RTTNews | Feb 24, 2021 07:57AM EST

07:56 Wednesday, February 24, 2021 (RTTNews.com) - Off-price retailer TJX Companies, Inc. (TJX) reported Wednesday that profit for the fourth quarter plunged from last year. Both earnings per share and sales for the quarter also missed analysts' expectations.

TJX's net income for the quarter plunged to $325.52 million or $0.27 per share from $984.79 million or $0.81 per share in the prior-year quarter.

The results for the latest quarter include a debt extinguishment charge of $0.18 per share and a higher tax rate negative impact $0.05 per share.

On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased to $10.94 billion from $12.21 billion in the same quarter last year and missed analysts' consensus revenue estimate of $11.48 billion. Overall open-only comp store sales decreased 3 percent.

The Company's results for the fourth quarter were negatively impacted by the temporary closure of some of its stores due to the COVID-19 global pandemic.

Additionally, the company declared a 13 percent higher quarterly dividend of $0.26 per share for the fourth quarter of fiscal 2021. The company also expects to declare a dividend of $0.26 per share for the first quarter of fiscal 2022, subject to Board approval.

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