Denton, Texas -- Sally Beauty Holdings announced that its board has approved a new share repurchase program authorizing the company to repurchase up to $700 million of its common stock. The announcement is the first repurchase authorized by the company in 2013, but the third in the last 12 months.
In August 2012, Sally Beauty announced the approval of a share repurchase program to repurchase up to $300 million of its common stock and, in May 2012, the company repurchased approximately $200 million of its common stock. As of March 5, the company has repurchased $266.4 million of its common stock under its $300 million repurchase program announced in August 2012.
“Our strong cash flow allows us to continue the repurchases of our stock while continuing to invest in growth opportunities and other long-term initiatives,” said Gary Winterhalter, chairman, president and CEO. “We believe our recent stock repurchases have returned value to our shareholders and this new share repurchase program underscores our continued commitment to building shareholder value.”