In commenting on these actions, Mr. Balmuth said, "We have delivered outstanding financial performance over the past few years which has contributed to significant stock price appreciation over this period. Our decision to split the stock reflects the Board of Directors' and management's ongoing confidence in the Company's future growth prospects and continued commitment to enhancing stockholder value."
Regarding the Company's ongoing stock repurchase program, Mr. Balmuth noted, "During the first nine months of fiscal 2011, we repurchased 4.5 million shares of common stock for an aggregate purchase price of $343 million. We remain on track to complete by the end of fiscal 2011 approximately $450 million of our current two-year $900 million stock repurchase authorization."
Fourth Quarter 2011 Guidance Looking ahead, Mr. Balmuth said, "As we enter the fourth quarter, we remain favorably positioned as a value retailer and our stores are stocked with terrific assortments of branded bargains. However, the ongoing uncertainty in the macro-economic environment as well as the possibility of an even more competitive than usual holiday season, keep us somewhat cautious in our outlook for the balance of the year. As a result, although we hope to do better, we are maintaining our prior fourth quarter forecast for both sales and earnings."
For the 13 weeks ending January 28, 2012, the Company continues to forecast same store sales to be up 2% to 3% on top of 4% and 10% gains for the fourth quarters of 2010 and 2009, respectively. Earnings per share, before the effect of the two-for-one stock split, are projected to be in the range of $1.53 to $1.59, up an estimated 12% to 16% on top of outstanding 18% and 53% increases in the prior two years.