Amazon.com Approves $500 Million Buyback
Seattle, Amazon.com announced that its board of directors has authorized the company to repurchase up to $500 million of the company’s common stock. The stock buyback must be made within the next 24 months through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions or a combination of any of them. The program allows the company to repurchase its shares, especially if the company believes its shares are undervalued, Amazon.com said.
Filene’s Basement Opens Second Store in Baltimore Market
Baltimore, Filene’s Basement is opening a second Baltimore-area store in Hunt Valley, Md. The new store will occupy a 31,000-sq.-ft. space above DSW. The company’s Towson, Md., store, which opened in early 2004, was its first in the Baltimore market.
Williams-Sonoma Reports 2Q Profit Up 15%
New York City, Williams-Sonoma Inc. reported that its profit in the second quarter rose 15%, but the company lowered its full-year guidance due in part to weakness at its largest brand, Pottery Barn. Williams-Sonoma Inc. reported an income for the quarter ended July 30 of $35.6 million, up from $30.8 million for the same quarter last year. Comp-store sales rose 1.2%, driven especially by strength at the Pottery Barn Kids stores, while total revenue was up 6.4% to $825.5 million from $776.2 million.