• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

TJX BOD approves $1Bn share repurchase program

13 Oct '05
2 min read

Home fashion discount retailer The TJX Companies Inc 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 10% of the Company's outstanding common shares.

This new authorization is in addition to the $97 million remaining under the Company's existing $1 billion authorization, originally authorized in May 2004, which the Company expects to complete in the fourth quarter of the current fiscal year.

The new authorization marks the seventh program approved by the Board since 1997. Over this period, the Company has spent $4.15 billion on the repurchase of TJX stock, buying back 283 million shares. Finally, it remains the Company's intent to execute its plan of repurchasing a total of $600 million of TJX stock within fiscal 2006.

Bernard (Ben) Cammarata, Chairman and Acting Chief Executive Officer of The TJX Companies, Inc commented that this new authorization reflects their confidence in the successful growth of their Company. The core businesses and the off-price concept remain fundamentally strong, and they have substantial opportunities to deliver excellent overall performance.

The operations continue to achieve strong returns on investment, which allow us to fully fund their Company's growth while generating significant excess cash to pursue their buyback program. Repurchasing TJX stock produces solid returns on their capital and allows us to provide significant value to their shareholders.

The TJX Companies Inc

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
Advanced Search