With the markets crashing, what better time for companies to invest in themselves. This appears to be the rationale of the Nike board of directors as they approved a four year plan to buy back $5 billion in Nike common stock.
We 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 $5.5 billion to shareholders through the repurchase of more than 157 million shares. This new share repurchase program demonstrates our continued confidence in Nike’s long-term growth prospects and financial strength.
[Link: Business Wire]
