Williams-Sonoma Buying Back Stock After Strong 2010
SAN FRANCISCO (AP) – Williams-Sonoma Inc. said Tuesday its board has approved a $125 million stock repurchase program.
The San Francisco-based home products company said the new program will likely be completed by the current fiscal year’s end in January 2012. It does not have an expiration date. The company said it had completed a $65 million stock repurchase program approved in September 2010.
Williams-Sonoma, which runs Pottery Barn, West Elm, its namesake stores and other brands, had about 105.1 million outstanding shares as of Nov. 28, 2010.
“Our decision today to increase the amount of cash we are returning to shareholders has been based on the ongoing improvement we have seen in our performance over the past twelve months,” President and CEO Laura Alber said in a statement.
In January, Williams-Sonoma lifted its fourth-quarter and full-year earnings and revenue forecasts, prompted by its strong holiday sales performance. The company had previously raised its quarterly and full-year earnings outlooks in November.
Williams-Sonoma has 609 stores.
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