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Zale announces increase in stock buyback program

Tue May 27, 2008 9:11am EDT

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NEW YORK, May 27 (Reuters) - U.S. jeweler Zale Corp (ZLC.N) said on Tuesday that its board approved an increase of $50 million in its stock buyback program, bringing the total amount authorized up to $350 million in fiscal 2008.

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Dallas-based Zale said it has repurchased 13.8 million shares to date in the fiscal year, reducing its outstanding shares by 28 percent during fiscal 2008. It said it has a total remaining authorization of $100 million. (Reporting by Aarthi Sivaraman, editing by Gerald E. McCormick)

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