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 27% from the last dividend paid. The Board declared a regular quarterly dividend in the amount of $.19 per share, payable June 2, 2011, to shareholders of record on May 12, 2011.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc. stated, “I am pleased to report that our Board of Directors has approved this 27% increase in our quarterly dividend, which reflects our confidence in the business and marks our 15th consecutive year of dividend increases. With this increase, our dividend has grown over the last five years by a compound annual rate of 22%. In addition, we continue to expect to repurchase $1.2 billion of TJX stock in 2011. Our tremendous cash flow affords us the financial flexibility to fund these significant shareholder distributions while simultaneously reinvesting in the business. As previously announced, we plan to increase capital spending in 2011 to support continued store growth and upgrades and investments in our supply chain and infrastructure. Even with the increases in shareholder distributions and capital spending, we expect to end the year with approximately $1.5 billion in cash, providing significant financial liquidity. These actions underscore our confidence in our ability to continue to deliver significant increases in sales, earnings and cash flow, to generate excellent financial returns, and to distribute excess cash to shareholders.”
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 923 T.J. Maxx, 830 Marshalls, and 336 HomeGoods stores in the United States, 212 Winners, 82 HomeSense, and 3 STYLESENSE stores in Canada, and 307 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s press releases and financial information are also available on the Internet at www.tjx.com.
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: global economies and credit and financial markets; foreign currency exchange rates; buying and inventory management; market, geographic and category expansion; customer trends and preferences; quarterly operating results; marketing, advertising and promotional programs; data security; seasonal influences; large size and scale; unseasonable weather; serious disruptions and catastrophic events; competition; personnel recruitment and retention; acquisitions and divestitures; information systems and technology; cash flows; consumer spending; merchandise quality and safety; merchandise importing; international operations; commodity prices; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation and proceedings; real estate leasing; market expectations; tax matters 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.