Zale announces increase in stock buyback program

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.

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)