TJX Companies, Inc. Reinstates Share Buyback Program, Announces Quarterly Common Stock Dividend, and Updates Second Quarter Fiscal 22 Sales Trends
FRAMINGHAM, Mass .– (COMMERCIAL THREAD) – The TJX Companies, Inc. (NYSE: TJX) today announced that its board of directors has reinstated its share buyback program. The Company plans to repurchase approximately $ 1.0 billion to $ 1.25 billion of shares of TJX during the fiscal year ending Jan. 29, 2022, and it currently has approximately $ 3.0 billion remaining in the business. as part of its existing share buyback programs. TJX also announced the declaration of a quarterly dividend on its common shares of $ 0.26 per share payable on September 2, 2021 to shareholders of record on August 12, 2021. In addition, to this day, the Company continues to see the second quarter broadly open – only in-store sales trends similar to Q1.
Ernie Herrman, CEO and President of The TJX Companies, Inc., said, “We are pleased to announce the reinstatement of our important share buyback program as well as the declaration of our quarterly dividend. We are also delighted to see continued momentum in our business, with overall sales trends for model stores open only in the second quarter remaining similar to the first quarter. Throughout the global pandemic, we have remained focused on ensuring the financial stability of the company in order to emerge from the health crisis in a position of strength for our associates, customers, shareholders and other business partners. The actions we announced today demonstrate our confidence in our company and our prospects for successful long-term growth. We see many opportunities to gain additional market share in the future, and with our very strong balance sheet and ability to generate cash flow, we are very happy to be able to invest significantly again. in our business and deliver substantial liquidity to our shareholders. ”
About TJX Companies, Inc.
The TJX Companies, Inc. is the leading low-cost home fashion and apparel retailer in the United States and globally. As of May 1, 2021, the end of the Company’s first quarter, the Company operated a total of 4,639 stores in nine countries, in the United States, Canada, United Kingdom, Ireland, Germany, Poland, in Austria, the Netherlands and Australia. , and four e-commerce sites. These include 1,282 TJ Maxx, 1,147 Marshalls, 843 HomeGoods, 52 Sierra and 39 Homesense stores, as well as tjmaxx.com, marshalls.com and sierra.com, in the United States; 284 Winners stores, 143 HomeSense and 103 Marshalls stores in Canada; 604 TK Maxx and 78 Homesense stores, as well as tkmaxx.com, in Europe; and 64 TK Maxx stores in Australia. TJX press releases and financial information are available at TJX.com.
Important website information
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this press release are forward-looking and involve a number of risks and uncertainties. All statements that deal with 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 forward-looking statements: the ongoing COVID-19 pandemic and associated containment and remediation efforts; execution of the purchasing strategy and inventory management; various marketing efforts; customer trends and preferences; competition; operational and commercial expansion; large size and scale management; supply and transport of goods; labor costs and labor challenges; recruitment, training and retention of staff; data security and maintenance and development of computer systems; corporate and retail banner reputation; cash flow; expansion of international operations; fluctuations in quarterly operating results and market expectations; mergers, acquisitions or investments and disposals of companies, closings or consolidations of companies; real estate activities; loss of inventory or assets; economic conditions and consumer spending; market instability; serious disruptions or catastrophic events; disproportionate impact of the disruptions in the second half of the year; availability and prices of commodities; adverse or unusual weather conditions for the season; fluctuations in exchange rates; compliance with laws, regulations and ordinances and changes in applicable laws, regulations and accounting standards; the results of litigation, legal proceedings and other legal or regulatory matters; quality, safety and other issues with our goods; 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 clearly indicate that the projected results expressed or implied in such statements will not be achieved.