Leading off-price apparel retailer, The TJX Companies Inc, said on Monday it will repurchase up to $1 billion of its common stock - about 10 per cent of its outstanding common shares - in a new multi-year program.

In a statement, the company also confirmed the completion of a separate $1bn stock repurchase program which saw it buy 75.2 million common shares. TJX has now spent $2.25bn on stock repurchasing over the past five years.

Company president and CEO, Edmond English, said: "Our confidence in the fundamentals of our business and in our future is reflected in this authorisation 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."