FRAMINGHAM, MASS. — The TJX Companies, Inc., an off-price retailer that operates J.J. Maxx, Marshalls, HomeGoods, A.J. Wright, Winners and T.K. Maxx stores, said it has accelerated the projected growth rate of its consolidated store base to 12 percent for 2002 and for the next several years.
TJX said it expects to end fiscal 2002 with 1,666 stores — an increase of 173 stores. At the end of fiscal 2001, the company had 1,493 stores.
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In addition, TJX is continuing its common stock repurchase program. The company said it intends, subject to market and other conditions, to raise some $300 million gross proceeds (excluding proceeds of the over-allotment option, if any) through an offering of 20-year zero-coupon subordinated notes. The notes will be convertible into shares of TJX common stock if the market price of the shares reaches specified thresholds, TJX said.
The company said it plans to use the net proceeds from the offering to fund an accelerated store roll-out program, investment in its distribution center network, its common stock repurchase program and for general corporate purposes.
