Framingham-based TJX Cos. reported a 10-percent increase in annual profits for the most recent fiscal year, despite a 15-percent drop in fourth-quarter profits.
For the fiscal year, which ended Jan. 29, TJX reported a $1.3-billion profit on $21.9 billion in sales. Comp store sales for the year were up 4 percent, compared with a 6-percent increase in fiscal year 2010.
Fourth-quarter profits were dragged down in part by costs associated with the company’s closure of 162 AJ Wright discount stores. TJX said it will continue to incur some expenses during the first quarter of fiscal year 2012 related to the closures.
The company plans to repurchase $1.2 billion in stock this year, the same amount it repurchased in 2010.
