By Allison Prang

TJX Cos. on Wednesday reported a decline in fourth-quarter profit, but said that customer traffic led to an increase in comparable-store sales.

The parent company of HomeGoods, Marshalls and T.J. Maxx stores reported net income of $841.5 million, down 4.1% from the comparable quarter a year prior. The company said earnings were 68 cents a share, down from 69 cents a share. Analysts polled by Refinitiv were expecting 68 cents a share.

The company's provision for income taxes increased 43%.

Net sales rose 1.5% to $11.13 billion. Analysts were expecting $11 billion. Sales climbed in the U.S. but fell in international divisions.

Comparable-store sales rose 6%. Analysts polled by Consensus Metrix were expecting an increase of 3.5%. The company said customer traffic drove the increase.

The company also said it was going to increase its dividend to 23 cents from 19.5 cents. TJX also said it is going to buy back between about $1.75 billion and $2.25 billion of its shares during this fiscal year.

Shares rose 2.3% premarket.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

February 27, 2019 09:29 ET (14:29 GMT)

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