Foot Locker (FL) Raises Quarterly Dividend 10.1% to $0.38; $1.2B Buyback

February 20, 2019 4:04 PM EST

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Foot Locker (NYSE: FL) declared a quarterly dividend of $0.38 per share, or $1.52 annualized. This is a 10.1% increase from the prior dividend of $0.345. The dividend will be payable on May 3, 2019, to stockholders of record on April 18, 2019, with an ex-dividend date of April 17, 2019. The annual yield on the dividend is 2.5 percent.

Second, the Board of Directors approved a new 3-year, $1.2 billion common share repurchase program extending through January 2022, replacing the Company's previous $1.2 billion program. Through the end of fiscal 2018, the Company had spent $817 million under that program since it was announced two years ago.

Third, the Board of Directors approved a $275 million capital expenditures program 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."

For a dividend history and other dividend-related data on Foot Locker (FL) click here.

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