TJX announces $1 billion buyback program

FRAMINGHAM, Mass. — Discount retailer TJX Cos. said Tuesday its board of directors approved a new buyback plan authorizing purchases of up to $1 billion.

Shares can be bought from time to time and represent about 6.2 percent of outstanding shares.

The company 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,” Chief Executive Carol Meyrowitz said in a statement.

Separately, the company recorded a quarterly dividend of 12 cents per share payable Dec. 3 to shareholders of record on Nov. 12.

Shares rose 22 cents to $38.26 in morning trading.