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NATICK, Mass. -- BJ's Wholesale Club, Inc.'s board of directors has authorized the repurchase of up to an additional $100 million of the warehouse club retailer's common stock. Including yesterday's announced additional authorization, about $133 million is available for share repurchase.
"Stock repurchases may be made from time to time, at management's discretion, in the open market (including through Rule 10b5-1 plans), or in privately negotiated transactions," the company said in a statement.
During the first quarter BJ's bought 500,000 shares at an average cost of $33.91 per share, or about $17 million. The company had about 65.4 million shares outstanding as of May 5.
BJ's operates 173 BJ's Wholesale Clubs in 16 states.