Foot Locker (FL) Raises Quarterly Dividend 12.7% to $0.31; Approves $1.2B Buyback
- Wall Street closes lower as inflation jitters spark broad sell-off
- Tesla (TSLA) Sales in China 'Stagnated' in April, Wedbush Notes
- Roblox (RBLX) Gains as Sales Rise 140%, Analyst Raises PT on Strong Growth and Early China Launch
- Dollar holds near 10-week low ahead of inflation report
- Tesla (TSLA) Halts Plans to Buy Land in Shanghai Amid Increased Tensions with China: Report
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Foot Locker (NYSE: FL) declared a quarterly dividend of $0.31 per share, or $1.24 annualized. This is a 12.7% increase from the prior dividend of $0.275.
The dividend will be payable on April 28, 2017, to stockholders of record on April 13, 2017, with an ex-dividend date of April 11, 2017.
The annual yield on the dividend is 1.8 percent.
Second, the Board of Directors approved a new 3-year, $1.2 billion common share repurchase program extending through January 2020, replacing the Company's previous $1 billion program. Through the end of fiscal 2016, the Company had spent $795 million under that program since it was announced two years ago.
Third, the Board of Directors approved a $277 million capital expenditure program for 2017, close to the $284 million of capital that the Company invested in 2016. The Company will continue to spend capital to build on its key strategic initiatives, including opening exciting new retail destinations in key cities around the world; extending its remodel programs to more of its existing store fleet; expanding geographically, particularly in Europe and with its Kids Foot Locker banner globally; building even stronger capabilities in its direct-to-customer segment; and upgrading its technology and supply chain infrastructure.
"We have seen that the capital investments Foot Locker, Inc. has made in recent years have been critical to elevating our financial performance and positioning us at the center of sneaker culture," said Richard Johnson, Chairman and Chief Executive Officer. "With the landscape of retail changing rapidly, our Board of Directors agrees that leading that change in the future requires ongoing investment in our business. At the same time, our Company remains committed to returning significant amounts of cash to shareholders, and the Board's actions to both increase our dividend at a double-digit percentage rate for the seventh straight year and increase our share repurchase authorization by 20 percent is clear evidence of that commitment."
For a dividend history and other dividend-related data on Foot Locker (FL) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Houlihan Lokey (HLI) Raises Quarterly Dividend 30.3% to $0.43; 2.6% Yield
- Broadridge (BR) Declares $0.575 Quarterly Dividend; 1.4% Yield
- Future Fuel (FF) Declares $2.50 Special Dividend; 22.3% Yield
Create E-mail Alert Related CategoriesDividend Hike, Dividends, Hot Buybacks, Hot Dividends, Stock Buybacks
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!