Stock Repurchases

9 Months Ended

Oct. 30, 2021

Stock Repurchases

Stock Repurchases

10. Stock Repurchases

Repurchases of Common Stock

In November 2019, the Company’s board of directors approved a stock repurchase program that authorized the repurchase of up to $25 million of the Company’s common stock. In the first quarter of 2020, the Company repurchased 260,254 shares of its common stock at an aggregate cost of $6.3 million.

In March 2020, the Company’s board of directors approved another $30 million stock repurchase program. Shortly thereafter, due to the economic uncertainty stemming from the COVID-19 pandemic, the Company suspended its stock repurchase program until September 2020 when the program was reinstated. Further, the Company announced that its board of directors approved new $30 million stock repurchase programs in each of December 2020, June 2021 and August 2021.

In the first thirty-nine weeks of 2021, the Company repurchased 1,023,343 shares of its common stock under its repurchase programs at an aggregate cost of $85.3 million. In addition, the Company completed a block repurchase of 250,000 shares of its common stock at an aggregate cost of $21.9 million.

As of October 30, 2021, the Company had approximately $8.1 million available under its previously announced stock repurchase program. On November 30, 2021, the Company announced that its board of directors authorized another $30 million stock repurchase program.