WASHINGTON (dpa-AFX) - Clothing brand Guess? Inc. (GES) said Monday that it has moved ahead with its accelerated share repurchase or ASR to buy back $175 million of its shares.
Carlos Alberini, CEO of Guess said: 'As a result of this execution, we are pleased to be able to return significant value to our shareholders, which remains a key priority for our Board. Executing this $175 million ASR program reflects the Board's and management's strong confidence in our business, our solid capital structure and continued growth prospects.'
According to the ASR, the company will make a payment of $175 million and will receive an initial delivery of shares of its common stock on March 21.
The final number of shares to be repurchased will be based on the volume-weighted average price of the shares during the term of the ASR.
The final settlement of the ASR is anticipated to occur by the end of the third quarter.
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