Chico's FAS, Inc. announced that the Company repurchased approximately 6.7 million shares of its common stock, for approximately $125 million, during the fourth quarter of fiscal 2013, completing all but $55 million of its existing share repurchase authorization.
The Company also announced that its Board of Directors has cancelled the remainder of its March 2013 share repurchase program and approved a new $300 million share repurchase authorization for the Company's common stock, reinforcing the Company's commitment to returning excess cash to shareholders.
The new repurchase authorization follows the Company's recent announcement to increase its quarterly dividend per share by 36%, equating to an annualized increase of $0.08 per share.
"We're pleased that we will have distributed approximately $283 million in cash to shareholders during fiscal 2013, reflecting meaningful year-to-date share repurchases and the increased December 2013 dividend declaration," said Dave Dyer, CEO of Chico's FAS.
"Since the inception of our share repurchase and dividend programs in 2010, we will have distributed approximately $690 million to our shareholders. Both the new authorization and the recent dividend increase underscore the Company's commitment to returning excess cash to shareholders."
About Chico's FAS, Inc
The Company, through its brands – Chico's, White House | Black Market, Soma Intimates, and Boston Proper, is a leading women's omni-channel specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items.