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TJX profit drops on store closing costs
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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Lowe’s Q4 net income up 39%
Mooresville, N.C. -- Lowe’s reported a 39% increase in fiscal fourth-quarter earnings to $285 million, up from $205 million a year earlier.
Sales grew 3% in the latest quarter to $10.5 billion. Same-store sales rose 1.1%.
For fiscal 2010, net income grew to $2 billion, from $1.8 billion in fiscal 2009. Sales grew to $48.8 billion from $47.2 billion.
The company expects to open 25 to 30 stores in 2011.