Zale Corp.’s board of directors has authorized an increase of $50 million in the company’s stock repurchase program.
The new authorization brings the total authorized to $350 million for fiscal 2008. The Dallas-based retail jeweler has repurchased 13.8 million shares this year, at an average price of $18.06 per share, for an aggregate purchase price of $250 million. This represents a 28 percent reduction of outstanding shares during fiscal 2008.
With this new increase to the program, the company has a total remaining authorization of $100 million.
About Zale Corporation
Zale Corp. is a leading specialty retailer of fine jewelry, operating throughout the United States, Canada and Puerto Rico in approximately 2,150 retail locations. The company’s brands include Zales Jewelers, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. Zale also operates online at www.zales.com and www.gordonsjewelers.com.