TJX profit doubles

Framingham, Mass. TJX Cos.' fourth-quarter profit climbed 58% as bargain-minded shoppers snatched up deeply discounted goods at its T.J. Maxx and Marshalls stores.

The company, which also owns the HomeGoods and A.J. Wright chains, earned $395 million for the quarter that ended Jan. 30, compared with a profit of $250.7 million during the same period last year. The profit topped Wall Street forecasts.

Sales climbed more than 10% to $5.94 billion. Same-store sales rose 12%.

"We attracted new customers from all income levels with our compelling values," president and CEO Carol Meyrowitz said in a statement. "We enter 2010 very confident in our future, with a continued focus on driving sales and reducing inventory levels and costs. We believe value will remain key for consumers and are making significant investments in our stores to enhance the shopping experience for our customers."

TJX said its net sales for the 52-week fiscal year were $20.3 billion, a 7% increase over the 53-week fiscal period last year. Same-store sales increased 6% on a 52-week comparable basis.

For fiscal 2011, the company expects to increase its capital spending with a budget of approximately $750 million. TJX on Wednesday also unveiled an additional $1 billion stock buyback and said it plans to raise its dividend.