NEIMAN’S OKS BUYBACK
NEW YORK — The Neiman Marcus Group said its board authorized the repurchase of another two million shares, or about 4 percent of its outstanding stock.
The company said any repurchases would be carried out over time and subject to market conditions.
The Chestnut Hill, Mass., retailer noted that under previous authorizations, it had acquired 1.8 million shares during its current fiscal year, which ends in June.
Neiman Marcus Group currently has 27.5 million shares of class A common stock and 20.2 million shares of class B common stock outstanding.
Shares of Neiman Marcus closed at 28 3/8, up 3/4, Tuesday on the New York Stock Exchange. Its 52-week high was 32 and its low, 19 3/8.