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Starbucks Buying Back Stock

The coffee company adds 5 million shares to its existing repurchase plan.
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Starbucks (SBUX) - Get Starbucks Corporation Report set plans to buy back up to 5 million shares.

The Seattle-based coffee giant said the new buyback adds to an existing plan to buy back 7.2 million shares. Since September 2001, Starbucks has repurchased 35.7 million shares for $1.5 billion.

"This additional authorization reflects the continued strength of Starbucks balance sheet and our operating cash flow, which allows us to support the growth in the business and repurchase shares," said finance chief Michael Casey.

On Thursday, Starbucks jumped $1.73 to $48.40.

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