Nordstrom Board authorizes $1bn share repurchase program
24 May '06
3 min read
Seattle-based Nordstrom Inc, a leading fashion specialty retailer, held its annual shareholder meeting in the Downtown Seattle store.
The meeting recapped the company's 2005 performance and reviewed initiatives for 2006. The retirements of Nordstrom third generation leaders Bruce Nordstrom and John Nordstrom were also highlighted as part of this year's event.
During the meeting, company President Blake Nordstrom announced the board of directors authorized a $1 billion share repurchase program. The prior $500 million authorization was completed during the first quarter of 2006.
The shares are expected to be acquired through open market transactions during the next 18 to 36 months. The actual number and timing of share repurchases will be subject to market conditions and applicable SEC rules.
"The company just completed another quarter with improved operating performance, and we remain in a position of financial strength and flexibility," said Blake Nordstrom, President of Nordstrom Inc. "This share repurchase program reflects the continued confidence the board has in our business and our ongoing commitment to return value to shareholders."
In addition to the share repurchase announcement, the shareholders elected all nine nominated directors to the board including new nominees Erik Nordstrom and Pete Nordstrom. The company also paid tribute to Bruce Nordstrom and John Nordstrom as they both retired after 40 years of service on theboard.
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