News

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.

WOONSOCKET, R.I. — As expected, CVS/pharmacy officially has introduced a new line of store-brand products called Just the Basics, which is comprised of household essentials. As previously reported, the retailer unveiled plans to launch the new line during its 2010 analyst day in October.

The new product line, exclusively available at CVS/pharmacy, is comprised of nearly 100 items, and there are plans to expand the line going forward.

Chesapeake, Va. -- Dollar Tree's fiscal fourth-quarter earnings rose 20.4% to $162.5 million amid rising sales and widening margins.

Net sales for the quarter, which ended Jan. 30, increased 10.7% to $1.73 billion . Same-store sales were up 3.9%.

The company's top-performing categories in the quarter included food, party supplies, health and beauty care, and housewares and home products.

Chain Store Age has launched the fourth edition of its New Product Digest, which is designed to provide retailers with the latest news regarding new products and services, and to help suppliers promote their companies while influencing buying decisions.
 
The companies featured in this volume include Federal Health Specialty Contracting, The Maintenance Company and DuctSox. Check out this month's edition.

On Feb. 17, Borders Group announced that it had retained Melville, N.Y.-based DJM Realty, a Gordon Bros. Group Co., to manage the disposition project of the 200 stores that would be shuttered as a result of the bookseller’s just-reported Chapter 11 bankruptcy filing.

Chain Store Age talked with Andy Graiser, co-president of DJM Realty, about the assignment, and how a better Borders might emerge from the process.

Tell me about the Borders assignment, including your timeline and strategy for disposition.

By Robert E. Walters, [email protected]

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.

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.

New York City -- Saks returned to profitability in its fiscal fourth quarter as the chain sold more items at full-price and used fewer promotions. The company reported net income of $25 million for the period ended Jan. 29, compared with a loss of $4.6 million a year earlier.

Revenue rose 7% to $866.3 million, topping Wall Street's estimate of $854.4 million. Same store sales were up 8.4%.

Fort Worth, Texas -- RadioShack Corp. on Tuesday said its fourth-quarter net income fell by 25%, which was toward the low end of the company's already reduced guidance.

The company reported net income of $57 million in the October to December period, down from $75.7 million a year ago.