TJX Earnings Down In Q1
Framingham-based TJX Cos. Inc. reported net income today of $265.9 million for the first quarter of 2011, a 19.7-percent drop from the $331.4-million the company earned over the same period a year ago.
Net sales for the discount clothing and home goods retailer were $5.2 billion in the first quarter, up from $5 billion during the same quarter last year.
The company said it repurchased 7.1 million shares of its common stock during the first quarter at a cost of $361 million.
The company also said that it incurred $69 million in costs during the first quarter from closing 38 stores and the converting 90 A.J. Wright stores to other banners. TJX announced last year that it would consolidate its underperforming A.J. Wright stores.
The company's stock was trading at $52.44 per share this morning, down about 3 percent since the earnings announcement.
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