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Starbucks Ups Stock Buyback Plan

It will repurchase up to 25 million more shares


Starbucks SBUXStarbucks (NASDAQ:SBUX) announced on Thursday that it will buy back as many as 25 million shares in addition to previously authorized share repurchases.

At its current share price, that means Starbucks will spend another $1.2 billion in share buybacks, Bloomberg noted.

Starbucks to Buy Mall-Based Teavana Chain
Starbucks to Buy Mall-Based Teavana Chain

Starbucks has repurchased 184 million shares since 2001, returning $5.1 billion to shareholders.

Earlier this month, Starbucks CEO Howard Schultz said that the coffee-shop chain planned to launch 1,200 new locations in the coming year, mostly overseas, while renovating 2,000 existing shops.

Despite the news, shares of Starbucks slipped fractionally in Friday morning trading.

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