Coach stock repurchase programme accelerated
The board of Coach, the American luxury leather goods producer, has given the go-ahead for an acceleration of the company’s common stock repurchase programme.
An increase of $200 million at intervals over the next two years has been approved.
“This action reflects our belief that our substantial cash flow will be more than sufficient to support both our distribution growth and this stock repurchase programme,” said Coach’s chairman and CEO, Lew Frankfurt.
The company has already repurchased some 7,089,300 shares of its common stock at a cost of around $115 million, leaving a remainder of approximately $65 million worth of shares available to be bought. The new programme increases this figure by $200 million to $265 million up to August 2006.
