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TJX Fourth-Quarter Profit Down 29% on Store Closings

TJX, the discount store operator, said fiscal fourth-quarter net income fell 29%, weighed by a charge from closing A.J. Wright Stores.

Earnings for the quarter ended Jan. 27 totaled $205.5 million, or 43 cents a share, from $288.7 million, or 60 cents a share, during the same period a year before.

Results from the latest quarter include a charge of a penny per share from a computer security breach and an 8 cents per share charge related to closing 34 A.J. Wright Stores. Excluding those charges, earnings were 52 cents per share.

Analysts polled by Thomson Financial expected net income of 50 cents per share.

Revenue rose 9% to $5.1 billion from $4.68 billion. Analysts predicted revenue of $5.09 billion.

Same-store sales, or sales in stores open at least one year, grew 5% companywide, and 2% at the company's T.J. Maxx and Marshalls stores combined. Same-store sales are considered a key measure of a retailer's health.

For the year, net income grew 7% to $738 million, or $1.55 a share, from $690.4 million, or 24 cents a share, the year before.

Revenue grew 9% to $17.4 billion, from $15.96 billion.

Same-store sales grew 4% for the year. At T.J. Maxx stores and Marshalls stores combined, same-store sales grew 2%.

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