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Zale ups stock repurchase program by $100 million

March 13, 2008

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Dallas—Zale Corp. announced on Thursday that its board of directors authorized a $100 million increase to the company's stock repurchase program.

The increase is an addition to the $200 million repurchase program launched in November. About $60 million of the original $200 million is still available.

Once the program is complete, Zale expects to retire 11 million shares of stock in total.

"As we have stated, the company is committed to the generation of free cash flow through operational efficiencies, refinements in capital expenditures and a reduction in inventory levels," Zale executive vice president, chief administrative officer and chief financial officer Rodney Carter said in a media release. "This additional authorization underscores Zale's commitment to prudent uses of capital and is another step designed to generate value for shareholders over the long term."

Zale, which operates 2,167 retail locations in the United States, Canada and Puerto Rico, has struggled in recent months.

The retail jewelry chain reported a 9 percent drop in same-store sales this past holiday season and, earlier this year, announced a number of store closings.
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