TJX Companies posts drop in Q4 sales and profit

The TJX Companies, Inc. net sales for the fourth quarter were 10.9 billion dollars compared to 12.2 billion dollars in the fourth quarter last year, with overall open-only comp store sales down 3 percent versus last year. Net income for the fourth quarter was 326 million dollars and diluted earnings per share were 27 cents. The company said that the fourth quarter results were negatively impacted by the temporary closure of some of its stores due to the Covid-19 global pandemic. For fiscal 2021, net sales were 32.1 billion dollars compared to 41.7 billion dollars in fiscal 2020 and overall open-only comp store sales were down 4 percent versus last year. Net income was 90 million dollars and diluted earnings per share were 07 cents. Commenting on the results, Ernie Herrman, Chief Executive Officer and President of The TJX Companies stated: “ “In terms of the business results, I am very pleased that our fourth quarter open-only comp store sales were down only 3 percent, exceeding our plans. As we start the new fiscal year, while uncertainty around Covid-19 remains, we feel very good about the strength of the business and our market share opportunities beyond the health crisis.” For the fourth quarter, the company’s consolidated pretax profit margin was 4.6 percent, while for the full year, the company’s consolidated pretax profit margin was 0.3 percent. The company declared a quarterly dividend in the fourth quarter at an increased rate of 26 cents per share. This represented a 13 percent increase in the per share dividend compared to the company’s previous dividend paid in March 2020. TJX added that it expects to declare a dividend of 26 cents per share in the first quarter of fiscal 2022, subject to board approval.
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