TJX announces $1 billion buyback program

Framingham, Mass. TJX Cos. said Monday that its board of directors approved a new buyback plan authorizing purchases of up to $1 billion.

This would represent approximately 6.2% of the company’s outstanding common shares at current prices.

The company said expects to buy back $625 million of stock in fiscal 2010, depending on the economy.

"This new authorization reflects our confidence in continuing to deliver significant growth in sales, earnings and cash flow, even in this difficult economic environment," CEO Carol Meyrowitz said.