• Q4 net profit up 57% to US$395m
  • Q4 net sales up 10% to $5.9bn
  • Plans $750m of capital spending in year ahead

Cut-price retail group The TJX Companies is planning to accelerate its store opening programme in the coming months after posting a fourth quarter profit of US$395m, up 57% on last year.

The result for the three months to 30 January closed a strong year for the owner of TK Maxx and Marshalls, with full-year net profit up 31% to $1.2bn.

Fourth quarter net sales were up 10% to $5.9bn, with comparable store sales rising 12%.

Meanwhile, full-year net sales increased 7% to $20.3bn, and comps were up 6%.

All of the company’s divisions recorded fourth quarter and full-year rises in net sales and comps, including its businesses in Canada and Europe.

TJX president and CEO Carol Meyrowitz said the growth had been driven by “a large increase in transactions as we attracted new customers from all income levels”.

She added: “We aggressively managed our inventories which, combined with cost reduction programmes, helped fuel strong increases in profitability.

“Additionally, we took advantage of opportunities the environment presented, opening more new stores than planned and thousands of new vendor doors.”

The company now plans to increase capital spending to about $750m in fiscal 2011, accelerating annual square footage growth from 3% in 2009 to 5% in 2010.

It expects full-year earnings per diluted share of $3.06-3.20, based on comps growth of 1-2%; and first quarter eps in the range of $0.60-0.65, based on comps growth of 3-5%.

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