President and Chief Executive Officer at TJX Companies
Thanks, Scott. Now I'd like to highlight the opportunities that we see that give us confidence that we can continue to capture market share and improve our profitability both in the near and long-term. Starting with the top line. First, we are confident that the combination of our value proposition, our treasure hunt shopping experience and flexibility will continue to be a winning retail formula. We are convinced that the consumers' desire for exciting brands and fashions at great values is not going away. Additionally in today's highly inflationary environment, we believe our value proposition is as appealing as ever.
We serve a wide customer demographic and offer a range of merchandise categories and brands across good, better, and best which we see as a major advantage. This year we have exciting marketing initiatives planned to showcase our exceptional value and differentiated shopping experience. First, we are sharpening our marketing messages across our outlets to emphasize our value leadership to consumers. Second, we are strategically targeting pockets of opportunity within certain geographies to amplify our messaging even further.
Lastly, we are pleased to see that across all our divisions, customer satisfaction scores are strong and we are attracting new shoppers of all ages, including a large number of Gen Z and millennial shoppers, which we believe bodes well for the future. Second, we continue to see significant store growth opportunities ahead for all of our divisions. As we have seen over the last few years, demand for our exciting and inspiring in person shopping experience remains strong. We see our flexible buying supply chain and store formats as tremendous advantages, which allow us to open stores across a wide customer demographic. All of this gives us confidence in our long-term plan of opening more than 1,500 additional stores in our current markets, markets with our current banners.
Lastly and I can't emphasize this enough, we are extremely confident that we'll continue to have plenty of quality branded merchandise available across good, better and best brands to support our growth plans. Our global buying team of more than 1,200 buyers sources good from the universe of approximately 21,000 vendors in more than 100 countries. And a landscape where we are planning to grow our sales and open new stores, while many other retailers are closing stores, we offer vendors a very attractive solution to clear their excess product.
To be clear, overall product availability has never been an issue for TJX. We believe that each of these characteristics of our business set us up as well to deliver sales and market share gains in the US, Canada, Europe and Australia over the long-term. Now importantly to profitability. I am very pleased that for the full year, we now expect an adjusted pre-tax margin on an adjusted basis to reach 9.6% to 9.8%, higher than our original plan and adjusted earnings per share in the range of $3.13 to $3.20, which at the end is also higher than our original plan.
Scott will provide more details, but the key drivers are our strong mark on, our pricing initiative and expense management. We continue to believe that delivering strong sales is the best way to offset the cost pressures that we're facing. We also remain laser focused on looking at other ways to improve profitability and operate our business more efficiently. As I've mentioned on our last few calls, our initiative to selectively raise retails has been working very well and we continue to believe it will be a multi-year opportunity for us.
We are also optimistic that the expense headwinds we've been facing for the last three years will begin to moderate going forward. Further looking ahead to the next few years, we see opportunities to improve divisional margins and deliver continued increases in overall profit margins. I want to reiterate that our goal is to return to our fiscal 2020 pre-tax margin level of 10.6% within three years.
Turning to corporate responsibility and ESG. Last quarter I shared with you that our environmental sustainability teams were developing plans for more aggressive initiatives across several of our priority areas. I am pleased to share that, last month we announced four new global environmental sustainability goals. First, we have set a goal to achieve net zero greenhouse gas emissions in our operations by 2040.
Second, we intend to source 100% renewable energy in our operations by 2030. Third, we are working to divert 85% of our operational waste from landfill by 2027. And finally, we are aiming to shift 100% of the packaging for products developed in-house by our product design team to be reusable, recyclable or contain sustainable materials by 2030. As I shared in the past, we've been committed to mitigating our impact on the environment for many years. I'm very excited about these new goals and the plans our teams are putting in place to support them.
We look forward to sharing more about our progress as we go forward. As always, we have more information on corporate responsibility at tjx.com.
In closing, I want to again thank each of our associates around the globe. We feel great about the health of our business and are confident that the appeal of our exciting merchandise mix and outstanding values will continue to resonate with consumers around the world. Through our 45-year history and many kinds of retail economic and geopolitical environments, we continue to see the advantages and strength of our flexible off-price model.
We see many opportunities to capture additional market share and increase our profitability as we look to become a $60 billion plus revenue company.
Now I'll turn the call back to Scott for additional comments and then we'll open it up for questions. Scott?