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2012 looking good for TJX
FRAMINGHAM, Mass. — TJX Cos. is headed for a strong 2012, thanks to fourth-quarter sales and profit growth. The company reported that its fiscal fourth-quarter profit rose 42% to $475.3 million, from $334.4 million a year earlier. The owner of Marshalls, HomeGoods and T.J. Maxx also announced plans to repurchase up to $1.3 billion of stock this fiscal year.
For the quarter, sales rose 6% to $6.7 billion. Same-store sales increased 7%.
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TJX shakes up leadership
FRAMINGHAM, Mass — TJX announced that it has moved some of its executives to new roles to better position the company for future growth. Michael MacMillan will assume leadership of the company’s European division as SVP TJX Europe, moving from his current post as head of The Marmaxx Group (the company’s largest division comprised of T.J. Maxx and Marshalls). Richard Sherr will return to The Marmaxx Group as Senior EVP, having most recently held the post of president HomeGoods.