TJX announces $1B stock repurchase plan
The TJX Companies in Framingham have unveiled plans for a $1 billion stock repurchasing program, aimed at showing continued confidence in its business and delivering value to shareholders, said recently-appointed CEO Carol Meyrowitz.
At current prices, the repurchasing plan represents approximately 7.5 percent of the company's outstanding common shares. This latest authorization is in addition to the $436 million remaining under the company's existing $1 billion authorization, which was authorized in October of 2005. TJX expects to complete this prior authorization within the current fiscal year. The company has spent a total of $4.8 billion on the repurchase of TJX stock throughout this period, representing 309 million shares.
"TJX's operations continue to generate strong returns on invested capital," said Meyrowitz. "Repurchasing TJX stock produces solid returns on our capital and allows us to provide significant value to our shareholders."
TJX is an off-price retailer of apparel and home fashions, and operates T.J. Maxx, Marshalls, HomeGoods, and A.J. Wright stores throughout the U.S.
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