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Nordstrom Inc Authorizes $800 Million Share Repurchase Program; Increases Regular Quarterly Dividend


Wednesday, 27 Feb 2013 04:45pm EST 

Nordstrom Inc announced that its board of directors has authorized a repurchase program of up to $800 million of the Company`s outstanding common stock, through March 1, 2015. The shares are expected to be acquired through open market transactions. The Company intends to fund the repurchase program from existing cash on hand. The actual number and timing of share repurchases, if any, will be subject to market conditions and applicable Securities and Exchange Commission rules. This program is in addition to the Company`s existing repurchase program that was approved by the board in February 2012. The existing repurchase program has $344 million outstanding, as of February 26, 2013, and will expire on February 1, 2014. Nordstrom also announced that its board of directors has approved a quarterly dividend of 30 cents per share, an increase of 11% over the previous quarter`s dividend. The dividend is payable on March 22, 2013 to shareholders of record at the close of business on March 11, 2013. 

Company Quote

69.56
0.65 +0.94%
11:06am EDT