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Tiffany Announces $500M Stock-Buyback Program
Jan 24, 2016 10:54 AM
By Rapaport News
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RAPAPORT... Tiffany & Co.’s board of directors has approved a new
stock buyback program under which the jewelry retailer can repurchase up to
$500 million of the company’s common stock.
Tiffanys’
announcement comes after it unveiled a 6-percent drop in
total sales in the two months to December 31, with performance hit by a
strong U.S. dollar and lower levels of tourist spending. The company’s share
price slid
7.3 percent during the week to January 21.
Purchases
are discretionary and will be made from time to time based on market conditions
and the company’s liquidity needs, according to a statement January 21. The
program will expire January 31, 2019.
The new repurchase
program replaces the company’s existing stock repurchase program announced in
March 2014 that authorized the group to buy back up to $300 million of its
common stock. Approximately $61 million remained available for stock
repurchases under this earlier authorization as of January 20, 2016, Tiffany
said.
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Tags:
financial, Rapaport News, Tiffany & CO., u.s.
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