Zale increases stock buyback plan by $50M to $350M

Specialty retailer Zale Corp. said Tuesday that its board approved increasing its share buyback plan by $50 million to a total authorization of $350 million for fiscal 2008.

During the fiscal year to date, Zale has repurchased 13.8 million shares at an average price of $18.06 per share. The company said this amount represents a 28 percent reduction of its outstanding shares during the fiscal year.

Zale said that with the plan increase it now has a total remaining authorization of $100 million.

Shares of the jeweler have traded between $12.48 and $27.31 over the past 52 weeks and closed Friday at $20.53.