NIKE, Inc. Announces New $8 Billion Share Repurchase Program
NIKE, Inc. (NYSE: NKE) today announced that its Board of Directors has approved a new four-year, $8 billion program to repurchase shares of NIKE's Class B Common Stock. The Company's current $5 billion share repurchase program will be completed during the second quarter of fiscal 2013, and the new program will commence upon the completion of the current program.
"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 Mark Parker, NIKE, Inc. President and CEO. “Over the past 10 years, NIKE, Inc. has returned $10 billion to shareholders through the repurchase of more than 167 million shares. 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.”*
Repurchases under NIKE, Inc.'s new program will be made in open market or privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, applicable legal requirements, and other relevant factors. This share repurchase plan does not obligate NIKE, Inc. to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. NIKE, Inc. had approximately 361 million shares of Class B Common Stock outstanding as of August 31, 2012.
About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE, Inc. subsidiaries include Cole Haan, which designs, markets and distributes luxury shoes, handbags, accessories and coats; Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories; and Umbro International Limited., a leading United Kingdom-based global football (soccer) brand. For more information, NIKE's earnings releases and other financial information are available on the Internet at http://investors.nikeinc.com and individuals can follow @Nike.
* The marked paragraph contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by Nike with the S.E.C., including Forms 8-K, 10-Q, and 10-K.
Gavin Lindberg, 503-671-8178
Mary Remuzzi, 503-532-8767