Target Corp. (NYSE: TGT) announced Thursday that it will resume a $10 billion share buyback program now that business is improving, according to Associated Press.
The company stopped its stock repurchase in November 2008 as it tried to preserve cash and debt ratings. However, Gregg Steinhafel, Target's chairman, president and CEO, said Thursday that better results in its stores and credit card business prompted the company to continue the program.
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Last week, the discounted chain said better-than-expected customer traffic helped its December sales rise.
Sales in stores open at least a year rose 1.8 percent during the five weeks ended Jan. 2. Through its fiscal year-to-date, sales in stores open at least a year fell 2.7 percent, while total sales rose less than 1 percent to $59.15 billion.
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 shares climbed 31 cents to $49.66 in morning trading on Thursday.
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