TJX Posts Profit Decline
Framingham-based TJX Cos. Inc. reported third quarter net income of $235.8 million, about a $14 million dip from the $249.5 million the company reported for the same period a year ago.
The discount retailer's income from operations increased from $251.3 million a year ago to $254.1 million. The company spent more on selling efforts, buying merchandise, property and administrative costs than it did a year ago and also reported a $7 million payout related to the early 2007 theft of private customer credit card information from TJX stores.
The company's sales for the quarter were $4.8 billion compared to $4.7 billion a year ago.
The company, which operates TJ Maxx, Marshalls, HomeGoods and others, said the down economy has at once forced TJX to become leaner and has driven customers toward its chain of discount stores. The company said it is also "seeing extremely advantageous real estate deals coming our way."
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