Dollar Tree announces $500 million share repurchase program

Chesapeake, Va. Dollar Tree announced that its board of directors has authorized the repurchase of an additional $500 million of its common stock.

The chain has invested $1.4 billion for share repurchase since 2003, including $218 million in the first quarter 2010.

“Dollar Tree continues to demonstrate the ability to self-fund its growth while generating substantial free cash,” said president and CEO Bob Sasser. “The increase in our share repurchase authority reflects our commitment to build value for long-term shareholders and our confidence in the future.”

Dollar Tree operated 3,899 stores in 48 states as of June 18.