The economic downturn of 2009 proved to be beneficial to The TJX Companies as the group that includes Marshall’s and Home Goods reported solid sales growth for the quarter and fiscal year ended January 30.
Net sales for the 52-week fiscal year were $20.3 billion, a 7% increase over the 53-week fiscal period last year. Consolidated comparable store sales increased 6% on a 52-week comparable basis. Net income from continuing operations for the 52-week fiscal year was $1.2 billion.
For the 13-week fourth quarter, net sales were $5.9 billion, a 10% increase over the 14-week prior-year period. Consolidated comparable store sales increased 12% over the prior year on a 13-week comparable basis. Net income from continuing operations was $395 million.
“In 2009, one of the worst economic periods that the U.S., Canada, and Europe have seen, TJX generated superior earnings growth, with every division delivering top- and bottom-line results well above plan,” said Carol Meyrowitz, president and CEO of TJX. “Sales growth was driven by a large increase in transactions as we attracted new customers from all income levels with our compelling values. We aggressively managed our inventories, which combined with cost reduction programs, helped fuel strong increases in profitability.”
She added that in 2009, the company took advantage of opportunities the economic environment presented and opened a greater number of new stores than originally planned as well as opening relationships with new vendors.
“We believe value will remain key for consumers and are making significant investments in our stores to enhance the shopping experience for our customers,” Meyrowitz said. “Our core businesses and growth vehicles are performing well, and we have enormous store growth potential. We begin a new year with tremendous momentum and great confidence in our ability to continue to grow our business profitably in the future.”