TJX Cos. brings sales up, but profit slips in 4Q. (Business Today).(TJX Companies Inc.)
Home Textiles Today, March, 2003 by Hogsett, Don
FRAMINGHAM, MA -- With costs climbing higher and margins thinning out, fourth-quarter profits at The TJX Companies slipped by 0.7 percent despite a solid 9.2 percent increase in sales and a deep cut in interest expense. Profits came in at $154.3 million, down $1.0 million from $155.3 million last year.
But earnings per share, grew by 3.6 percent, to $0.29 cents from $0.28 cents, with fewer shares trading after a major stock buyback by the retailer. Driven by Christmas shopping, sales climbed by 9.2 percent, to $3.5 billion from $3.2 billion, driven by steady expansion. Same-store sales were fiat, following a 6.0 percent increase the year before. Putting a dent in profits, operating costs climbed higher by 50 basis points, to 15.1 percent of...
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