UPDATE: TJX 4Q Profit Rises 42%; Co Plans Online Sales Push

TJX Cos.' (TJX) fiscal fourth-quarter earnings rose 42% as the discount retailer's bargain-conscious shoppers continued to drive sales growth and the company said it would make a major push into online selling.

TJX, a late arrival to online retail in the U.S., plans to work hard to become a significant force in the space, Chief Executive Carol Meyrowitz said on a call with investors.

"E-commerce is a major opportunity for TJX," Meyrowitz said. "We plan to offer outrageous value."

Meyrowitz said the company would offer detail as plans are more fully developed.

Meanwhile, conditions coming into the new year remain positive, with comparable-store sales trending toward a 7% increase this month, aided by favorable weather, Meyrowitz said. "Inventories are lean as we begin the year, which positions us very well to flow fresh spring merchandise to our stores."

TJX -- the parent of T.J. Maxx, HomeGoods and Marshalls -- has continued to appeal to budget-minded consumers amid renewed concerns about the economy.

For the quarter ended Jan. 28, TJX reported a profit of $475.3 million, or 62 cents a share, up from $334.4 million, or 42 cents a share, a year earlier. The year-earlier period included 11 cents in charges related to the closing of its A.J. Wright business. The latest results reflect the company's recent two-for-one stock split.

Revenue increased 6% to $6.71 billion. Analysts polled by Thomson Reuters most recently expected earnings of 62 cents a share and revenue of $6.73 billion.

Gross margin widened to 27.2% from 26.3%.

The company recently reported that same-store sales rose 7%, including 6% at its domestic Marmaxx unit and 10% at its U.S. HomeGoods division.

For the new fiscal year, the company projected per-share earnings of $2.21 to $2.31, while analysts forecast $2.27.

For the current quarter, the company projected per-share earnings of 45 cents to 47 cents. Analysts recently forecast 46 cents.

In tandem with the earnings report, TJX said its board authorized the repurchase of up to an additional $2 billion of stock. The retailer's current buyback program has about $225 million remaining. For the current fiscal year, it aims to repurchase $1.2 billion to $1.3 billion of its stock.

TJX also plans to raise its quarterly dividend 21% to 11.5 cents a share. The move requires board approval.

Shares were recently off 1.2% to $24.78. Through Tuesday's close, the stock is up 42% in the past year.

-By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com

(Tess Stynes contributed to this article.)

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