American Eagle Outfitters Inc announced that its Board of Directors has authorized an additional 23 million shares for its repurchase program. The new authorization is in addition to the approximately 4.2 million shares remaining under the Company's previously announced 7 million share authorization.
Share repurchases under the new authorization can be made through the end of fiscal 2009. At the end of the first quarter, the Company had approximately 226 million weighted average shares of common stock outstanding on a diluted basis.
“The American Eagle Board of Directors is committed to using the Company's strong cash flow to enhance shareholder value,” noted Jim O'Donnell, Chief Executive Officer.
“In addition to our ongoing investments in building our brands and operational infrastructure to drive profitable growth, as well as our cash dividend policy, we are pleased to be able to announce this significant expansion of our share repurchase program.”
American Eagle Outfitters Inc
marketing@alchempro.com
