The Company also announced that its $750 million stock repurchase program, begun in October 1998, has been completed. A total of 30.4 million common shares were purchased under this program.
Bernard Cammarata, Chairman and Chief Executive Officer of The TJX Companies, Inc. commented, "The sizeable stock buyback program we announced in October 1998 has been completed. Given TJX's strong cash position, capital structure and earnings growth, we believe that another large share repurchase program is warranted. This new initiative reflects our confidence in the fundamentals of our business and our ability to grow the Company. Further, it preserves our flexibility to pursue other opportunities in our ongoing commitment to maximize shareholder value."
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 632 T.J. Maxx, 505 Marshalls, 51 HomeGoods and 15 A.J. Wright stores in the United States. In Canada, the Company operates 100 Winners and, in Europe, 54 T.K. Maxx stores. TJX's press releases and financial information are available on the Internet at www.tjx.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Certain statements contained in this release are forward-looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: general economic conditions and consumer demand and consumer preferences and weather patterns in the U.S., Canada and Europe, particularly the United Kingdom; competitive factors, including continuing pressure from pricing and promotional activities of major competitors; impact of excess retail capacity and the availability of desirable store locations on suitable terms; the availability, selection and purchasing of attractive merchandise on favorable terms; import risks, including potential disruptions and duties, tariffs and quotas on imported merchandise, including economic and political problems in countries from which merchandise is imported; currency and exchange rate factors in the Company's foreign operations; risks in the development of new businesses and application of the Company's off-price strategies in foreign countries; acquisition and divestment activities and other factors that may be described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
