TJX Q4 earnings jump 42%
Framingham, Mass. -- TJX Cos. reported that its fiscal fourth-quarter profit rose 42% to $475.3 million, from $334.4 million a year earlier. The owner of Marshalls, HomeGoods and T.J. Maxx also announced plans to repurchase up to $1.3 billion of stock this fiscal year.
For the quarter, sales rose 6% to $6.7 billion. Same-store sales increased 7%.
"We enter a new fiscal year with considerable momentum in our business and are off to a very strong start in 2012," said CEO Carol Meyrowitz.
She noted that, with favorable weather patterns in February, same-store sales are trending toward a 7% increase for the month.
"Inventories are lean as we begin the year, which positions us very well to flow fresh spring merchandise to our stores," Meyrowitz said.
Net sales for the 52-week fiscal year were $23.2 billion, a 6% increase over last year. Same-store sales for the year increased 4%.
TJX increased its store count by a net of 46 stores, ending its most recently completed fiscal year with 2,905 stores.