FRAMINGHAM, Mass.--(BUSINESS WIRE)--The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, today announced that its Board of Directors has raised the amount of its quarterly dividend by 25% from the last dividend paid. The Board declared a regular quarterly dividend in the amount of $.39 per share, payable June 7, 2018, to shareholders of record on May 17, 2018.
Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am pleased to report that our Board of Directors has approved a 25% increase in our quarterly dividend. This marks our 22nd consecutive year of dividend increases. Over this period, the Company’s dividend has grown at a compound annual rate of 23%. In addition, we plan to increase our share buyback program, with approximately $2.5 to $3.0 billion of repurchases planned for Fiscal 2019. TJX continues to generate tremendous amounts of cash and excellent financial returns. Further, we are expecting a substantial cash benefit as a result of the recent changes in U.S. federal tax law, which is reflected in our plan to significantly increase our dividend and share buyback programs. These actions underscore our confidence in our ability to continue delivering profitable sales and strong cash flow that enables us to simultaneously reinvest in the growth of the business and return value to our shareholders.”
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. As of February 3, 2018, the end of the Company’s fiscal year, the Company operated a total of 4,070 stores in nine countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and three e-commerce sites. These include 1,223 T.J. Maxx, 1,062 Marshalls, 667 HomeGoods, 27 Sierra Trading Post, and 4 Homesense stores, as well as tjmaxx.com and sierratradingpost.com in the United States; 264 Winners, 117 HomeSense, and 73 Marshalls stores in Canada; 540 T.K. Maxx and 55 Homesense stores, as well as tkmaxx.com, in Europe; and 38 T.K. Maxx stores in Australia. TJX’s press releases and financial information are available at tjx.com.
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: execution of buying strategy and inventory management; operational and business expansion and management of large size and scale; customer trends and preferences; various marketing efforts; competition; personnel recruitment, training and retention; labor costs and workforce challenges; data security; information systems and new technology; economic conditions and consumer spending; adverse or unseasonable weather; serious disruptions or catastrophic events; disruptions in the second half of the fiscal year; corporate and retail banner reputation; quality, safety and other issues with merchandise; expanding international operations; merchandise importing; commodity availability and pricing; fluctuations in currency exchange rates; fluctuations in quarterly operating results and market expectations; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; compliance with laws, regulations and orders and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; tax matters; real estate activities; cash flow and other factors that may be described in our filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized.