Genesco Inc., a retailer of footwear and accessories, has recently made an announcement regarding its stock repurchase program. The company's board of directors has authorized an additional $50 million increase to its existing $200 million share repurchase authorization.

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Repurchase Progress and Remaining Authorization

Since September 2019, Genesco has been actively repurchasing its shares under the existing $200 million share repurchase program. During this period, the company has successfully bought back approximately 3.9 million shares, amounting to an estimated cost of $189.5 million. As a result, there is still an authorization of $10.5 million remaining under the current program.

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Repurchase History

Genesco's commitment to share repurchases has been evident over the years. Since December 2018, the company has repurchased a remarkable aggregate of approximately 9.2 million shares, totaling around $415 million. These repurchased shares represent more than 46% of the shares outstanding at the beginning of this repurchase initiative. Genesco's proactive approach to buying back its own stock demonstrates its confidence in the company's future prospects and its dedication to enhancing shareholder value.