TJX Posts Flat Q4 Sales, Fiscal Year Sales Lift

Framingham, Mass. Cost-sensitive shoppers helped TJX Cos. maintain net sales of $5.4 billion for fiscal fourth quarter 2009, ended Jan. 31. This result was flat compared to the same time frame last year.

Net income for the quarter was $251 million, a drop from $301.1 million a year earlier. Same-store sales decreased 2%, compared to a 2% increase for the fourth quarter 2008.

For the fiscal year, net sales were $19.0 billion, a 4% increase over fiscal 2008. Net income from continuing operations for the 53-week fiscal year was $915 million.

The chain is planning major cost reductions for fiscal 2010, but did not reveal its plan. TJX did report that these reduction strategies will not begin to have a significant impact until the company’s fiscal second quarter, according to a company statement.