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Common stock transactions
9 Months Ended
Nov. 01, 2013
Common stock transactions  
Common stock transactions

10.                               Common stock transactions

 

On March 19, 2013, the Company’s Board of Directors authorized a $500 million increase in its existing common stock repurchase program. The repurchase authorization has no expiration date and allows repurchases from time to time in the open market or in privately negotiated transactions, which could include repurchases from Buck Holdings or other related parties as deemed appropriate. The timing and number of shares purchased depends on a variety of factors, such as price, market conditions and other factors. Repurchases under the program may be funded from available cash or borrowings under the Facilities discussed in Note 4.

 

During the 39-week period ended November 1, 2013, the Company repurchased in the open market approximately 7.8 million shares of its common stock at a total cost of $420.0 million. During the 39-week period ended November 2, 2012, the Company repurchased approximately 12.7 million shares at a total cost of $596.4 million, including approximately 11.7 million shares of its common stock at a total cost of $550.0 million repurchased from Buck Holdings.  Availability under the Board-approved program for the repurchase of shares of the Company’s common stock was increased subsequent to November 1, 2013 as discussed in Note 11 below.