Company shares shot up nearly 12 percent at the start of Wednesday's session, as a result.
, receiving about 4.1 million shares in return on Dec. 31. The exact number of shares will be based on the “volume-weighted average price of the company’s common stock during the term of the [accelerated share repurchase agreement] less a discount,” the firm said. The deal is expected to close in 2022’s first quarter.
“I was particularly encouraged by our sales growth during the peak shopping days over the Thanksgiving weekend and the large rush of business as we approached Dec. 25. Our stores are in a good inventory position as we begin our semiannual sale and anniversary the positive stimulus impact on sales in January of last year. Performance has been broad-based across all of our businesses and our stores channel has been a position of strength for our results.
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