Nordstrom OKs $800M share buybacks, ups dividend
SEATTLE (AP) — Department store operator Nordstrom Inc. said Wednesday that it was adding $800 million to an existing share buyback authorization and raised its quarterly dividend by 11 percent.
The buyback authorization, to be funded with cash on hand, will expire March 1, 2015. An existing plan with $344 million outstanding will expire on Feb. 1, 2014. The actual number and timing of any share repurchases is dependent on market conditions, the company said.
The dividend of 30 cents per share is payable on March 22 to shareholders of record as of March 11.
Shares rose 70 cents, or 1.3 percent, to $54.60 in after-hours trading. During regular trading, shares closed up $1.37, or 2.6 percent, at $53.90.