On Oct. 26, Signet Jewelers’ board of directors authorized a program to repurchase up to $300 million of the company’s common shares.

The repurchase program will be funded through Signet’s existing cash balances. The company can use the repurchased shares for general corporate purposes. The program will be effective Jan. 16, and will last 24 months from that date.

“The share repurchase program reflects the continued confidence we have in the strength of the business, our ability to invest in growth initiatives, and our commitment to build value for long-term shareholders,” said Mike Barnes, Signet’s CEO, in a statement.

JCK