Bed Bath & Beyond announced today that its Board of Directors has authorized a new $2 billion share repurchase program. It is expected to commence in fiscal 2016 after the company has exhausted its existing share repurchase program, which, as of May 31, 2014, had approximately $861 million remaining.
“Our Board authorized this new share repurchase program based upon its continued confidence in our company’s long-term growth potential, financial outlook and cash flow generation. We also believe this is an opportune time, and method, to return value to our shareholders. In addition to providing value to our shareholders through share repurchase programs, our strong operations should allow us to continue to invest in our infrastructure and maintain our ability to take advantage of opportunities as they may arise,” CEO and board member Steven Temares said.
Since 2004 through the fiscal first quarter of 2014, Bed Bath & Beyond has returned approximately $6.6 billion to its shareholders through share repurchases.