TJX’s Net Income Falls 4.1% on Markdowns

TJX Cos., owner of T.J. Maxx and Marshalls stores, said second-quarter net income fell 4.1% as the company took bigger markdowns to clear inventories of men’s clothing and home furnishings.

Net income fell to $118.2 million from $123.3 million a year earlier, the Framingham, Mass.-based company said. Net income per share was unchanged at 24 cents. Sales rose 12% to $3.4 billion, boosted by higher sales of women’s fashions, jewelry and accessories.

Shares of TJX fell 35 cents to $21.70 on the NYSE.