Williams-Sonoma OKs $65 million stock buyback program

San Francisco Williams-Sonoma said Friday its board of directors has authorized a $65 million stock buyback program.

In approving the latest initiative, the board is seeking to offset dilution from employee stock grants. Stock repurchases boost per-share earnings and expand the percentage size of shareholders' stakes by taking some outstanding stock off the market.

Williams-Sonoma anticipates the new stock buyback will be completed by the end of its fiscal year. It also expects the board will approve another program at that time.

The company repurchased 2.3 million shares for $60 million under a previous buyback program that was approved in May. So far this year, the company has bought back $125 million of its common stock.