February 20, 2008
TJX Reports Strong Year, Quarter
By Matthew L. Brown
Framingham-based discount retailer TJX Cos. reported fiscal year 2008 net income of $772 million on sales of $18.6 billion, a 7 percent increase over 2007.
The company also reported fourth-quarter net income of $301 million on net sales of $5.5 billion, an increase of 8 percent. Same-store sales increased 4 percent over the previous year.
In the fourth quarter, the company recorded a reduction in its reserve account intended to cover legal and other fees associated with the massive data breach last year, during which the private credit card information of millions of customers was stolen. The reduction resulted in an after-tax benefit to the company of $11 million.
TJX operates more than 2,500 TJ Maxx, Marshalls, HomeGoods, Bob's Stores, A.J. Wright and other stores.
The company also reported fourth-quarter net income of $301 million on net sales of $5.5 billion, an increase of 8 percent. Same-store sales increased 4 percent over the previous year.
In the fourth quarter, the company recorded a reduction in its reserve account intended to cover legal and other fees associated with the massive data breach last year, during which the private credit card information of millions of customers was stolen. The reduction resulted in an after-tax benefit to the company of $11 million.
TJX operates more than 2,500 TJ Maxx, Marshalls, HomeGoods, Bob's Stores, A.J. Wright and other stores.
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