TJX 4Q results rise on higher traffic, tops Street
FRAMINGHAM, Mass. (AP) — TJX, parent company of TJ Maxx and Marshalls clothing stores, said Wednesday that its net income climbed 27 percent in the fourth quarter as more shoppers headed to its stores during the crucial holiday season.
Its performance beat Wall Street's expectations. It plans to raise its dividend and increased its stock buyback authority.
The Framingham, Mass., company also said it will stop reporting monthly sales results, starting with fiscal 2014's second quarter.
For the period ended Feb. 2, TJX Cos. earned $604.8 million, or 82 cents per share. That compares with $475.3 million, or 62 cents per share, a year earlier.
Analysts surveyed by FactSet expected earnings of 80 cents per share.
Revenue increased 15 percent to $7.72 billion from $6.71 billion, topping Wall Street's estimate of $7.67 billion.
Revenue at stores open at least a year, a key gauge of a retailer's health, rose 4 percent. But the growth was slower than the 7 percent increase in the year-ago period.
This figure excludes results from stores recently opened or closed.
Full-year net income rose 27 percent to $1.91 billion, or $2.55 per share, from $1.5 billion, or $1.93 per share, in the prior year.
Annual revenue climbed 12 percent to $25.88 billion from $23.19 billion.
Revenue at stores open at least a year increased 7 percent.