By Stephen Nakrosis
Retailer TJX Cos. Inc. on Thursday said its board has reinstated the company's share-repurchase program.
TJX said it plans to repurchase about $1 billion to $1.25 billion of stock during the remainder of its fiscal year, which ends Jan. 29, 2022.
The company also said it has about $3 billion remaining under its existing buyback program.
Ernie Herrman, the company's president and chief executive, said "We are pleased to announce the reinstatement of our significant share repurchase program together with the declaration of our quarterly dividend. We are also pleased to see continued momentum in our business as second quarter overall open-only comp store sales trends remain similar to the first quarter."
He added, "The actions we announced today demonstrate our confidence in our business and our outlook for successful growth over the long term. We see many opportunities to capture additional market share in the future, and with our very strong balance sheet and ability to generate cash flow, we are very pleased to again be in a position of significantly investing in our business and returning substantial cash to our shareholders."
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(END) Dow Jones Newswires
May 27, 2021 17:00 ET (21:00 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.