AutoZone Boosts Stock Buyback Plan By $1.5 Bln

(RTTNews) - AutoZone, Inc. (AZO), Tuesday said its board authorized the buyback of an additional $1.5 billion of common stock in connection with its ongoing share repurchase program.

Since the inception of the repurchase program in 1998, and including the above amount, AutoZone's Board of Directors has authorized $27.65 billion in share repurchases.

"AutoZone's continued strong financial performance allows us to grow our business, return meaningful amounts of cash to our shareholders and maintain our investment grade credit ratings," said Jamere Jackson, Chief Financial Officer and Executive Vice President - Finance, and Store Development. "We remain committed to our disciplined capital allocation policy to drive growth and enhance shareholder returns while maintaining adequate liquidity."

AutoZone is a retailer and distributor of automotive replacement parts and accessories in the Americas.