TJX's profits halved by data-breach costs |
| San Diego Union Tribune - Aug 15, 2007 |
TJX Cos. said yesterday that second-quarter earnings were cut by more than half as the discount store operator recorded a $118 million charge because of costs from a massive breach of customer data, mostly to build up a reserve to cover estimated future expenses.
The owner of about 2,500 stores, including T.J. Maxx and Marshalls, also expects to record future breach-related charges of an additional $21 million – costs that analysts said are easily manageable for a company posting strong sales despite the data theft and tough times for retailers.
TJX reported net income of $59 million for the May-July period, or 13 cents per share, down from $138.2 million, or 29 cents per share, in the same period a year ago. Sales rose 9 percent to $4.31 billion. Sales at stores open at least a year rose 5 percent.
Read Full Article from San Diego Union Tribune
- Posted: 2007-08-15 09:55:19
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