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Starbucks Corporation (NASDAQ: SBUX) today announced that its Board of Directors has authorized the repurchase of up to 25 million shares of the Company’s common stock. This authorization is in addition to the 12.1 million shares that remained available at fiscal year-end 2012 for repurchase under an existing authorization. Since the Company’s initial share repurchase program was authorized in September of 2001, Starbucks has repurchased a total of 184 million shares at a cost of $5.1 billion under authorized programs through September 30, 2012.
“This additional authorization to repurchase stock reflects the continued strength of Starbucks balance sheet as well as our strong ongoing operating cash flow to both support the global growth in the business and return value to our shareholders through the payment of quarterly dividends and share repurchases,” stated Troy Alstead, chief financial officer.