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TJX in $1 billion share buyback

Framingham,Mass.The TJX Companies plans to repurchase up to $1 billion in stock, amounting to about 7.5% of the outstanding common shares. Carol Meyrowitz, president and ceo of the $17.4 billion off-price retailer, said, “This new authorization reflects continued confidence in our business and our ability to deliver profitable sales growth.”

The company’s share price reached a 52-week high in early January, but broke sharply downward after TJX said it would incur a fourth-quarter charge in the wake of a computer security breach.

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