Discount Retailer TJX Increases Dividend For 13th Consecutive Year

Discount retailer TJX (TJX: 34.57 +0.44%), operator of TJ Maxx and Marshalls stores, has raised its quarterly dividend by 9% to $.12 per share.

The increased quarterly dividend pushes the current dividend yield from 1.7% to 1.9%.

Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies, Inc. stated, “I am pleased to report that our Board of Directors has authorized an increase in our dividend, which reflects our continued confidence in the Company’s financial strength and our business. This marks the 13th consecutive year that we have raised the dividend. Even in a difficult economic environment, our substantial operating cash flows combined with our strong balance sheet allow us to return value to our shareholders while also maintaining significant financial flexibility.”

The dividend is payable on June 4, 2009 to shareholders of record as of May 14, 2009.

TJX’s stock is up 25% since the beginning of the year, easily outperforming the 10% decline in the S&P 500.

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