Nike to repurchase 8 billion dollars common stock

Nike’s board of directors has approved a new four-year, 8 billion dollars program to repurchase shares of Nike’s Class B Common Stock. The company’s current 5 billion dollars share repurchase program will be completed during the second quarter of fiscal 2013, and the new program will commence upon 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 President and CEO. “Over the past 10 years, Nike has returned 10 billion dollars 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.” Nike had approximately 361 million shares of Class B Common Stock outstanding as of August 31, 2012.