TJX boosts stockholders' dividend
Stockholders in Framingham-based TJX Cos. will see a 20-percent increase in dividends in two months as the parent of off-price retailers T.J. Maxx, HomeGoods and Marshalls continues to grow revenue and profits.
The company’s board of directors declared a regular quarterly dividend of 21 cents per share, which will be paid June 4 to shareholders of record as of May 14, TJX said in a statement.
In February, TJX reported net income of $648.2 million for its most recent quarter, which ended Jan. 31. That was up from $582.2 million a year earlier. Annual net income rose to $2.2 billion, up from $2.1 billion, while sales jumped 6 percent for both the quarter and the full year.
At the same time, TJX announced it planned to increase wages for employees at its U.S. stores, which also include Sierra Trading Post. The company said it plans to boost minimum wages for full- and part-time employees to at least $9 per hour beginning in June. Sometime during 2016, all hourly U.S. store associates who have been employed for at least six months will earn at least $10, TJX said.
In the statement announcing the dividend, CEO Carol Meyrowitz said TJX plans to continue to buy back $1.8 billion to $1.9 billion in stock during the current fiscal year.
“With our financial strength and strong cash flow, we remain committed to returning cash to shareholders while simultaneously investing in our business to support … near- and long-term growth,” she said. “These actions underscore our confidence in our ability to continue to generate superior financial returns and to deliver significant increases in sales, earnings, and cash flow.”
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