TJX raises quarterly dividend

FRAMINGHAM, Mass. — TJX's board of directors has raised the company's quarterly dividend by 21% from the last dividend paid. The board declared a regular quarterly dividend in the amount of 11.5 cents per share, payable May 31 to shareholders of record on May 10.

Carol Meyrowitz, CEO of TJX stated, “I am pleased to report that our board of directors has approved this 21% increase in our quarterly dividend, which marks the 16th consecutive year in which we have raised the dividend. Over this period, the company’s dividend has grown at a compound annual rate of 23%. In addition, we continue to expect to repurchase approximately $1.2 billion to $1.3 billion of TJX stock this year. Our flexible business model enables us to generate tremendous cash flow, which allows us to fund these shareholder distributions while also investing for future growth. These actions, in addition to the two-for-one stock split earlier this year, reflect our confidence in our ability to continue to drive significant increases in sales, earnings and cash flow, and deliver superior financial returns.”

For its most recent quarter, TJX reported that profit rose 42% to $475.3 million, from $334.4 million a year earlier. For the quarter, sales rose 6% to $6.7 billion. Same-store sales increased 7%.