TJX Cos. (NYSE: TJX) said it intends to increase the regular quarterly dividend on its common stock to be declared in April 2018 and payable in June 2018 to $.39 per share, subject to the approval of the Company’s Board of Directors. This increase would represent a 25% increase in the current per share dividend and mark the 22nd consecutive year that the Company has raised the dividend. Over this period of time, the Company’s dividend has grown at a compound annual rate of 23%.

The Company also announced today its plan to repurchase approximately $2.5 to $3.0 billion of TJX stock during the fiscal year ending February 2, 2019. With $1.1 billion remaining at Fiscal 2018 year end under the Company’s stock repurchase programs, the Company’s Board of Directors approved a new stock repurchase program that authorizes the repurchase of up to an additional $3.0 billion of TJX common stock from time to time. The new authorization represents approximately 6% of the Company’s outstanding shares at current prices. The new stock repurchase program marks the 19th program approved by the Board since 1997. Over this period, the Company has spent approximately $19.6 billion on the repurchase of TJX stock. During the fourth quarter, the Company spent a total of $405 million to repurchase TJX stock, retiring 5.4 million shares. In Fiscal 2018, the Company spent a total of $1.7 billion to repurchase TJX stock, retiring 22.3 million shares. Under the Company’s repurchase plans, share repurchases may be made from time to time in market or private transactions and may include derivative transactions. The repurchase program announced today has no time limit and may be suspended or discontinued at any time.

Ernie Herrman commented, “Our business continues to generate tremendous amounts of cash and excellent financial returns. In addition, with the recent changes in U.S. federal tax law, we expect a significant increase in cash flow. A substantial use of this cash is reflected in our plan to increase our regular quarterly dividend and share buyback program while simultaneously reinvesting in the business. This underscores our confidence in our ability to continue delivering strong, profitable sales and cash flow that enables us to both fund our continued growth and return value to our shareholders.”