Hibbett Sports, Inc., an athletic-inspired fashion retailer, announced an expansion of their 2015 Stock Repurchase Program (the “Program”). On May 26, 2021, the Board of Directors of Hibbett Sports, Inc. (the “Association”) supported the expansion of its present Program by $500.0 million to a total of $800.0 million and endorsed the Program’s increase until February 1, 2025.
The Program’s original authorization was embraced on November 19, 2015, in the proportion of $300.0 million and before the Board’s action, was scheduled to expire on January 29, 2022. As of May 26, 2021, the Company had purchased 7,469,387 shares of its common stock to a detriment of around $201.0 million under the Program’s original authorization of $300.0 million. The Program supports repurchases of the Company’s common stock in open market or orchestrated trades, with the whole and timing of repurchases subject to financial circumstances and at the discretion of management.
Mike Longo, President and Chief Executive Officer, commented, “Our strong financial results have enabled us to place assets into fostering our business while returning cash to our shareholders through our repurchase program. The Board’s approval to develop this program reflects continued with trust in Hibbett’s future show and long stretch cash flow generation capacities.” Despite the Program, the Company may similarly get shares of its common stock from holders of restricted stock unit awards to satisfy tax holding requirements due at vesting. Shares got from holders of restricted stock unit awards to satisfy tax holding requirements don’t decrease the Program authorization.