Business

Mass. Movers

TJX beats forecasts with a 14% profit gain

Shares of TJX Cos., based in Framingham, closed near a 52-week high.

Tim Boyle/Bloomberg/File 2011

Shares of TJX Cos., based in Framingham, closed near a 52-week high.

The parent company of T.J. Maxx and Marshalls saw quarterly net income rise 14 percent as shoppers flocked to its stores for discounted designer goods and other wares. TJX Cos. beat expectations and boosted its profit outlook for the year. TJX is one of just a few retailers to post strong results for the latest quarter. It earned $479.6 million, or 66 cents per share, up from $421.1 million, or 56 cents, a year earlier. Revenue rose 8 percent to $6.44 billion. For the year, TJX now expects profit of $2.74 to $2.80 per share; it previously forecast $2.70 to $2.78.

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