Signet Jewelers announced that its board of directors has authorized a $50 million increase in its existing program to repurchase Signet’s common shares.
The program is now at $350 million.
“The increase in our share repurchase authorization reflects our commitment to build value for long-term shareholders, the continued confidence we have in the strength of our business, and our ability to generate free cash flow after investment in our growth initiatives,” said Mike Barnes, Signet’s chief executive officer, in a statement.
The new authorization runs concurrently with the existing program, which authorized the repurchase of up to $300 million common shares, and expires on January 15, 2014. As of July 13, prior to the increased authorization, approximately $20.1 million remained available for repurchase under the existing program, as a result of having repurchased an aggregate of 6.2 million common shares at an average cost of $44.95 per common share. Signet currently has approximately 81.4 million shares outstanding.