AutoZone Boosts Stock Buyback By $US750 Million

Auto parts retailer AutoZone boosts stock buyback by $US750 million

AutoZone Inc. said Wednesday that its board of directors approved a $US750 million increase in its stock buyback program.

The auto parts retailer said that since launching its stock repurchase program in 1998, its board has approved $US14.2 billion in buybacks.

Companies typically buy back stock to help support the company’s share price and earnings per share.

AutoZone, which is based in Memphis, Tenn., has over 5,200 stores in the U.S., Mexico and Brazil.

Its shares rose $US8.80, or 1.9 per cent, to close at $US470.56 Wednesday.

Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.