Fort Myers, Fla. – Chico’s FAS repurchased approximately 6.7 million shares of its common stock, for approximately $125 million, during the fourth quarter of fiscal 2013, completing all but $55 million of its existing share repurchase authorization. The Chico’s board of directors has cancelled the remainder of its March 2013 share repurchase program and approved a new $300 million share repurchase authorization for the company's common stock.
"We're pleased that we will have distributed approximately $283 million in cash to shareholders during fiscal 2013, reflecting meaningful year-to-date share repurchases and the increased December 2013 dividend declaration," said Dave Dyer, CEO of Chico's FAS. “Since the inception of our share repurchase and dividend programs in 2010, we will have distributed approximately $690 million to our shareholders. Both the new authorization and the recent dividend increase underscore the company's commitment to returning excess cash to shareholders.”