Bed Bath & Beyond (BBBY) Announces New $2.5B Stock Buyback Plan
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With earnings, Bed Bath & Beyond, Inc. (NASDAQ: BBBY) announced that Board of Directors has authorized a new $2.5 billion share repurchase program.
The Company is currently planning that the new share repurchase program will commence after completion of the existing share repurchase program. During the fiscal third quarter of 2012, the Company repurchased approximately $191 million of its common stock, representing approximately 3.1 million shares, under its existing share repurchase program authorized in December 2010. As of November 24, 2012, the remaining balance of the existing share repurchase program was approximately $223 million. Since 2004 through the fiscal third quarter of 2012, the Company has returned approximately $4.7 billion to our shareholders through share repurchases.
"Our Board authorized this new share repurchase program based upon its continued confidence in our Company's long-term growth potential, financial outlook and cash flow generation," said Steven Temares, Chief Executive Officer and Member of the Board of Directors. "It is anticipated that this $2.5 billion share repurchase program will be funded from current cash and future cash flows. That said, our Company's Board of Directors continues to review our capital structure on an ongoing basis. In addition to providing value to our shareholders through share repurchase programs, our strong operations should allow us to continue to invest in our infrastructure and maintain our flexibility to take advantage of opportunities as they may arise."
The Company is currently planning that the new share repurchase program will commence after completion of the existing share repurchase program. During the fiscal third quarter of 2012, the Company repurchased approximately $191 million of its common stock, representing approximately 3.1 million shares, under its existing share repurchase program authorized in December 2010. As of November 24, 2012, the remaining balance of the existing share repurchase program was approximately $223 million. Since 2004 through the fiscal third quarter of 2012, the Company has returned approximately $4.7 billion to our shareholders through share repurchases.
"Our Board authorized this new share repurchase program based upon its continued confidence in our Company's long-term growth potential, financial outlook and cash flow generation," said Steven Temares, Chief Executive Officer and Member of the Board of Directors. "It is anticipated that this $2.5 billion share repurchase program will be funded from current cash and future cash flows. That said, our Company's Board of Directors continues to review our capital structure on an ongoing basis. In addition to providing value to our shareholders through share repurchase programs, our strong operations should allow us to continue to invest in our infrastructure and maintain our flexibility to take advantage of opportunities as they may arise."
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