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Foot Locker announces 2019 capital allocation plans

28
Feb '19
Pic: Foot Locker
Pic: Foot Locker
The board of directors of Foot Locker, Inc, the New York-based specialty athletic retailer, has authorised three capital allocation initiatives to sustain meaningful investment in the business and reward long-term shareholders. This includes declaring a quarterly cash dividend, approving a share repurchase programme and capital expenditure programme for 2019.

Footlocker’s board of directors declared a quarterly cash dividend on the company’s common stock of $0.38 per share, which will be payable on May 3, 2019 to shareholders of record on April 18, 2019. The 10 per cent increase in the dividend is the ninth consecutive year with a dividend increase in the double-digit per cent range and is equivalent to an annualised rate of $1.52 per share.

Secondly, the board of directors approved a new 3-year, $1.2 billion common share repurchase programme extending through January 2022, replacing the company’s previous $1.2 billion programme. Through the end of fiscal 2018, the company had spent $817 million under that programme since it was announced two years ago.

Third, the board of directors approved a $275 million capital expenditures programme for 2019, compared to the approximately $200 million in 2018.  The capital spending planned for 2019 reflects increased investments in the company’s store fleet in all existing regions, including Asia, and in its digital initiatives. In addition, the company will continue to spend capital to build out its supply chain and other infrastructure capabilities.

“As we look at 2019, we see exciting opportunities to invest in our business and continue to build on our unparalleled strengths,” said Richard Johnson, chairman and chief executive officer. “Taken together, these actions demonstrate that our board is confident that Foot Locker, Inc. can simultaneously deliver strong financial results, invest in the long-term growth of the business, and provide meaningful returns to our shareholders.” (PC)

Fibre2Fashion News Desk – India


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