TJX sees strong FY, 4Q results

FRAMINGHAM, Mass. The TJX Companies today reported fiscal year net sales of $18.6 billion, a 7% increase over last year. Consolidated comparable-store sales for the period increased 4%. Income from continuing operations for the 52-week fiscal year was $772 million, and diluted earnings per share from continuing operations were $1.66 compared to $1.63 for the prior year.

For the fourth quarter, net sales from continuing operations increased 8% to $5.5 billion, and consolidated comparable-store sales increased 4% over last year, the company reported. Income from continuing operations for the fourth quarter was $301 million, and diluted earnings per share from continuing operations were 66 cents compared to 51 cents in the prior year.

For the fiscal year ending Jan. 31, 2009, the company expects earnings per share from continuing operations in the range of $2.20 to $2.25, which represents a 15% to 18% increase over the $1.91 adjusted earnings per share from continuing operations in fiscal 2008. Comparable-store sales are expected to increase between 2% and 3%.

For the first quarter of fiscal 2009, the company expects earnings per share from continuing operations in the range of 40 cents to 41 cents, which represents an 18% to 21% increase over 34 cents on a reported basis last year. The company expects comparable-store sales growth between 4% and 5%.