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StumbleAutoZone OKs extra $200 million buyback
Friday, Dec. 10, 1999 | 12:01 p.m.
MEMPHIS, Tenn. -- Auto parts seller AutoZone Inc. said it will buy back up to an additional $200 million of its common stock.
The increase boosts a total planned buyback to $800 million. Companies use buybacks to increase earnings per share by reducing shares outstanding. The company had 144.3 million shares outstanding as of Dec. 8.
In trading this morning, shares of AutoZone climbed 62.5 cents to $30.50 on the New York Stock Exchange.
The latest announcement came three months after AutoZone's board approved similar buyback.
AutoZone, based in Memphis, has annual revenue of $4.22 billion.
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