Nike announces $8 billion repurchase program
BEAVERTON, Ore. (AP) — Nike says its board has approved a plan to repurchase $8 billion of its common stock over four years.
The footwear and clothing company said late Wednesday that its current $5 billion buyback program will be complete during its fiscal second quarter, with the new program starting once the current one closes.
President and CEO Mark Parker said in a statement that Nike Inc. has returned $10 billion to stockholders over the past 10 years through the buyback of more than 167 million shares.
Nike, which is based near Beaverton, Ore., had about 361 million outstand shares as of Aug. 31. Its stock added 53 cents to $98.19 in after-hours trading on Wednesday.