Home Builder Toll Bros. Reports Surge in Profit

Toll Bros. Inc. said its profit more than doubled in its latest quarter on continued strong demand and backlog for the company’s luxury homes.

The Horsham, Pa.-based company said net income rose to $110.2 million, or $1.33 a share, for the fiscal first quarter ended Jan. 31. That’s up from the previous year’s $50.1 million, or 62 cents a share. Revenue rose 67% to $999.1 million.

Analysts were looking for earnings of about $1.15 a share, according to a Thomson First Call survey.

The company said demand for luxury homes continued to outpace supply.

Shares of Toll Bros. rose $3.21 to $84.25 on the NYSE.

From Associated Press

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* TJX Cos., owner of T.J. Maxx and Marshalls stores, said fourth-quarter earnings fell 26% because of expenses related to accounting changes. Net income fell to $176.9 million, or 35 cents a share, from $238.7 million, or 46 cents, a year earlier. Sales rose 5.4% to $4.33 billion.

* Cablevision Systems Corp. posted a wider loss on costs from exiting its money-losing Rainbow DBS satellite business. The fourth-quarter net loss expanded to $305.8 million, or $1.06 a share, from $197.3 million, or 69 cents, a year earlier. Sales rose 11% to $1.36 billion.

* Safeway Inc. of Pleasanton, Calif., said it would record a $6.5-million charge against fourth-quarter results to correct lease accounting.

* Pacific Sunwear of California Inc. said it would correct its accounting for leases, a move expected to reduce net income by $1 million, $300,000 and $600,000 for fiscal years 2005, 2004 and 2003, respectively. The Anaheim company said the changes would also affect several balance sheet accounts, including increasing the amount of property and equipment as of last month by $67.7 million.