Nordstrom Inc announced that its board of directors has authorized a $1.5 billion share repurchase program. The company last repurchased shares in the second quarter of fiscal 2007, completing its $1 billion share repurchase program that was authorized in May of 2006.
The shares from the new $1.5 billion authorization are expected to be acquired through open market transactions over a period of up to the next 24 months. The actual number and timing of share repurchases will be subject to market conditions and applicable SEC rules.
Nordstrom Inc also announced that its board of directors approved a quarterly dividend of $0.135 per share payable on September 14, 2007, to shareholders of record on August 31, 2007.
Nordstrom Inc is one of the nation's leading fashion specialty retailers, with 157 US stores located in 27 states.
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