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Tiffany expands Stock Repurchase Program
18 Jan '08
1 min read
Tiffany & Co announced that its Board of Directors has extended the expiration of its current stock repurchase program and authorized the additional repurchase of up to $500 million of Common Stock.
This increase will enable the Company to repurchase up to $637 million of its Common Stock through January 31, 2011.
The Board's last increase to the program occurred in August 2006, when it authorized the repurchase of up to $813 million of stock through December 31, 2009.
Of that, the Company has spent $676 million to repurchase 15.4 million shares at an average cost of $43.92 per share.
The Company currently has approximately 127 million shares outstanding.
Michael J. Kowalski, chairman and chief executive officer, said, "We have repurchased a considerable amount of stock in recent years, but have been substantially more active in fiscal 2007.
In fact, we have spent approximately $400 million to repurchase 8.9 million shares in the current quarter since November 1."
He added, "This new authorization clearly expresses our Board's confidence in Tiffany's business and growth potential, and enables us to continue to opportunistically repurchase shares and return excess capital to stockholders."
This increase will enable the Company to repurchase up to $637 million of its Common Stock through January 31, 2011.
The Board's last increase to the program occurred in August 2006, when it authorized the repurchase of up to $813 million of stock through December 31, 2009.
Of that, the Company has spent $676 million to repurchase 15.4 million shares at an average cost of $43.92 per share.
The Company currently has approximately 127 million shares outstanding.
Michael J. Kowalski, chairman and chief executive officer, said, "We have repurchased a considerable amount of stock in recent years, but have been substantially more active in fiscal 2007.
In fact, we have spent approximately $400 million to repurchase 8.9 million shares in the current quarter since November 1."
He added, "This new authorization clearly expresses our Board's confidence in Tiffany's business and growth potential, and enables us to continue to opportunistically repurchase shares and return excess capital to stockholders."
Tiffany & Co
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