TJX profit drops on store closing costs

Framingham, Mass. -- TJX Cos. reported a 15% drop in fourth-quarter earnings, dragged down by costs to close its A.J. Wright store division. The company also plans to repurchase $1.2 billion of its stock this fiscal year and raise its dividend. The retailer earned $334.4 million in the three months ended Jan. 29, compared with $394.9 million in the same period last year. Revenue rose 6.5% to $6.33 billion. Same-store sales were up 2% over the prior year’s strong 12% increase. In 2011, TJX plans to increase capital spending to the $800 million to $825 million range to support