US: Family Dollar in US$400m stock buy-back

18 November 2009 | Source: just-food.com

US retailer Family Dollar Stores has announced plans to repurchase US$400m-worth of outstanding common shares.

The group said that the purchases would be made "from time to time" depending on market conditions.

The share repurchase programme does not have an expiration date and it will be funded with cash from operations.

"We have a strong balance sheet and our operating model generates strong cash flows," said Howard Levine, chairman and CEO. "We continue to believe that our stock is an attractive investment and that our share repurchase program builds value for shareholders."

At the end of fiscal 2009, the company had authorisation to purchase up to an additional $62m shares. This latest authorisation is in addition to the original buy-back figure.