Shares in Watches of Switzerland Group PLC (LSE:WOSG) jumped 7% in early trading on Monday after the company announced a £25 million share buyback programme.
The luxury watch retailer said its balance sheet remains strong following a refinancing in December that increased liquidity by £50 million.
While the company continues to invest in showroom upgrades, new projects, and acquisitions, it now has excess funds to return to shareholders.
The buyback, managed by Barclays, will run until either the next annual general meeting or December 3, whichever comes first. The company emphasised that the plan does not impact its existing capital strategy.
The stock advanced 31.4p to 482.4p.