Just after its earnings release this week, Express (NASDAQ:EXPR) announced a new $100 million share repurchase program to use the firm's available cash over the next 18 months.
Michael Weiss, Chairman, President and Chief Executive Officer stated: "Our Board believes that at the current price our stock is undervalued based on many criteria, including the long-term growth prospects for the Company, and that the repurchase program is an effective means to enhance shareholder value. Express' strong financial condition allows us to take advantage of opportunities to purchase our securities at attractive prices. We remain confident in our go-to-market strategy and believe that our four growth pillars provide significant opportunity going forward."
Express seeing a slight boost on this news in the market. Its stock is currently up almost 2% to $18.20.