Bed Bath & Beyond boosts stock buyback
Furniture Today Staff -- Furniture Today, January 26, 2006
UNION, N.J. -- Bed Bath & Beyond Inc.'s board of directors has approved a $200 million increase to its previously announced $400 million share repurchase program, the company announced today.
This move authorizes the home specialty chain to repurchase shares of its common stock in the open market at times and at prices it considers appropriate. Repurchases under the $400 million program, which was announced in October, have been substantially completed.
Repurchases under the October authorization did not have a material impact on earnings per share in the 2005 fiscal third quarter, and the new $600 million increased authorization is likewise not expected to have a material impact on earnings per share in the fiscal fourth quarter.
"Our board took this action based upon our company's strong financial condition and it reflects the board's confidence in Bed Bath & Beyond's long-term growth potential, financial outlook and cash flow generation," said Steven Temares, ceo and member of the board of directors.
BBB has been debt-free for more than nine years and had approximately $1.3 billion in cash and investment securities as of November 26, the end of its fiscal third quarter.
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