Target resumes $10B share repurchasing program after 14 months as economy begins to improve
By APThursday, January 14, 2010
Target resumes share buyback as business improves
MINNEAPOLIS — Target Corp. says it’s resuming a $10 billion share buyback program because business is improving along with the economy.
The discount chain halted its stock repurchase in November 2008 as it tried to preserve cash and debt ratings during “an exceptionally challenging environment.”
Target’s chairman said Thursday that better results in its stores and credit card business prompted the move, along with carefully controlled expenses.
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.
Target is based in Minneapolis.
