SEATTLE--(BUSINESS WIRE)--Feb. 27, 2013--
Nordstrom, Inc. (NYSE: JWN) announced today that its board of directors
has authorized a repurchase program of up to $800 million of the
Company’s outstanding common stock, through March 1, 2015. The shares
are expected to be acquired through open market transactions. The
Company intends to fund the repurchase program from existing cash on
hand. The actual number and timing of share repurchases, if any, will be
subject to market conditions and applicable Securities and Exchange
Commission rules. This program is in addition to the Company’s existing
repurchase program that was approved by the board in February 2012. The
existing repurchase program has $344 million outstanding, as of February
26, 2013, and will expire on February 1, 2014.
Nordstrom also announced today that its board of directors has approved
a quarterly dividend of 30 cents per share, an increase of 11% over the
previous quarter’s dividend. The dividend is payable on March 22, 2013
to shareholders of record at the close of business on March 11, 2013.
Nordstrom, Inc. is one of the nation’s leading fashion specialty
retailers. Founded in 1901 as a shoe store in Seattle, today Nordstrom
operates 240 stores in 31 states, including 117 full-line stores, 119
Nordstrom Racks, two Jeffrey boutiques, one treasure&bond store and one
clearance store. Nordstrom also serves customers through Nordstrom.com
and through its catalogs. Additionally, the Company operates in the
online private sale marketplace through its subsidiary HauteLook.
Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the
Source: Nordstrom, Inc.