Food Industry
Industry: Email Alert RSS FeedStarbucks perks up stock buyback plan
Nation's Restaurant News, July 1, 2002 by Richard Papiernik
SEATTLE -- Adding to a current buyback program, Starbucks Corp.'s board approved the repurchase of up to 10 million shares of the coffee retailer's common stock.
The company, which has more than 5,000 retail locations, already has bought back 3.5 million common shares for $51.6 million.
The program, which began last September, authorized Starbucks to repurchase as much as $60 million of stock. The chain will fund the repurchase of stock through cash and short-term investments.
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Starbucks currently has about 387 million shares of common stock outstanding.
COPYRIGHT 2002 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
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