Convenience store operator Casey's General Stores Inc. has authorized a new $300 million share repurchase program through fiscal year 2020, according to a March 7 release.
The move is in line with Casey's capital allocation strategy. As of Jan. 31, the company has a remaining capacity of approximately $107 million in its existing share buyback program, which it expects to complete in the first half of calendar year 2018.
As part of its initiative to enhance store performance, the convenience store operator intends to roll out a digital engagement program that will improve online and offline customer experiences. Casey's is also developing a fleet card program to increase fuel sales by 2% in its first full year and expects to see results by the third quarter of 2019.
In addition, the company plans to have a price optimization initiative for fuel and in-store purchases.
Along with these announcements about increasing profitability, Casey's also disclosed the appointment of independent director H. Lynn Horak as its chairman of the board. It also named Donald Frieson, David Lenhardt and Allison Wing as independent directors.
