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Nordstrom unveils new $1bn share repurchase program
Sep '14
NYSE-listed and US-based apparel retailer, Nordstrom said it has initiated a new share repurchase program for which it has allocated up to $1 billion.

Nordstrom announced that its board of directors has authorized a repurchase program of up to $1 billion of its outstanding common stock, through March 1, 2016.

Nordstrom will fund the repurchase program from existing cash on hand.

The garment retailer said the actual number and timing of share repurchases, if any, will be subject to market conditions and applicable SEC rules.

Earlier in February 2013, Nordstrom had initiated a share repurchase program, which has $323 million outstanding as of September 3, 2014 and will expire on March 1, 2015.

Nordstrom, a fashion specialty retailer operates 270 stores in 36 states, including 116 full-line stores, 151 Nordstrom Racks, two Jeffrey boutiques, and one clearance store. (AR)

Fibre2fashion News Desk - India

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