With earnings season winding down, the stock buyback announcements we are seeing now are often from retailers that tend to end their fiscal year in January. A total of 26 companies announced buybacks during the last week. Capri Holdings (CPRI), the holding company for brands like Versace, Jimmy Choo and Michael Kors, announced a $1 billion buyback last week representing 13.5% of its market cap at announcement.
When I tweeted the following last November, little did I expect that my wish would be granted just a few days later when Tapestry (TPR) announced a $1 billion buyback and then once again announced an additional $1.5 billion buyback in May 2022 as we discussed here last month.