Nordstrom Authorizes $800 Million Stock Buyback and Increased Dividend
Nordstrom (JWN) announced record sales of $10.50 billion for fiscal 2011 yesterday. The highest in the company’s history with 13 percent annual growth for each of the last two years. And today, the board authorized an $800M stock buyback and an increase in the dividend. The board of directors has approved a quarterly dividend of 27 cents per share, an increase of 17% over the previous quarter’s dividend. The dividend is payable on March 15, 2012 to shareholders of record on March 1, 2012.
In 2012, Nordstrom plans to invest and build upon the foundation for sustainable growth in top-line revenues, earnings and Return on Invested Capital (“ROIC”). Nordstrom expects same-store sales to increase 4 to 6 percent, and earnings per diluted share in the range of $3.30 to $3.45 for the full year.