TJX Q4 results rise but sees smaller year same-store sales rise

Wed Feb 27, 2013 9:05am EST
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Feb 27 (Reuters) - TJX Cos Inc, the owner of the low-price T.J. Maxx and Marshalls chains, on Wednesday reported higher fourth-quarter results, but forecast a slower pace of sales growth for the new fiscal year and gave a profit forecast below Wall Street's projections.

TJX, which also operates Canada's Winners chain, expects sales at stores open at least a year, or same-store sales, to rise 1 percent to 2 percent this fiscal year, compared with a 7 percent jump for the year ended Feb. 2.

TJX forecast a full-year profit of $2.66 per share to $2.78 per share, compared with Wall Street expectations of $2.84 per share, according to Thomson Reuters I/B/E/S.

The retailer reported net income of $604.8 million, or 82 cents per share for the 14 weeks ended Feb. 2, compared with $475.3 million or 62 cents per share for the 13 weeks ended Jan. 28, 2012.

As previously reported, TJX's same-store sales rose 4 percent during the holiday season.

TJX said it plans to raise its quarterly dividend 26 percent to 14.5 cents per share.