Caleress’ board of directors authorized a stock repurchase program of up to 2.5 million shares, displaying the confidence the company has in its business and long-term prospects, as well as honoring its commitment to return value to shareholders.
This program is in addition to the existing stock repurchase program, which was approved on August, 25, 2011. As of November 3, 2018, the plan had 1,123,500 shares remaining and, since that time, the company has purchased substantially all of the shares that were authorized.
A portion of the shares from the new repurchase program may be used for the company’s employee benefits plans, while the balance will be available for other general corporate purposes. The stock repurchase authorization does not have an expiration date, and the pace of the repurchase activity will depend on factors such as, levels of cash generation from operations, cash requirements for investments, repayment of debt, current stock price and other factors.
The company may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may be modified or discontinued at any time.
Caleres core businesses are Famous Footwear, Sam Edelman, Naturalizer, Allen Edmonds, Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride, Via Spiga, Diane von Furstenberg, Blowfish Malibu, Bzees, Carlos by Carlos Santana, Circus by Sam Edelman, Fergie and Ryka.