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Nike approves $8 billion share repurchase program

The company logo of Nike is shown at the U.S. Olympic athletics trials in Eugene, Oregon June 21, 2012. REUTERS/Mike Blake

The company logo of Nike is shown at the U.S. Olympic athletics trials in Eugene, Oregon June 21, 2012.

Credit: Reuters/Mike Blake

Thu Sep 20, 2012 5:30am EDT

(Reuters) - Nike Inc is beefing up its capacity to use its cash to purchase its own shares, with the board of the world's largest sportswear maker approving an $8 billion buyback program.

The new $8 billion four-year repurchase program for Nike's class B stock will follow the company's current $5 billion buyback plan once that program is completed during the second quarter of fiscal 2013, Nike said on Wednesday.

"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 Nike's 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.

Another U.S. company, CVS Caremark, also announced a big $6 billion share buyback program on Wednesday.

(Reporting by Sakthi Prasad in Bangalore; Editing by Chris Gallagher)
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Comments (8)
Prairiefire wrote:
Buying back share to go “off book” so money can be hidden in off shore accounts to pay less taxes… Also to hide the fact that they use slave labor to make their products….

Sep 19, 2012 12:15am EDT  --  Report as abuse
Prairiefire wrote:
Buying back share to go “off book” so money can be hidden in off shore accounts to pay less taxes… Also to hide the fact that they use slave labor to make their products….

Sep 19, 2012 12:15am EDT  --  Report as abuse
Prairiefire wrote:
Buying back share to go “off book” so money can be hidden in off shore accounts to pay less taxes… Also to hide the fact that they use slave labor to make their products….

Sep 19, 2012 12:15am EDT  --  Report as abuse
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