UPDATE 2-TJX to open more stores, wade into e-commerce this year

Wed Feb 27, 2013 12:18pm EST
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* Sees fiscal year same-store sales up 1-2 pct

* Sees FY EPS $2.66-$2.78 vs view $2.84

* To start testing e-commerce this year

* Shares up 1.4 percent

By Phil Wahba

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 and said it plans to expand its chains abroad and domestically this year and finally introduce e-commerce.

TJX, whose websites do not currently let customers shop, intends to begin testing e-commerce toward the end of the year. That, along with store expansion, puts TJX "well on the road to being a $40 billion-plus company," said Chief Executive Carol Meyrowitz.

The company also announced it was raising its quarterly dividend 26 percent to 14.5 cents, and shares were up 1.4 percent to $44.29 in late morning trading.

But TJX's profit forecast for the new fiscal year fell below Wall Street projections, and the retailer forecast same-store sales growth of 1 percent to 2 percent, far more modest than last year's 7 percent clip.   Continued...