Discount retailer TJX (TJX) has an expansion-oriented mindset that fuels sales. In the next few years, the company aims to add up to 6 percent more retail square footage annually to its footprint.

The Massachusetts retailers owns seven chains that sell apparel and home fashions. That includes 980 T.J. Maxx, 884 Marshalls and 375 HomeGoods stores. TJX also sells in Europe and Canada.

The draw: Prices that are 20 percent to 60 percent below those in department and specialty stores.

TJX reported fourth quarter income of $475.3 million. Revenue rose by 6 percent to hit $6.71 billion, up 6 percent on the year earlier. The 2013 consensus earnings estimate is $2.26 per share, while the company is targeting between $2.21 and $2.31 per share.

The expansion-minded retail chain added 116 stores in fiscal 2011, and it’s adding 54 more in 2012. TJX is posting solid same-store sales growth, too, up 7 percent.

Shareholder-friendly TJX passes its good fortune on to investors, recently declaring a 2-to-1 stock split. It just authorized an additional $1.2 billion to $1.3 billion in stock buybacks and said it expects to raise the dividend 21 percent to 11.5 cents per share.

Priced too high?

Some analysts worry that TJX’s strong future gains are already factored into its 19 P/E ratio, though. Of the 28 analysts followed by Thomson/First Call, seven have strong buy recommendations and 12 have buys, with nine holds.

The company next reports on May 23.