NIKE, Inc. (NYSE:NKE) today announced that its Board of Directors has
approved a new four-year, $5 billion program to repurchase shares of Nike’s
Class B Common Stock. The new program will commence upon the completion
of the Company’s current $3 billion share
repurchase program.
"We are pleased to extend Nike’s track
record of returning value to shareholders through sustained share
repurchases,” said Mark Parker, NIKE, Inc.
President and CEO. “Over the past 10 years,
NIKE, Inc. has returned $5.5 billion to shareholders through the
repurchase of more than 157 million shares. This new share repurchase
program demonstrates our continued confidence in Nike’s
long-term growth prospects and financial strength.”1
Repurchases under NIKE, Inc.’s new program
will be made in open market or privately negotiated transactions in
compliance with Securities and Exchange Commission Rule 10b-18, subject
to market conditions, applicable legal requirements, and other relevant
factors. This share repurchase plan does not obligate NIKE, Inc. to
acquire any particular amount of common stock, and it may be suspended
at any time at the Company's discretion. NIKE, Inc. had approximately
492.4 million shares of Class B Common Stock outstanding as of August
31, 2008.
About NIKE, Inc.
NIKE, Inc. based near Beaverton, Oregon, is the world's leading
designer, marketer and distributor of authentic athletic footwear,
apparel, equipment and accessories for a wide variety of sports and
fitness activities. Wholly-owned Nike subsidiaries include Cole Haan,
which designs, markets and distributes luxury shoes, handbags,
accessories and coats; Converse Inc., which designs, markets and
distributes athletic footwear, apparel and accessories; Hurley
International LLC, which designs, markets and distributes action sports
and youth lifestyle footwear, apparel and accessories; and Umbro Ltd., a
leading United Kingdom-based global football (soccer) brand. For more
information, visit www.nikebiz.com.
1 The marked paragraph contains
forward-looking statements that involve risks and uncertainties that
could cause actual results to differ materially. These risks and
uncertainties are detailed from time to time in reports filed by Nike
with the S.E.C., including Forms 8-K, 10-Q, and 10-K. Some
forward-looking statements in this release concern changes in futures
orders that are not necessarily indicative of changes in total revenues
for subsequent periods due to the mix of futures and “at
once” orders, exchange rate fluctuations,
order cancellations and discounts, which may vary significantly from
quarter to quarter, and because a significant portion of the business
does not report futures orders.
NIKE, Inc.
Pamela Catlett, 503-671-4589 (Investors)
Kellie
Leonard, 503-671-6171 (Media)
