The TJX Cos. Inc. reported income from continuing operations for the fourth quarter was $243 million, or 51 cents a share. That compares with $288.7 million, or 59 cents, a year ago. Sales increased 9% to $5.1 billion, and comparable store sales increased 5% over last year.
The fiscal 2007 fourth quarter included the one cent per share intrusion charge, and the fiscal 2006 fourth quarter included the benefit of one-time items totaling 14 cents per share detailed below. Excluding these items, adjusted diluted earnings per share from continuing operations were 52 cents in the fiscal 2007 fourth quarter, a 16% increase over the prior year's 45 cents per share.
Income from continuing operations for the 52-week fiscal year was $777 million, or $1.63 a share, compared with $690.4 million, or $1.41 a share, for the prior year. Fiscal 2007 earnings include a charge of one cents per share with respect to the recently announced unauthorized computer intrusion, while the prior year's earnings were impacted by the net benefit of one-time items, detailed below, of 12 cents per share. Excluding these items, adjusted diluted earnings per share from continuing operations for fiscal 2007 were unchanged at $1.63 versus $1.29 for the prior year, a 26% increase.
Sales were $17.4 billion, a 9% increase over last year, and consolidated comparable store sales increased 4%.
Carol Meyrowitz, president and CEO, stated,”We are pleased with our accomplishments over the past year, including the significant increases in sales and profitability we delivered. We reinvigorated the business, making our stores more exciting through increased off-price buying and more brands. We launched numerous merchandising and category initiatives to drive growth. We will continue to build upon these initiatives, as well as pursue new ones, in the upcoming year. Additionally, we took strategic steps to lower costs, reinvesting some of these savings in increased marketing and more effective advertising campaigns. As we enter 2007, I am excited by the momentum we have and all the opportunities across our businesses. With our go-forward management team, which combines the best of TJX experience and new talent, I am confident that we will drive profitable sales and achieve continued growth, through every-day execution of our off-price mission, merchandise initiatives, marketing strategies and expansion into new markets worldwide.”
