AutoZone Inc. has announced its board of directors authorized the repurchase of an additional $750 million of the company’s common stock in connection with its ongoing share repurchase program. Since the inception of the repurchase program in 1998, and including the above amount, AutoZone’s board of directors has authorized $18.7 billion.

“AutoZone’s continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings,” said Bill Giles, chief financial officer and executive vice president of finance and information technology. “We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans.”