Discount apparel giant TJX Cos. of Framingham announced today that it plans to buy back up to $1 billion of TJX common stock.
At current prices, the company said, the total buy back would represent approximately 7.5 percent of the company’s outstanding common shares.
Last February, the company authorized a similar billion-dollar buyback program. There is currently $486 million remaining under the existing authorization, the company said, which is expected to be completed in the current fiscal year.
The most recent authorization marks the ninth time since 1997 that the board of directors has approved such a program, and represents $5.8 billion and 342 million shares.
