Quiksilver Plans to Repurchase Stock

Sportswear maker Quiksilver Inc. said Tuesday that its board of directors has approved the repurchase of up to 2 million of the company’s 22.4 million shares outstanding.

The Huntington Beach company said Tuesday that the shares will be repurchased during the next 12 months. Quiksilver will fund the repurchases with existing cash, internally generated cash or through debt.

Quiksilver stock gained 38 cents a share Tuesday to close at $10 on the New York Stock Exchange.