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TJX to suspend buybacks, evaluate dividend and close its stores
TJX Companies , the parent of T.J. Maxx, Marshalls and HomeGoods store chains, said Thursday it was suspending its stock repurchase program, evaluating its dividend program and cutting capital expenditures as it looks to maintain financial liquidity and flexibility given uncertainties related to the COVID-19 pandemic. The company's current dividend yield was 2.25%, compared with the implied yield for the S&P 500 of 2.52%. The retailer said it was also drawing down $1 billion from its credit facilities, and withdrawing its financial guidance. And starting Thursday, TJX said it is closing all of its stores in the U.S., Canada, Europe and Australia for two weeks, and temporarily closing its distribution centers and offices. The company said it plans to pay its store, distribution center and office employees for two weeks during the closures. The stock was little changed in midday trading, erasing an earlier gain of as much as 3.7%. Over the past month, the stock has slid 36.0%, while the SPDR S&P Retail ETF has declined 34.4% and the Dow Jones Industrial Average has lost 31.3%.
https://finance.yahoo.com/m/a053d37...76b14/tjx-to-suspend-buybacks,.html?.tsrc=rss
TJX Companies , the parent of T.J. Maxx, Marshalls and HomeGoods store chains, said Thursday it was suspending its stock repurchase program, evaluating its dividend program and cutting capital expenditures as it looks to maintain financial liquidity and flexibility given uncertainties related to the COVID-19 pandemic. The company's current dividend yield was 2.25%, compared with the implied yield for the S&P 500 of 2.52%. The retailer said it was also drawing down $1 billion from its credit facilities, and withdrawing its financial guidance. And starting Thursday, TJX said it is closing all of its stores in the U.S., Canada, Europe and Australia for two weeks, and temporarily closing its distribution centers and offices. The company said it plans to pay its store, distribution center and office employees for two weeks during the closures. The stock was little changed in midday trading, erasing an earlier gain of as much as 3.7%. Over the past month, the stock has slid 36.0%, while the SPDR S&P Retail ETF has declined 34.4% and the Dow Jones Industrial Average has lost 31.3%.
https://finance.yahoo.com/m/a053d37...76b14/tjx-to-suspend-buybacks,.html?.tsrc=rss
