NEW YORK -- Tommy Hilfiger Corp. declared a two-for-one stock split Friday and announced a program to repurchase up to 750,000 of its current shares.
The stock buyback program represents about 4.3 percent of Hilfiger's outstanding shares. The repurchase of shares, which will be made from time to time on the market or in negotiated transactions, depending on market conditions. The shares will be used for employee stock options and general purposes. At current prices of around $41 a share, it would cost $31 million to buy all the shares in the program.
The stock split will become effective Jan. 17, 1995, to holders of record on Dec. 27.
"The board believes that the stock split will help broaden our shareholder base and increase the market liquidity of the company's shares," said Joel J. Horowitz, chief executive officer.
Hilfiger went public in September 1992 at $15 a share, and also completed secondary offerings 4.4 million shares in November 1993 at $33 and 3.5 million shares in June 1994 at $38.25.
Shares of Hilfiger rose 2 5/8 to 43 Friday on the New York Stock Exchange.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)