August 14, 2007
TJX reports income dive, cost of breach
By Matthew L. Brown
TJX Cos., the Framingham-based discount retailer, reported second-quarter net income of $59 million compared to $138 million for the same quarter a year ago.
The company reported net sales of $4.3 billion, a 9 percent increase over the same period a year ago.
The company said it expects to pay out $130 million related to the early 2007 "computer intrusion" that resulted in the widespread loss of customer personal credit card information.
The company said the $130 million would include a $118 million after-tax cash charge and future non-cash charges of $21 million the company expects to pay in 2009. The company said the charges should cover losses, litigation, legal proceedings, investigations and other expenses.
The company reported net sales of $4.3 billion, a 9 percent increase over the same period a year ago.
The company said it expects to pay out $130 million related to the early 2007 "computer intrusion" that resulted in the widespread loss of customer personal credit card information.
The company said the $130 million would include a $118 million after-tax cash charge and future non-cash charges of $21 million the company expects to pay in 2009. The company said the charges should cover losses, litigation, legal proceedings, investigations and other expenses.
WBJ Web Partners
Most Recent
Most Recent
0 Comments