The Company also announced the completion of a $1 billion stock repurchase program, originally authorized in March 2000, which resulted in the purchase of 75.2 million common shares of its stock. The completion of this $1 billion program marks the fourth share repurchase program completed by the Company since 1997, over which time the Company has spent $2.25 billion on the repurchase of TJX stock.
Edmond English, President and Chief Executive Officer of The TJX Companies, Inc. commented, "Our confidence in the fundamentals of our business and in our future is reflected in this authorization to continue with our aggressive stock buyback program. The high returns on investment achieved by our strong operations continue to allow us to fully fund our Company's growth while generating significant excess cash to pursue our buyback program. Utilizing our excess cash to repurchase TJX stock produces healthy returns on our capital and allows us to increase 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 703 T.J. Maxx, 599 Marshalls, 129 HomeGoods and 56 A.J. Wright stores in the United States. In Canada, the Company operates 137 Winners and 11 HomeSense stores and in Europe, 110 T.K. Maxx stores. TJX's press releases and financial information are also 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 report 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 including effects of terrorist incidents and military actions and consumer demand and preferences; weather patterns in areas where we have concentrations of stores; competitive factors, including pressure from pricing and promotional activities of competitors; the impact of excess retail capacity and the availability of desirable store and distribution center locations on suitable terms; recruiting quality sales associates; the availability, selection and purchasing of attractive merchandise on favorable terms; our ability to effectively manage inventory levels; potential disruptions in supply and duties, tariffs and quotas on imported merchandise, as well as economic and political problems in countries from which merchandise is imported; currency and exchange rate factors in our foreign operations; expansion of our store base, development of new businesses and application of our off-price strategies in foreign countries; our acquisition and divestiture activities; our ultimate liability with respect to leases relating to discontinued operations including indemnification and other factors affecting or mitigating our liability; and other factors that are or may be described in the Company's filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
