UPDATE 1-TJX raises quarterly dividend by 9 percent
* Quarterly dividend raised to 12 cents a share
* Operating cash flow cited as a reason
NEW YORK, April 7 (Reuters) - Off-price retailer TJX Cos Inc (TJX.N) raised its quarterly dividend by 9 percent to 12 cents a share on Tuesday.
Chief Executive Carol Meyrowitz said the move, which marks the 13th consecutive year that TJX has raised its dividend, was the result of "our substantial operating cash flows combined with our strong balance sheet."
The dividend is payable on June 4 to shareholders of record on May 14, the company said in a statement.
TJX, which operates the T.J. Maxx, Marshalls, A.J. Wright and HomeGoods stores, buys fashion brands at below-wholesale prices and sells them at up to 60 percent less than department stores and specialty retailers.
Those prices have attracted shoppers to its stores, but still some consumers have been careful about spending in recent months due to the recession.
(Reporting by Aarthi Sivaraman; Editing Bernard Orr)