The TJX Cos. Inc. has raised its quarterly dividend 20 percent, to 21 cents a share from 17.5 cents.
The increase will be payable June 4 to shareholders of record May 14.
Carol Meyrowitz, chief executive officer of the Framingham, Mass.-based off-price retailer, noted that this was the 19th consecutive year the company has raised its dividend, which has grown at a compound annual rate of 23 percent.
Details of the dividend increase are consistent with those outlined on Feb. 25, when TJX reported its fourth-quarter and full-year financial results. The company said at that time that it would repurchase approximately $1.8 billion to $1.9 billion of its own stock in the current fiscal year, between $100 million and $200 million more than was repurchased in 2014. With $1.3 billion remaining from its previous stock repurchase authorization, TJX’s board approved a new program authorizing the buyback of an additional $2 billion of its stock “from time to time.”
Meyrowitz commented, “With our financial strength and strong cash flow, we remain committed to returning cash to shareholders while simultaneously investing in our business to support the near- and long-term growth of TJX.”