TJX stock jumps on news of 16% increase in sales
Grant Welker
TJX, which has its headquarters in Framingham, surpassed 4,000 stores last year.
Sales at TJX rose by 16 percent in the fourth quarter, the MetroWest retailer reported on Wednesday, sending the company's stock rising on the news.
Fourth-quarter sales hit $11 billion, while full-year sales rose by 8 percent to $35.9 billion.
TJX shares climbed from a close of $77.32 on Tuesday to $83.85 early Wednesday. Shares closed at $82.68, just nine cents shy of an all-time high for the company.
Wall Street's reaction Wednesday was in sharp contrast to when stocks fell after TJX's third-quarter earnings last fall. The company said then the period's 6-percent sales increase didn't meet its expectations.
Net income rose in the latest quarter and full-year for TJX, which has its headquarters in Framingham and Marlborough. For the fourth quarter, net income climbed by 29 percent to $877 million. For the full year, profitability rose by 13 percent to $2.6 billion.
TJX, which owns Marshalls, TJMaxx and HomeGoods stores, pushed its store count this year to a new high, surpassing 4,000 locations in the United States, Canada, Europe and Australia. It launched a new home goods chain, HomeSense, which opened one of its first locations in Framingham last August.
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