Zumiez's board of directors approved the repurchase of up to an aggregate of $50 million of its common stock under a new stock buyback program.
The repurchases will be made on the open market at prevailing market prices. The new repurchase program is expected to continue through the fiscal year 2015 that will end on January 30, 2016, unless the time period is extended or shortened by the board.
The program supersedes all previously approved and authorized stock repurchase programs, specifically the previous authorization to repurchase up to an aggregate of $30 million of common stock that was previously approved by the board on December 10, 2014.
As of June 19, the company has repurchased approximately 1.0 million shares of its common stock for an average cost per share of $26.60, for a total of $27.7 million under the prior repurchase program.
