by Brian Lipton

TJXMassachusetts-based off-price retailer The TJX Companies, Inc. has announced that its Board of Directors has raised the amount of its quarterly dividend by 24% from the last dividend paid. In addition, the company announced it will continue share buyback program, with approximately $1.5 to $2.0 billion of repurchases planned for Fiscal 2017.

The Board declared a regular quarterly dividend in the amount of $0.26 per share to be payable June 2, 2016, to shareholders of record on May 12, 2016.

“I am very pleased to report that our Board of Directors has approved a 24% increase in our quarterly dividend.,” said Erin Herman, the company’s CEO. “This marks our 20th consecutive year of dividend increases. Over these two decades, the company’s dividend has grown at a compound annual rate of 23%. With our tremendous cash flow and excellent financial returns, we remain committed to returning cash to shareholders while simultaneously reinvesting in the business to support our near- and long-term growth goals. All of these actions speak to our confidence in continuing to deliver strong, profitable sales and cash flow.”