Nike announces $9.8 billion share buyback

NEW YORK (AFP) - Nike, the clothing, footwear, sportswear and equipment giant, announced a four-year, US$8 billion (S$9.8 billion) share buyback plan late on Wednesday.

"We believe repurchasing our shares is a prudent use of our cash and are pleased to extend Nike's track record of returning value to shareholders through sustained share repurchases," said Nike president and CEO Mark Parker.

"This new share repurchase program demonstrates our continued confidence in Nike's strategy to generate long-term profitable growth and strong cash flow, and reflects our commitment to delivering value to our shareholders."

He said Nike has returned US$10 billion to shareholders over the past decade thanks to the repurchase of over 167 million shares.