Off-pricer TJX Cos. Inc. said on Monday that its board approved a new stock repurchase program of up to $1 billion of TJX common stock, or 7.5 percent of the company's outstanding common shares, at current prices.
The program is in addition to the $486 million remaining under the retailer's existing $1 billion authorization from February 2007. So far, the company has spent $5.8 billion on the repurchase of stock for 342 million shares since 1997.
Carol Meyrowitz, president and chief executive officer of the retailer, stated that the "new authorization reflects our continued confidence in the strength of our business. Our strong operations continue to achieve solid returns on investment, which allows us to reinvest in the company's growth while simultaneously pursuing our buyback program."
The retailer operates 853 T.J. Maxx, 778 Marshalls, 289 HomeGoods and 131 A.J. Wright stores, as well as 34 Bob's Stores, in the United States.
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