AutoZone Inc. said Wednesday that its board of directors approved a $750 million increase in its stock-buyback program.
The auto-parts retailer said that since launching its stock-repurchase program in 1998, its board has approved $14.2 billion in buybacks.
Companies typically buy back stock to help support the company’s share price and earnings per share.
AutoZone, which is based in Memphis, Tenn., has over 5,200 stores in the U.S., Mexico and Brazil.
Its shares rose $8.80, or 1.9 percent, to close at $470.56 Wednesday.