Summary Box: TJX amps up expansion as new customers flock to T.J. Maxx and Marshalls
By APWednesday, February 24, 2010
Summary Box: TJX posts strong 4Q results
PROFIT SOARS: TJX Cos., which owns T.J. Maxx and Marshalls, saw its fourth-quarter profit climb 58 percent, as bargain-hunting shoppers snatched up deeply discounted goods at its stores.
WHAT’S BEHIND THE BOOST: TJX executives credit the recession with boosting their business and bring new customers into stores. They also expect those new shoppers will stick around after the economy gets better.
WHAT’S NEXT: Thanks to new customers, TJX says it thinks it will ultimately be able to double the size of the company. It plans to open 130 new stores this year, up from the 90 in 2009.
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