Framingham retail powerhouse TJX Cos. kept up its discounting dominance in 2011 with soaring sales and big profits, making it the Globe 100’s top consumer company for the second year in a row.
Revenues at the off-price chain, which runs brands such as T.J. Maxx, Marshals, and HomeGoods, grew nearly 6 percent to $23.2 billion, and net income jumped more than 11 percent last year. TJX made significant gains in customer traffic, luring new and existing consumers with an ever-changing assortment of designer deals.
The company made significant investments in the future growth of the business while continuing to deliver on sales and earnings expectations, according to analysts. TJX shuttered its less profitable A.J. Wright chain and expanded its better performing brands. Wall Street embraced the discounter with record stock prices, and its market value grew 53 percent to $29.6 billion in 2011.
“I am extremely proud of our performance in 2011, which marked another great year for TJX and underscores the power of our flexible business model to perform in almost any kind of economic environment,” TJX’s chief executive Carol Meyrowitz said in a release earlier this year, when the company reported its full-year earnings. “I am optimistic about our near-term abilities and remain very confident in our long-term vision to grow TJX to a $40 billion company and beyond.”Jenn Abelson can be reached at firstname.lastname@example.org. Follow her on Twitter @jennabelson.