Cincinnati -- Macy's Inc. on Friday said that its board has increased its share repurchase authorization by $1.5 billion.
The retailer said the increase brings the total approved to buy back shares to $1.86 billion.
Macy's CEO Terry Lundgren said that the company is committed to using its excess cash to enhance shareholder value through buybacks and dividends and the decision reflects the strength of the company's business.
The retailer resumed its share repurchase program in August last year and has bought back approximately 42.6 million shares since then.
Macy's has an estimated 395.5 million shares outstanding.