Nike approves $8b share repurchase programme

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Nike approves $8b share repurchase programme

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Nike returned $10 billion to shareholders through the repurchase of more than 167 million shares.

20 September,2012 11:43 am

Nike Inc is beefing up its capacity to use its cash to purchase its own shares, with the board of the worlds largest sportswear maker approving an $8 billion buyback programme.The new $8 billion four-year repurchase programme for Nikes class B stock will follow the companys current $5 billion buyback plan once that program is completed during the second quarter of fiscal 2013, Nike said.Over the past 10 years, Nike has returned $10 billion to shareholders through the repurchase of more than 167 million shares, Chief Executive Mark Parker said in a statement, adding that share buybacks are a prudent use of Nikes cash.Nike has a market value of $44 billion based on its closing share price Wednesday of $97.66 and its 453.87 million shares outstanding.