Fossil Inc. said Monday that its board has approved a $750 million share repurchase program.
The company said the program expires on Dec. 31, 2013. Repurchases are to be made on the open market, and the program may be suspended or discontinued at any time.
Mike Kovar, executive vice president and chief financial officer, said, “We believe utilizing our strong balance sheet, including $435 million in cash and cash equivalents at the end of the second quarter of fiscal 2010, and future cash flows will be sufficient to fund this program as well as future investments to support the company’s long-term objectives.
Kovar also said the firm’s strategic goal is to double its size over the next five years.
As of Aug. 9, the company had slightly over 67.1 million common shares outstanding.