Foot Locker, Inc. (NYSE: FL) announced after Wednesday's market close that the company's Board of Directors approved a $297 million capital expenditure program for 2016, marking a "significant increase" from $225 million spent in 2015.

Foot Locker noted that it plans on investing in a "variety of strategic growth initiatives," including its ongoing remodel program, additional shop-in-shop spaces in its stores, the continued expansion of its Kids and European businesses, and technology improvements in logistics and digital operations.

Foot Lockers' Board of Directors also authorized a 10 percent increase to its quarterly dividend to the equivalent of an annualized rate of $1.10 per share.

"I am pleased that our Board of Directors has once again expressed its confidence in our Company's ability to increase both our capital expenditure and dividend programs to new highs, while we also actively return cash to shareholders through repurchasing shares," stated Richard Johnson, President and Chief Executive Officer. "The investments we have made in the business continue to be highly productive and strongly position us as leaders in the athletic retail industry. In 2016, we will continue to invest in our strategic growth pillars while also seeking to lead in generating total shareholder returns."