Starbucks Announces Additional Share Repurchase Authorization
July 23 2015 - 4:01PM
Business Wire
Starbucks Corporation (NASDAQ:SBUX) today announced that its
Board of Directors has authorized the repurchase of an additional
50 million shares of the Company's common stock under its ongoing
share repurchase program. This authorization has no expiration date
and is in addition to the 11 million shares that remained available
for repurchase as of June 28, 2015 under an existing
authorization.
“Since the Company's share repurchase program was authorized in
September of 2001, Starbucks has repurchased more than 430 million
shares at a cost of $7.4 billion under authorizations through June
28, 2015,” said Scott Maw, Starbucks chief financial officer. “This
additional authorization reflects the ongoing strength of Starbucks
balance sheet and operating cash flow, which allows us to support
our global growth and return value to our shareholders through the
payment of quarterly dividends and share repurchases.”
Shares will continue to be repurchased in the open market at
times and amounts considered appropriate by the Company based on
several factors including price and market conditions. The Company
may also repurchase shares through trading plans entered into
pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with stores around the globe, the company is the premier roaster
and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at https://news.starbucks.com/.
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version on businesswire.com: http://www.businesswire.com/news/home/20150723005089/en/
StarbucksInvestor Relations:JoAnn DeGrande,
206-318-7118investorrelations@starbucks.comorMedia:Linda
Mills, 206-318-7100press@starbucks.com
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