Nike said yesterday its board of directors had approved a four-year, $3 billion share repurchase program.
The maker of athletic shoes and apparel said it expected to complete its previous four-year, $1.5 billion share repurchase program over the next few weeks – two years ahead of schedule.
Philip H. Knight, the company chairman, said the early completion of the previous buyback and this week's announcement underscore the company's confidence in its long-term growth prospects. Nike has about 194.7 million shares outstanding.
Nike shares fell 8 cents to close at $83.07 on the New York Stock Exchange. Its stock has traded in a 52-week range of $76.53 and $91.54.Associated Press
