By Robert Barba 
 

TJX Cos. shares rose more than 6% in premarket trading as the company beat expectations in the latest quarter and expanded its shareholder return program.

The parent company for T.J. Maxx, Marshalls and HomeGoods reported earnings of 81 cents a share on sales of $12.2 billion. Analysts had expected earnings of 77 cents a share on sales of $11.83 billion.

The company also raised its dividend by 13% to 26 cents a share.

The retail company said it plans to repurchase $1.75 billion to $2.25 billion of its stock for the year ending Jan. 30, 2021, up from the $1.5 billion in bought back in the last fiscal year.

The board approved a new $1.5 billion buyback authorization, adding to the $1.7 billion remaining on the old plan, the company said.

 

Write to Robert Barba at robert.barba@wsj.com

 

(END) Dow Jones Newswires

February 26, 2020 08:42 ET (13:42 GMT)

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