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Store closures impact TJX's profit
FRAMINGHAM, Mass. — TJX Cos. reported a 15% drop in fourth-quarter earnings, dragged down by costs to close its A.J. Wright store division. The company also plans to repurchase $1.2 billion of its stock this fiscal year and raise its dividend.
The retailer earned $334.4 million in the three months ended Jan. 29, compared with $394.9 million in the same period last year.
Revenue rose 6.5% to $6.33 billion. Same-store sales were up 2% over the prior year’s strong 12% increase.
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Wal-Mart de Mexico Q4 profit increases 14%
Mexico City -- Wal-Mart de Mexico SA reported Tuesday that profit for the fourth quarter increased 14%, citing newly acquired stores in Central America for the improved performance.
The Mexican unit of Wal-Mart Stores said that net income rose to $539 million in the fourth quarter, up from $474 million in the year-ago period.
Revenue rose 25% to $8.3 billion.
Walmex recently acquired stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.