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6/26/2012 4:45 PM ET

Guess?, Inc. (GES: Quote) said Tuesday that its Board of Directors has authorized a new program to repurchase up to $500 million of its common stock.

The new $500 million authorization is in addition to the existing $250 million repurchase authorization announced in March 2011, under which about $231 million has been used to repurchase about 8.2 million shares to date, including 5 million shares during the current fiscal quarter.

About $19 million remains available for repurchases under the existing $250 million authorization.

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