TJX profit rises 16% on sales improvements

Framingham, Mass. TJX Cos. said Tuesday that net income for the second quarter increased more than 16%, citing climbing sales for the improvement in profit.

The owner of T.J. Maxx, Marshalls and HomeGoods said it posted a profit of $305 million for the quarter, compared with a profit of $261.6 million in the year-ago period.

Revenue rose more than 6% to $5.07 billion.

"We believe this speaks to the strength of our business model and our ability to drive profitable growth regardless of the economic environment," TJX president and CEO Carol Meyrowitz said in a statement.

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