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TJX net drops 20% on unit closings

TJX said revenue at its businesses increased 4 percent to $5.22 billion. TJX said revenue at its businesses increased 4 percent to $5.22 billion. (Stephan Savoia/ AP/ File/ 2008)
Associated Press / May 18, 2011

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FRAMINGHAM — Closing all its A.J. Wright stores and reopening many as TJMaxx, Marshalls, or HomeGoods stores pulled TJX Cos.’ first-quarter net income down 20 percent.

But customer traffic improved overall as shoppers still sought bargains, the company said yesterday. TJX has prospered in the weak economy with designer clothing at steep discounts.

The discounter said it earned $266 million, or 67 cents per share, for the period ended April 30. That’s down from $331.4 million, or 80 cents per share, a year earlier.

TJX said quarterly adjusted earnings dropped to 78 cents per share from 80 cents per share. Analysts on average expected 80 cents, according to FactSet.

Revenue increased 4 percent to $5.22 billion, surpassing Wall Street’s average forecast for $5.14 billion.

TJX raised the low end of its full-year earnings forecast. Chief executive Carol Meyrowitz said the company did better than could have been expected, given harsh winter during the first quarter across much of the United States and Canada.

The company now expects adjusted earnings of $3.81 to $3.83 per share for the year and 81 cents to 86 cents per share for the current quarter.

The company said its revenue at stores open at least a year rose 2 percent overall.