Department store retailer Nordstrom (NYSE:JWN) is initiating a share repurchase program of up to $800 million that will run through March 2015 and is increasing its quarterly dividend to $0.30 per share.
The buyback plan adds to an existing program that still has $344 million outstanding on it, giving the board the authority to buy back more than $1.1 billion in stock. The existing plan runs through Feb. 1, 2014, while the new plan runs through March 1, 2015.
The dividend, which will rise from its current $0.27 per share, clocks an 11% increase and will be payable on March 22 to shareholders of record on March 15. This will be the fourth consecutive year Nordstrom has increased its payout.
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