Lululemon gives stock buyback program a 500 million dollar boost

Sports apparel company Lululemon Athletica Inc. (LULU) on Monday announced that its board has approved a 500 million dollar increase to its stock repurchase program.

In an SEC filing, the company said, "On October 1, 2021, the board of directors approved a 500.0 million dollar increase in the remaining authorization of the Company's existing stock repurchase program from 141.2 million to 641.2 million dollars."

The authorization has no time limit, the company said.

LULU closed Monday's trading at 392.57 dollars, down 8.80 dollars or 2.19 percent, on the Nasdaq. The stock, however, gained 3.14 dollars or 0.80 percent, in the after-hours trading.(DPA)