Fila to buy back $35 million in shares after profit misses estimates

Fila Holdings will buy back 50 billion won ($35.8 million) worth of shares, the company said Friday.

It has repurchased an estimated 49.95 billion won worth of shares back since March, when it made a similar announcement, the company said after reporting its earnings for the third quarter. 

“We remain committed to pursuing diverse and effective shareholder return strategies,” Fila Holdings Chief Financial Officer Lee Ho-yeon said. 

The clothing brand will dole out dividends of 340 won per share.

Fila Holdings also said that its third quarter operating profit rose by 0.9 percent on year to record 93.37 billion won ($67 million) in the third quarter, slightly missing the average analyst estimate of 1.03 trillion won compiled by market tracker FnGuide.

The company’s revenue increased by 6 percent on year to 1.50 trillion won.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]