By  on August 6, 2010

Polo Ralph Lauren Corp.’s board approved a new $250 million programto repurchase its class A stock, subject to market conditions.

Thecompany also had $319 million available under previous programs at theend of the first quarter on July 3. That means the company has theauthorization to buy back a total of $569 million of its own stock. Theshares acquired will be held in its treasury for future use.

Polohas plenty of funds to cover the programs, with cash and cashequivalents of $345.8 million and short-term investments of $644.9million as of last month. The stock closed Friday at $85.79, up $1.50 or1.8 percent, and over the last year has traded as high as $95.59, onApril 26, and as low as $63.13, on Aug. 17.

Last fiscal year,Polo acquired 2.9 million of its own stock for $216 million. And thefirm picked the pace up dramatically in the first quarter, snapping up2.7 million shares for $231 million, which included the purchase of 1million shares from chairman and chief executive officer Ralph Lauren.

Atthe end of the first quarter, on July 3, the weighted number of averagediluted shares outstanding was 99.9 million.

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