• Full-year net income increased 11.3% to $1.4bn
  • Sales rose 6% to $23.2bn.
  • Fourth-quarter net income increased 42.1% to $475.3m
  • Sales rose 6% to $6.7bn

Off-price retailer The TJX Companies Inc has reported a jump in full-year and fourth-quarter profit thanks to strong sales, and announced plans to build its e-commerce operations in the year ahead.

The comapny said that for the full-year ended 28 January, net income rose 11.3% to US$1.4bn as sales increased 6% to $23.2bn. Comparable-store sales increased 4%.

Over the fourth-quarter, profit jumped 42.1% to $475.3m on the back of a 6% sales increase to $6.7bn.

"I am extremely proud of our performance in 2011, which marked another great year for TJX and underscores the power of our flexible business model to perform in almost any kind of economic environment," said TJX Companies CEO Carol Meyrowitz.

"Above all, we delivered extraordinary values on ever-changing assortments of current fashions and brands to consumers, and ended the year with significant gains in customer traffic.

"We enter a new fiscal year with considerable momentum in our business and are off to a very strong start in 2012. With favorable weather patterns in February, comp store sales are trending toward a 7% increase for the month."

In fiscal 2013, the Meyrowitz said the company plans to invest in its supply chain and infrastructure, new stores, store remodels and building an e-commerce business.

It is forecasting full-year earnings per share in the range of $221-2.31 against $1.93 earned in fiscal 2012. The outlook is based on comparable-store sales growth of 1-2%.