Genesco Inc. announced that its board of directors has authorized it to repurchase up to $35 million of the company's common stock. The authorization replaces the remaining balance of a previous $35 million repurchase program authorized in Feb. 2010, pursuant to which the company has repurchased approximately 844,000 shares at a total cost of approximately $24.2 million, including approximately 435,000 shares repurchased during the company's third quarter ending Oct. 30, 2010 at a total cost of approximately $13.0 million. This program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, private transactions, block trades, or otherwise, or by any combination of such methods, in accordance with SEC and other applicable legal requirements.
The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other considerations. The repurchase program does not obligate the company to acquire any particular amount of common stock and the repurchase program may be suspended or discontinued at any time at the company's discretion.
