(RTTNews) - AutoZone, Inc. (AZO), a retailer of aftermarket automotive parts and accessories, said on Wednesday that its Board of Directors has authorized an additional $1.5 billion under the company's ongoing share repurchase program. Including this latest authorization, the Board has approved a total of $42.2 billion in share repurchases since the program was initiated in 1998, it said in an official statement.
Commenting on the developments, Jamere Jackson, Chief Financial Officer, said, "Our disciplined capital allocation approach continues to allow us to generate strong free cash flow, invest in growth, and increase our share buyback authorization while maintaining investment-grade credit ratings."
On the NYSE, AZO ended Tuesday's trading at $3,127.79, up $22.31 or 0.72 percent. In overnight trading, the stock was up $2.21 or 0.07 percent at $3,130.00.
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