After Stock-Buyback Program, SEE what Tiffany offers NEXT
Stock-Buyback Program of Tiffany says a repurchase of the company’s common stock of up to $500 million. The board of directors announced this new program after seeing the 6% drop in the total sales in the past two months. The reason the company’s b-o-d finds for the decrease in sales is a strong U.S. dollar and the reduced tourist spending.
The board of directors of the leading jewelry house, Tiffany & Co. has endorsed a new ‘stock buyback program’ that allows the jewelry retailers to repurchase the common stock of the company worths up to $500 million. The body of elected members announces the ‘Program’ after the 6% dip in the total sales the company experienced in the past two months to December 31 of the closed year. The reason for the drop in sales was the strong U.S. dollar and the decrease in the tourist spending, the officials cited. Tiffany too shares the price slid to 7.3% during the week till 21st January. Purchases are discretional as they would be made time to time based on market conditions and the liquidity needs of the company, as per the statement released on January 21. Further, it is made known to the retailers and jewelry professionals that this program would expire in the year 2019 on January 31. In accession, the new repurchase ‘stock buyback program’ substitute the existing stock repurchase program of the company that was declared in the year 2014 in the month of March. The current stock repurchase program authorizes the group to buy back the common stock of worth up to $300 million. Tiffany officials too stated that approx. $61 million remained accessible for stock buy-back under this earlier consent as of January 20.