Urban Outfitters to buy back 10 million shares

Urban Outfitters. (Bloomberg News)

Urban Outfitters Inc. announced Tuesday that its board of directors authorized the repurchase of 10 million common shares.

Under the plan, the Philadelphia retailer can use its discretion in timing the repurchase.

The board in August, 2013, approved a similar repurchase program for 10 million shares. The company said all of those shares have been repurchased.

Shares had closed up 5 cents, at $32.59, before the announcement, and rose again in after-hours trading. - Chris Hepp