On November 16, 2010, our Board of Directors approved a share repurchase program that authorized the repurchase of 10.0 million common shares subject to prevailing market conditions. During the three months ended July 31, 2011, the Company repurchased and retired 2.3 million common shares for approximately $67 million. During the six months ended July 31, 2011, the Company repurchased and retired 7.2 million common shares for approximately $216 million. As of July 31, 2011, 3.3 million common shares were available for repurchase under the stock repurchase program.
During the six months ended July 31, 2011, the Company opened a total of 20 new stores including: 9 Free People stores, 7 Anthropologie stores and 4 Urban Outfitters stores.
Urban Outfitters Inc. is an innovative specialty retail company which offers a variety of lifestyle merchandise to highly defined customer niches through 180 Urban Outfitters stores in the United States, Canada, and Europe, catalogs and websites; 160 Anthropologie stores in the United States, Canada and Europe, catalogs and websites; Free People wholesale, which sells its product to approximately 1,400 specialty stores and select department stores; 51 Free People stores, catalogs and website, 1 Terrain garden center and website and a BHLDN website as of July 31, 2011.
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