The TJX Companies (TJX) will hike its dividend by 13.5 percent to 29.5 cents quarterly in 2022. Last year the off-price retailer reinstated its quarterly dividend with a $0.26 per share quarterly dividend in Q1 of 2021. Earlier TJX had suspended its quarterly dividend because of the COVID-19 pandemic. The suspension ended 24 consecutive years of dividend increases by TJX.

The TJX Board declared a regular quarterly dividend in the amount of $.295 per share, payable June 2, 2022, to shareholders of record on May 12, 2022. A new annual dividend rate of $1.18 per share yields 1.9% at a stock price of $60.58.

Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, “I am pleased to report that our Board of Directors has approved a 13% increase in our quarterly dividend. This marks our 25th dividend increase over the last 26 years. Over this period, the Company’s dividend has grown at a compound annual rate of 21%. In addition, we plan to continue our significant share buyback program, with approximately $2.25 to $2.50 billion of repurchases planned for Fiscal 2023. These actions underscore our confidence in our ability to continue delivering profitable sales and strong cash flow, which enables us to simultaneously reinvest in the growth of the business and return significant value to our shareholders.”

The TJX Companies, Inc. is an off-price retailer of apparel and home fashions with stores in the United States and across the world. TJX operates through four segments: Marmaxx, HomeGoods, TJX Canada and TJX International. T.J. Maxx and Marshalls chains in the United States (Marmaxx) are collectively the off-price retailer in the United States, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands, and Australia, and four e-commerce sites. The company suspended its dividend in 2020 because of the covid-19 pandemic and restarted paying a dividend again in 2021.