Sally Beauty Holdings, Inc. (SBH) said Tuesday that its Board of Directors has approved a new share repurchase program authorizing the company to repurchase up to $700 million of its common stock.
This is the first repurchase authorized by the company in 2013, but the third in the last twelve months. In August 2012, the company announced the approval of a share repurchase program to repurchase up to $300 million of its common stock and, in May 2012, the company repurchased about $200 million of its common stock. As of today, the company has repurchased $266.4 million of its common stock under its $300 million repurchase program announced in August 2012. The remaining $33.6 million authorized under that program is included in the $700 million repurchase program announced today.
The company expects to fund the share repurchase through a combination of cash on hand, future cash flow from operations and borrowings.
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