The board of directors of Macy’s, Inc. (NYSE: M) today increased the company’s share repurchase authorization by $1.5 billion. This brings the remaining authorization outstanding, as of the end of the third quarter on Oct. 27, 2012, after giving effect to this increase, to $1.861 billion, which the company can use to purchase common shares from time to time in the open market or in other privately negotiated transactions.
“We remain committed to using our excess cash to enhance shareholder value through share buybacks and dividends,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “This reflects the strength of our company, and our confidence in our continuing ability to deliver growth in sales, earnings and cash flow.”
Since resuming its share repurchase program in August 2011, Macy’s, Inc. had bought back approximately 42.6 million shares for approximately $1.491 billion through Oct. 27, 2012.
Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2011 sales of $26.4 billion. The company operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s, as well as the macys.com and bloomingdales.com websites. The company also operates 12 Bloomingdale’s Outlet stores.All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.