We are still upbeat about shares of TJX Companies (TJX), a major off-price retailer of apparel and home fashions. The company operates 3,461 stores in the US, Canada, Great Britain, Ireland, Germany and Poland, as well as three online-stores. The company delivered strong results. According to the report for Q2FY16, net revenue rose by 6.5% y-o-y to USD 7.36 bn, while analysts expected an increase to USD 7.27 bn. LFL sales were up 6% y-o-y (vs. 3 a year ago) due to robust results in Marmaxx (+4%), Home Goods (+9%) и TJX Europe (+5%), TJX Canada (+12%). Operating profit climbed 6.5% y-o-y to USD 897 mn. Diluted EPS amounted to 80 cents, which means a 9.6% increase compared to adjusted EPS in Q2 2015, while the consensus was 76 cents per share. In addition, the company opened 20 new stores in the reporting quarter.TJX generates a significant cash flow. The company generated free cash flow of USD 297 mn over six months and spent USD 855 mn for buyback. Notably, the company’s management announced a new buyback program totaling USD 2 bn in February. Quarterlydividendreached 21 cents (+20% y-o-y), yielding 1.2%.We believe that consumer confidence and, as a result, consumer spending, will continue to grow in key markets of TJX, especially in the US, in the coming years. Against this backdrop, a successful business model, in our opinion, will allow the company to remain one of the main beneficiaries of this trend. TJX expects LFL sales to increase by 3-4%, and EPS will amount to USD 3.24-3.28, implying 3-4% growth compared to adjusted result of FY15. Taking into account the company's ability to generate significant cash flows, we also look forward to higher payments to shareholders.We left our mid-term target price of the company’s shares unchanged at USD 80. The short-term technical target is USD 75.