Target to resume share buyback program
Minneapolis Target Corp. will resume a $10 billion share buyback program because business is improving along with the economy, the chain said Thursday.
The retailer halted its stock repurchase in November 2008 as it tried to preserve cash and debt ratings during what it called "an exceptionally challenging environment."
But Gregg Steinhafel, Target's chairman, president and CEO, said that better results in its stores and credit card business prompted the move, along with carefully controlled expenses that combined to help the company generate more cash.
At the end of the third quarter, Target had acquired 95.2 million shares for about $4.9 billion, or half of the amount authorized by the company's board in late 2007.
Executives expect to complete the program in two or three years.