Guess? Shares Rise 3% In Pre-market On News Of Share Buyback

(RTTNews) - Shares of Guess?, Inc. (GES) are rising more than 3 percent in pre-market on Monday to $32.75, after the company announced a new share buyback of up to $200 million.

Further, as part of a convertible bond exchange transaction announced today, it has agreed to repurchase 326,429 shares of the company for $10.3 million.

"This $200 million share repurchase authorization and the more than $10 million repurchase we have announced today reflects our confidence in the business and follows our recently announced special dividend of $2.25 per share which will be paid in early May," commented Carlos Alberini, Chief Executive Officer.

Guess? shares had closed at $31.47, up 0.87 percent on Friday. The stock has been trading in the range of $17.21 - $32.52 in the last 1 year.