US: Off-price focus boosts TJX FY results
Off-price retailer TJX has reported sales and income growth for the full financial year 2006, boosted by "improved execution and a renewed focus on off-price discipline".
Full-year net sales were US$16.1bn, an 8% increase over last year. Same-store sales increased 2%. Net income for the 52-week financial year was $690m compared to $664.1m last year
Fourth-quarter sales rose 9% to $4.7bn, the company said, as same-store sales edged up 3%. Net income was $289m compared to $176.9m a year ago.
Chairman and acting chief executive Ben Cammarata said: "…we brought 2005 to a very strong finish, with fourth-quarter earnings results that significantly exceeded our expectations.
"The fourth-quarter comparable store sales increase of 3% was achieved on top of a healthy increase last year, with merchandise margins that improved over the prior year despite a challenging competitive environment."
He said the company had been "maintaining liquid inventories, making the right buys, and flowing great product at great values" throughout the fourth quarter.
"Additionally, we were effective in our marketing and managed expenses well," Cammarata added.
TJX sells discounted apparel and home fashions in the US and worldwide through the TJ Maxx, Marshalls, Homegoods, AJ Wright, Bob's Stores, Winners, HomeSense and TK Maxx stores.
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