Pacific Sunwear Board authorizes additional $100m stock repurchase

18 May '06
2 min read

Casual apparel retailer Pacific Sunwear of California Inc announced that the company's Board of Directors has authorized the company to repurchase up to an additional $100 million of Pacific Sunwear of California common stock in the open market from time to time as market conditions warrant.

During fiscal 2005, under repurchase authorizations of $115 million, the company repurchased an aggregate of 2,808,300 shares of Pacific Sunwear of California common stock at an average price of $23.37, for approx. $65.7 million.

During fiscal 2006, under the same authorization, the company repurchased 1,850,000 shares at an average price of $22.46, for approx. $41.6 million. The company has approx. $8.3 million remaining under its previous stock repurchase program.

"This additional $100 million stock repurchase authorization reflects the strength of the company's balance sheet and our confidence in the future," said Seth Johnson, CEO.

As of April 29th 2006 there were 72,386,066 shares of Pacific Sunwear of California common stock outstanding.

Pacific Sunwear, operating under three distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. It operates 820 PacSun stores, 97 PacSun Outlet stores, 200 d.e.m.o. stores and 5 One Thousand Steps stores for a total of 1,122 stores in 50 states and Puerto Rico.

Pacific Sunwear of California Inc

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