Macy’s, Inc. Increases Share Repurchase Authorization by $1.5 Billion

Macy’s, Inc.’s (NYSE:M) board of directors today announced actions to enhance the company’s shareholder returns through an increase of $1.5 billion in share repurchase authorization and its intent to increase the July dividend by 5 percent. The company also is declaring a regular April dividend.

“Our company continues to generate significant cash flow. We are committed to enhancing shareholder value, in part, through dividends and share repurchases while simultaneously returning our leverage ratio to within our targeted range of 2.5 to 2.8,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc.

Increased Share Repurchase Authorization
The board has increased the company’s share repurchase authorization by $1.5 billion. After giving effect to this increase, the remaining authorization outstanding, as of the end of the 2015 fourth quarter on Jan. 30, 2016, is approximately $2 billion. The company can use the authorization to purchase common shares in the open market, in privately negotiated transactions or otherwise at any time and from time to time without prior notice.

Since resuming its share repurchase program in August 2011, Macy’s, Inc. has bought back approximately 152.2 million shares for approximately $7.3 billion through Jan. 30, 2016.
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