Staples to resume $1 billion buyback program

Framingham, Mass. Staples said it is resuming its $1 billion share repurchase program after a hiatus.

There is no expiration date on the program, which began in June 2007.

The company also set a quarterly cash dividend of 9 cents, payable on July 15 to shareholders of record as of June 25.

CEO Ron Sargent said a strong cash flow and balance sheet are letting the company return "excess cash to our shareholders" through dividends and share buybacks.