benefit future merchandise margins. Europe (UK, Western Europe) continued to post impressive results from both a sales and profitability standpoint, which is important as a good portion of future growth rests on this segment. We believe the company continues to be uniquely positioned to capture market share in an environment dominated by value.
From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Third Quarter 2014 Commentary.
