Press release from Business Wire
The TJX Companies, Inc. Announces 25% Increase in Common Stock Dividend
Tuesday, April 06, 2010
The TJX Companies, Inc. Announces 25% Increase in Common Stock Dividend13:10 EDT Tuesday, April 06, 2010 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 declared a regular quarterly dividend in the amount of $.15 per share, representing a 25% increase in the per share amount from the last dividend paid. The dividend is payable June 3, 2010, to shareholders of record on May 13, 2010. Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc. stated, “I am pleased to report that our Board of Directors has approved this 25% increase in our quarterly dividend, which underscores our confidence in our business and marks the 14th consecutive year we have raised the dividend. In addition to the dividend increase, we continue to expect to repurchase between $900 million and $1 billion of TJX stock in 2010, in line with our plan. Our tremendous cash flow allows us to fund these significant shareholder distributions while simultaneously investing in the growth of our business. As announced earlier this year, we plan to fund an acceleration in our store growth given the high-return investment opportunities we have in the U.S., Canada and Europe. Even with the increased shareholder distribution and capital spending, we are maintaining significant financial flexibility and expect to end 2010 with well over $1 billion in cash.” The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 890 T.J. Maxx, 813 Marshalls, 323 HomeGoods, and 150 A.J. Wright stores in the United States. In Canada, the Company operates 208 Winners, 79 HomeSense, and 3 STYLESENSE stores, and in Europe, 269 T.K. Maxx and 14 HomeSense stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com. The Company routinely posts information that may be important to investors in the Investor Information section at www.tjx.com. The Company encourages investors to consult that section of its website regularly. 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; customer trends and preferences; market, geographic and category expansion; 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; oil 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.