SEATTLE--(BUSINESS WIRE)--Aug. 22, 2018--
Nordstrom, Inc. (NYSE: JWN) announced today that its board of directors
has authorized a repurchase program of up to $1.5 billion of the
Company’s outstanding common stock, with no expiration date. This
program will replace the Company’s existing repurchase program, which
has $327 million outstanding as of August 4, 2018 and will expire
on August 31, 2018. The actual number and timing of share repurchases,
if any, will be subject to market conditions and applicable Securities
and Exchange Commission rules.
Nordstrom, Inc. also announced today that its board of directors
approved a quarterly dividend of 37 cents per share payable on September
19, 2018, to shareholders of record at the close of business
on September 4, 2018.
The Company’s commitment to driving increased shareholder value reflects
its capital allocation principles: reinvesting in the business,
consistently returning capital directly to shareholders through
dividends and share repurchases and maintaining an investment grade
credit rating. Over the last five years, from fiscal years 2013 through
2017, Nordstrom, Inc. returned $5 billion to shareholders in the form of
dividends and share repurchases.
Nordstrom, Inc. is a leading fashion retailer based in the U.S. Founded
in 1901 as a shoe store in Seattle, today Nordstrom operates 372 stores
in 40 states, including 122 full-line stores in the United States,
Canada and Puerto Rico; 239 Nordstrom Rack stores; two Jeffrey
boutiques; two clearance stores; six Trunk Club clubhouses; and its
Nordstrom Local service concept. Additionally, customers are served
online through Nordstrom.com,
Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the
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Source: Nordstrom, Inc.
Gigi Ganatra Duff,