Sunday, May 24, 2015Sunday, May 24, 2015

Nike announces $9.8 billion share buyback

Published on Sep 20, 2012 12:32 PM

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.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!