Costco Wholesale Corporation revealed on Thursday in a statement that it will be repurchasing up to $4 billion worth of its shares.

"This program will expire in January 2027 and replaces the current $4 billion program (adopted in 2019 and scheduled to expire April 2023), under which approximately $1.4 billion had been purchased," the retail giant said.

Meanwhile, Costco's Board of Directors also announced that the quarterly cash dividend on the company's common stock amounts to $0.90 per share and "is payable February 17, 2023."