K-Swiss Inc, a maker of athletic shoes, said its board approved a new $70 million repurchase program for Class A shares, replacing its existing buyback plan that expires by year-end.
The company, which sells athletic, training, and children's shoes, apparel and accessories, said the new program will compliment ongoing investments in its Classic brand of shoes. K-Swiss, which sells its products under the K-Swiss and Royal Elastics brands in the United States and Europe, said it has spent about $166.8 million on stock buyback programs since 1996 and bought back 25.5 million Class A shares.
The Westlake Village, California-based company's shares closed at $8.24 Tuesday on Nasdaq.
(Reporting by Shradhha Sharma in Bangalore; Editing by Gopakumar Warrier)