Key Takeaways:
- Stitch Fix resumes its $150 million share repurchase program.
- The buyback was originally authorized in January 2022.
- The move signals management's confidence in the company's value.
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Stitch Fix to buy back $150 million in shares
Stitch Fix Inc. on Wednesday announced it will resume its existing $150 million share repurchase program, a move that could boost the online personal styling service’s stock.
"The resumption of our share repurchase program underscores our confidence in our long-term strategy and commitment to delivering value to our shareholders," a company spokesperson said in the press release.
The program, first authorized by the board in January 2022, allows the company to buy back its Class A common stock through open market repurchases or privately negotiated transactions. The timing and amount of any share repurchases will be determined by the company's management based on its evaluation of market conditions and other factors.
The buyback could help increase earnings per share by reducing the number of outstanding shares. The announcement may also boost investor confidence, as share repurchase programs are often seen as a sign that management believes the company's stock is undervalued.
The repurchase program will be funded using the company's available working capital. Stitch Fix did not disclose how many shares have been repurchased under the program to date, or the stock's price reaction to the news.
This article is for informational purposes only and does not constitute investment advice.
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