Hibbett Sports Inc. announced an expansion of its 2015 Stock Repurchase Program.
On May 26, 2021, the Board of Directors of Hibbett Sports, Inc. authorized the expansion of its existing program by $500.0 million to a total of $800.0 million and authorized the program’s extension until February 1, 2025.
The program’s original authorization was approved on November 19, 2015, in the amount of $300.0 million and prior to the Board’s action, was scheduled to expire on January 29, 2022. As of May 26, 2021, the company had purchased 7,469,387 shares of its common stock at a cost of approximately $201.0 million under the Program’s original authorization of $300.0 million.
The program authorizes repurchases of the company’s common stock in the open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of management.
Mike Longo, president and chief executive officer, commented, “Our strong financial results have enabled us to invest in growing our business while returning cash to our shareholders through our repurchase program. The Board’s approval to expand this program reflects continued confidence in Hibbett’s future performance and long-term cash flow generation capabilities.”
Photo courtesy Hibbett Sports
