ASX: Harvey Norman Plans Another Year of Share Buybacks
ASX: Harvey Norman Extends Its Buyback Program
Harvey Norman has told the ASX it intends to extend its share buyback program for another year, moving the end date from November 24, 2026, to November 23, 2027. The retailer could buy back up to 10 per cent of its stock, with the program potentially costing as much as $583.3 million, according to the company.
Shares Rally, but Remain Down for the Year
Harvey Norman shares rose 2.9 per cent on Thursday to $4.44, amid a broader rally in consumer discretionary stocks. Despite the session’s gain, the stock is still down more than 35 per cent year to date.
What the Board Said
The board said it considers the buyback an appropriate capital management strategy, particularly in light of the company’s recent share price history. It also said it would continue to assess growth opportunities while retaining financial flexibility.
- Proposed program end date: November 23, 2027.
- Maximum potential buyback: 10 per cent of the company’s stock.
- Potential cost: Up to $583.3 million.
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