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TJX profit surges in Q4; full-year forecast below expectations

Framingham, Mass. -- The TJX Cos. reported Wednesday a profit of $604.8 million for the quarter ended Feb. 2, compared with $475.3 million in the year-ago period. Despite the strong showing, TJX forecast a slowed growth pace for the new fiscal year and issued a profit forecast below analysts’ expectations. And joining many other retailers, the company announced that beginning with the fiscal 2014 second quarter, it will no longer report monthly sales.

For the 14-week fourth quarter ended February 2, 2013, TJX reported net sales of $7.7 billion, a 15% increase over the prior year. Consolidated same-store sales for the quarter increased 4% over the prior year’s 7% increase.

“As large as we are, we have enormous store growth potential and are excited about the opportunity to leverage the success of our brick-and-mortar business with e-commerce over time,” said Carol Meyrowitz, CEO, TJX Companies. “Our management team is focused on our four powerful divisions, and I am as confident as ever in our ability to continue driving profitable sales growth for many years to come. We are well on the road to being a $40 billion-plus company!”
   
Looking ahead, TJX predicts same-store sales will rise a slight 1% to 2% this year after a 7% bump for the year ended Feb. 2.
    
Net sales for the 53-week fiscal year were $25.9 billion, a 12% increase over last year.  Consolidated same-store sales for the year increased 7% over the prior year’s 4% increase. Net income for the year was $1.9 billion, compared to $1.93 last year.