FINANCE

TJX Q1 profit drops slips on A.J. Wright closings

BY CSA STAFF

Framingham, Mass. — TJX Cos. reported Tuesday that net income for the first quarter plummeted 20% on the closing of its A.J. Wright stores, but strong sales buoyed the retailer’s full-year forecasts.

TJX earned $266 million in the quarter ended April 30, compared with $331.4 million in the year-ago period. Revenue increased 4% to $5.22 billion, surpassing Wall Street’s estimate of $5.14 billion.

Same-store sales increased 2%.

TJX raised the low end of forecast for full-year adjusted earnings.

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News

DSW names SVP human resources

BY CSA STAFF

COLUMBUS, Ohio —DSW has named Todd Cordell as SVP human resources. Cordell will be responsible for all human resources activities in support of DSW Stores, DSW.com, and the DSW leased business division.

"Todd brings a wealth of experience and expertise in all areas of the Human Resources function, most particularly Organizational Development," said Michael MacDonald, CEO of DSW Inc. "I am confident Todd will help DSW attract, develop and retain top talent in support of our key strategic growth initiatives."

Cordell’s most recent role was VP human resources for Starbucks Coffee Company. Cordell also held executive leadership positions with Merck, Unilever, and GE. He will report directly to MacDonald.

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FINANCE

Home Depot Q1 net income rises, beats Street

BY CSA STAFF

Atlanta — Home Depot reported Tuesday that profit rose 12% in the first quarter, beating Wall Street estimates and causing the retailer to boost its outlook for the full year.

Home Depot earned $812 million in the quarter ended May 1, compared with $725 million in the year-ago period.

Revenue, however, slipped 0.2% to $16.82 billion on a weaker spring selling season, missing analysts’ expectations of $17.06 billion.

Same-store sales dipped 0.6%, with U.S. stores down 0.7%.

Chairman and CEO Frank Blake said in a statement that sales were down due to the sluggish start to the spring selling season, which is the biggest season for the home improvement sector.

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