U.S. off-price retailer TJX Cos Inc said on Monday that its board approved a buyback of up to $1 billion of its common stock.

The amount represents about 6.2 percent of its outstanding common shares at current prices, TJX said.

The new buyback program, TJX's tenth plan since 1997, is on top of the $367 million remaining under its existing $1 billion repurchase plan that was authorized in February 2008.

TJX also declared a regular quarterly dividend of 12 cents per share.

TJX, which operates the T.J. Maxx, Marshalls, A.J. Wright and HomeGoods stores, said it continues to expect to buy about $625 million of its stock in fiscal 2010 which ends around Feb. 1.

As an off-price retailer, TJX buys fashion brands at below-wholesale prices and sells them at up to 60 percent less than department stores and specialty retailers. Its model has worked well in the past year as cash-strapped consumers have sought out its low prices for items like clothes and shoes.

TJX shares were up 19 cents to $38.23 in noon trading on the New York Stock Exchange.

(Reporting by Aarthi Sivaraman in Seattle; Editing by Tim Dobbyn)