The TJX Cos. Inc. posted a 42.1 percent jump in fourth-quarter profits as consumers continued to seek out value-priced merchandise during the holiday season.
This story first appeared in the February 23, 2012 issue of WWD. Subscribe Today.
For the quarter ended Jan. 28, net income totaled $475.3 million, or 62 cents a diluted share, which met analysts’ estimates. This compared with year-ago income of $334.4 million, or 42 cents a diluted share.
Fourth-quarter sales increased 6 percent to $6.71 billion from sales of $6.33 billion, a year earlier.
“We enter a new fiscal year with considerable momentum in our business and are off to a very strong start in 2012,” said chief executive officer Carol Meyrowitz. “With favorable weather patterns in February, comparable-store sales are trending toward a 7 percent increase for the month. We believe our values separate us from other retailers and will continue to draw more customers to our stores.”
For the first quarter, TJX anticipates earnings of 45 cents to 47 cents a share, which is in sync with Wall Street’s projection of 46 cents.
The stock slipped 0.3 percent to $35.13 Wednesday.