TJX Profit Climbs 47 Percent
Wednesday February 20, 9:03 am ET
Cost Controls, Inventory Management Help Boost TJX 4Q Profit by 47 Pct
FRAMINGHAM, Mass. (AP) -- Off-price retailer TJX Cos. says improvements in inventory and cost controls helped boost its fourth-quarter profit by almost 47 percent.
The operator of stores including T.J. Maxx and Marshalls also says it has reduced a legal reserve to cover costs from a massive data breach disclosed a year ago.
TJX said Tuesday its profit rose to $301 million, or 66 cents per share. That compares with nearly $206 million, or 43 cents per share, a year earlier.
Not counting one-time expenses and gains, the profit was 64 cents per share. That beat by a penny per share the estimate from analysts polled by Thomson Financial.
Sales at Framingham, Mass.-based TJX rose 8 percent to $5.49 billion, narrowly beating analysts' forecast of $5.48 billion.
