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TJX Profit Climbs 47%

Framingham, Mass. TJX Cos. said improvements in inventory and cost controls helped boost its fourth-quarter profit by almost 47%.

The company also said 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 compared with nearly $206 million a year earlier.

Sales at TJX rose 8% to $5.49 billion, narrowly beating analysts' forecast of $5.48 billion.