TJX profits fall

FRAMINGHAM — TJX Cos. reported a 5 percent drop in first quarter profits, noting
that it cut prices after shoppers at its T.J. Maxx and Marshalls clothing stores
bought less during harsh weather. Net income fell to $123.7 million in the quarter
ended April 28, from $130.6 million a year earlier, the company said. Sales rose
8 percent to $2.3 billion, from $2.1 billion. Harsh weather in the U.S. and Canada
in February and March kept shoppers out of TJX’s stores, the company said, causing
sales to grow less than expected. The company cut prices, which led to lower profit,
officials said in a statement.