Claire's Stores to buy back 1 million shares:
Friday December 13 8:26 AM EDT
Claire's Stores to Repurchase Up to One Million Shares
PEMBROKE PINES, Fla., Dec. 13 /PRNewswire/ -- Claire's Stores Inc reported today that its
Board of Directors has authorized open market repurchase of up to one million shares of the
company's common stock.
Rowland Schaefer, Claire's Chairman and Chief Executive, said the company will begin to buy the
shares immediately.
"We believe our stock is undervalued," Mr. Schaefer said. "Claire's is on its way to a fourth
consecutive year of record sales and earnings and we expect next year to see new records. We
have more than $60 million in cash and no debt. We can easily afford this repurchase of stock and
still maintain our aggressive expansion efforts.
"Considering the recent selling pressure on the price of Claire's stock, we believe that repurchase of
up to one million shares of stock will be in the best interest of our shareholders and a wise
investment for the company," he concluded.
Claire's Stores, Inc., the nation's premier retailer specializing in one- stop shopping for women's
fashion accessories, owns and operates 1565 stores in 49 states, the Caribbean, Canada, Japan
and the United Kingdom. SOURCE Claire's Stores, Inc.
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