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During the reported period, the US-based company re-purchased approximately $41 million of its common stock, representing approximately 2.1 million shares, under its existing $2.5 billion share repurchase program. As of September 1, 2018, the programme had a remaining balance of approximately $1.4 billion, the company said in a press release.
The company ended the second quarter with approximately $1.1 billion in cash and investment balances, an increase of approximately $532 million, compared with approximately $563 million at the end of the second quarter of 2017.
Based on its planning assumptions for fiscal 2018, the company has slightly reduced its net sales model, with comparable sales to be relatively flat to last year, and net earnings per diluted share for the full year to be at the low end of its previously modeled range, at about $2.00.
In connection with its three-year financial goals that comprise its vision for 2020, the company remains on track to achieve moderating declines in operating profit and net earnings per diluted share in fiscal 2018 and fiscal 2019, and to achieve growth in net earnings per diluted share by fiscal 2020. (RR)
Fibre2Fashion News Desk – India
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
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