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TJX Companies Reinstates Dividend with a 13% Hike

The TJX Companies Inc. (TJX) is the leading off-price apparel and home fashions retailer in the U.S. and around the world.

The company generated about 57% of its revenue from its Marmaxx segment that includes T.J. Maxx, Marshalls, and during the third quarter of FY2020. The remaining revenue came from HomeGoods (19%), TJX Canada (10%) and TJX International (14%) with the biggest revenue growth coming from the HomeGoods segment.

Rebounding From Lockdowns

After closing all of its stores in March 2020 and reopening in May 2020, TJX Companies had only about 500 stores temporarily closed due to local government mandates, primarily in Europe, as of November 30, 2020. The company also amended its credit agreements during the first quarter of 2021 to maintain compliance with covenants for at least one year.

Comparable sales at open-only stores fell by just five percent during the third quarter thanks to a 15% improvement in HomeGoods open-only comparable sales. Both top- and bottom-line financial results came in above consensus estimates while it continued to generate a strong cash flow that led it to reinstate its dividend for the quarter.

The company reinstated and raised its quarterly dividend by 13% to $0.26 per share, which represents a 1.5% forward yield. The dividend is payable on March 4, 2021 to shareholders on record as of February 11, 2021.

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