TJ Maxx 2009 Annual Report Download - page 12

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Bernard Cammarata
Chairman of the Board Carol Meyrowitz
President and
Chief Executive Ofcer
Respectfully,
In 2010, we plan to increase capital
spending to approximately $750 million,
which will support our plans for accelerated
annual store growth, as well as fund our
signicant investments to enhance our
stores and provide infrastructure for
future growth. Simultaneously, we plan to
increase the distribution of excess cash to
our shareholders. We expect to repurchase
$900 million to $1 billion of TJX stock in
2010. Further, we increased the per-share
dividend by 25% in April 2010. is increase
represents the 14th consecutive year we
have increased the dividend. ese actions
underscore our condence in our ability to
drive protable sales and distribute excess
cash to shareholders while simultaneously
reinvesting in the business and maintaining
our nancial exibility.
CONFIDENCE IN OUR NEAR-
AND LONG-TERM GLOBAL VISION
We continue to rmly believe in our vision as
a global, o-price/value Company. We start
2010 with very strong momentum and are
extremely well positioned to capitalize upon
the value-conscious mindset of consumers.
Our very broad customer appeal is widen-
ing even further in this environment. We are
reaching new customers through our eec-
tive marketing and investing in the shopping
experience to retain them. We remain focused
on running with leaner, faster-turning inven-
tories and controlling and levering costs to
drive protability. We have plentiful growth
opportunities and are condent that we
will continue to deliver growth with strong
nancial returns. Further, our “no walls” ap-
proach to communicating with one another is
enabling us to lever all aspects of our business
for the future and grow as a global Company.
We are excited about our growth prospects
for 2010 and believe that TJX has many more
great years to come!
We sincerely thank our 154,000 Associates
for their hard work, dedication and excellent
execution in 2009. We extend our gratitude
to our customers for their loyalty and patron-
age, and we also thank our fellow sharehold-
ers, vendors, and other business associates for
their ongoing support.
