Genesco Boosts Share Buyback Program By $50M

Genesco Inc GCO said its board of directors had authorized a $50 million increase to its existing $200 million share repurchase authorization.

Under Genesco's existing $200 million share repurchase, since September 2019, the company has repurchased 3.9 million shares at a total cost of about $189.5 million.

It includes a repurchase of 676,000 shares buyback in the current quarter for a total cost of $14.5 million at an average price of $21.41 per share. There is $10.5 million remaining authorization under the existing program.

Since December 2018, the company has repurchased an aggregate of approximately 9.2 million shares at a total cost of about $415 million. 

The new authorization is intended to be implemented through purchases made from time to time using a variety of methods, including open market purchases, private transactions, block trades, or any combination.

The company held $31.8 million in cash and equivalents as of April 29, 2023.

Price Action: GCO shares are up 2.38% at $24.50 premarket on the last check Monday.