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TJX BoD approves a new stock repurchase program
05 Feb '08
2 min read
The TJX Companies Inc, the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, announced that its Board of Directors has approved a new stock repurchase program that authorizes the repurchase of up to $1 billion of TJX common stock from time to time. At current prices, this would represent approximately 7.5% of the Company's outstanding common shares.
This new authorization is in addition to the $486 million remaining under the Company's existing $1 billion authorization, originally authorized in February 2007, which the Company expects to complete during the current fiscal year.
The new authorization marks the ninth program approved by the Board since 1997. Over this period, the Company has spent $5.8 billion on the repurchase of TJX stock, buying back 342 million shares.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies Inc, commented, “This 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 share repurchase program has generated substantial returns on the capital we have invested in it and we continue to view it as an excellent method to return significant value to our shareholders.”
Repurchases may be made from time to time on the open market or in negotiatedtransactions, pursuant to 10b5-1 plans or otherwise. The repurchase program announced today has no time limit.
This new authorization is in addition to the $486 million remaining under the Company's existing $1 billion authorization, originally authorized in February 2007, which the Company expects to complete during the current fiscal year.
The new authorization marks the ninth program approved by the Board since 1997. Over this period, the Company has spent $5.8 billion on the repurchase of TJX stock, buying back 342 million shares.
Carol Meyrowitz, President and Chief Executive Officer of The TJX Companies Inc, commented, “This 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 share repurchase program has generated substantial returns on the capital we have invested in it and we continue to view it as an excellent method to return significant value to our shareholders.”
Repurchases may be made from time to time on the open market or in negotiatedtransactions, pursuant to 10b5-1 plans or otherwise. The repurchase program announced today has no time limit.
The TJX Companies Inc
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