ARKO Boosts Share Buyback By $50M

ARKO Corp ARKO said its Board of Directors increased the company's previously authorized share repurchase program by an additional $50 million.
The company now has availability to repurchase up to an aggregate amount of approximately $59 million of shares under this newly expanded repurchase plan.
The share repurchase program does not have a stated expiration date.
"We believe that repurchasing our shares is a compelling use of our capital resources," said chairman, president and CEO Arie Kotler.
"We are encouraged by the traction of our initiatives and progress of our merchandise and fuel strategy to maximize gross profit dollars, and we remain confident in the continued growth of our business."
The company reported $2.1 billion revenue in the first quarter of FY23, a 5.9% increase Y/Y.
Price Action: ARKO shares closed higher by 3.07% at $7.04 on Monday.