TJ Maxx 2015 Annual Report Download - page 12

$2.9 billion in cash from operations
and spent a total of $1.8 billion to
repurchase stock, retiring 26.5 million
shares, and we increased the per-share
dividend 20%.
We remain committed to maintaining our
very strong credit ratings and continuing our
dividend and share buyback programs. In March
2016, our Board of Directors approved a 24%
increase in the per-share dividend, which represents
the 20th consecutive year of dividend increases.
Over this period of time, the Company’s dividend
has risen at a compound annual rate of 23%. Further,
in 2016, we plan to continue our significant share
buyback program, with approximately $1.5 to $2.0
billion of repurchases planned for the year. All of
these actions underscore our confidence in our ability
to continue delivering strong, profitable sales and
cash flow, and generate superior financial returns.
2016 OUTLOOK AND LONG-TERM
STRATEGIC VISION
We could not be more excited about the future of TJX!
We have many initiatives under way to drive customer
traffic and sales and are continuing our investments
in talent and infrastructure to take advantage of our
tremendous global growth potential. The key strengths
that differentiate TJX from most other retailers give us
great confidence that our value proposition will work in
markets beyond our current footprint. In 2016, we are
planning our earnings per share to reflect a significant
negative impact from foreign currency, in addition to our
wage initiative that we announced in early 2015. While
we continue to plan annual comparable store sales
growth in the 1% to 2% range, as a management team,
we are passionate about surpassing our goals. Our
business is very strong, we see excellent opportunities
for our Company domestically and internationally, and
we are pursuing many growth initiatives in both the near
and long term. We are convinced that we will achieve
our goals and the next milestone of becoming a $40
billion-plus Company!
OUR GRATITUDE
In 2015, Bernard “Ben” Cammarata, the Founder of our
Company, decided to retire as Chairman of the Board
of TJX, a role in which he served since 1999. We are
delighted that Ben will remain with TJX in an advisory role
as Founder and Executive Advisor, and the Company will
continue to benefit from his expertise. Ben
has dedicated 40 years of his heart and soul
to our Company and helped grow
TJX from its infancy to the $30
billion-plus business we are today.
His passion for our business is
an inspiration, and the values upon
which he founded the Company
remain core to TJX. Ben founded
T.J. Maxx in 1976 and became
President and Chief Executive Officer of TJX in 1989.
He served in that position until 2000 and was also Acting
CEO from September 2005 to January 2007. He also
previously served as Chairman of The Marmaxx Group.
We are immensely grateful to Ben for the countless
contributions he has made to this Company, and we very
much look forward to continuing to work with him.
We would also like to express our sincere appreciation
to Nan Stutz, Senior Executive Vice President, Group
President, who decided to retire from TJX last year. In her
25-year tenure with TJX, Nan also served as President
of HomeGoods and in several senior merchant roles.
With her keen merchandising expertise and strategic
leadership, Nan was a great part of TJX’s success. We
would like to extend our deepest gratitude for her
dedication and commitment to our business and wish her
and her family our very best.
We sincerely appreciate the hard work and dedication
of our Associates across the globe. We are also very
grateful to our existing and new customers for their
patronage. Finally, we also thank our fellow share-
holders, vendors and other business associates for
their ongoing support.
Respectfully,
Carol Meyrowitz
EXECUTIVE CHAIRMAN
OF THE BOARD
Ernie Herrman
CHIEF EXECUTIVE OFFICER
AND PRESIDENT
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On a GAAP basis, Fiscal 2016 diluted EPS increased 6% over EPS of $3.15 in Fiscal 2015 which includes a Fiscal 2015 second quarter debt extinguishment charge of $.01.
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