TJX Cos. (NYSE: TJX), the operator of the Marshalls and TJ Maxx discount retail stores, said it will boost its quarterly dividend by 25% to 15 cents a share. The new dividend is payable on June 3rd to shareholders of record on May 13th. TJX has a noteworthy tradition of dividend increases as the latest boost represents the fourteenth consecutive year the company has raised its dividend.
One might expect TJX shares to have been serious laggards over the past year due to the weak economy that hammered many retailers, but the opposite is true. Marshalls and TJ Maxx stores are popular with consumers who crave brand-names at steep discounts. That theme has proven especially strong as shoppers have tightened their purse strings and TJX shares are up about 70% in the past year.
Based on Tuesday's closing price around $44.70, TJX shares would yield 1.3% when factoring in the new dividend. The higher dividend wasn't the only good news TJX announced on Tuesday. The company said it will repurchase between $900 million and $1 billion of its own shares this year.
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