Foot Locker (FL) Raises Quarterly Dividend 13.6% to $0.25; Approves $1B Buyback
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Foot Locker (NYSE: FL) declared a quarterly dividend of $0.25 per share, or $1 annualized. This is a 13.6% increase from the prior dividend of $0.22.
The dividend will be payable on May 1, 2015, to stockholders of record on April 17, 2015, with an ex-dividend date of April 15, 2015.
The annual yield on the dividend is 1.9 percent.
Second, the Board of Directors approved a new 3-year, $1 billion common share repurchase program extending through January 2018, replacing the Company's previous $600 million program. The Company spent $305 million under the previous program in 2014, and as of yesterday had substantially completed the full program amount.
Third, the Board of Directors approved a $220 million capital expenditure program for 2015, maintaining the strong level of investment in the business that the Company initiated in 2013. In recent years, the Company has successfully invested in a variety of strategic growth initiatives, including new and innovative store formats, continued expansion of its European banners, strong capabilities in its direct-to-customer segment, and various technology initiatives.
"The Company sees opportunities for continued growth in the coming years through this additional deployment of capital," said Richard Johnson, President and Chief Executive Officer. "Our Board has shown it is confident that Foot Locker, Inc. has the financial resources to increase returns to shareholders --- as evidenced by five straight years of double-digit percentage increases in our dividend rate and the third significant increase to our share repurchase program in the last three years --- at the same time that we continue to invest directly in our business to seize opportunities to elevate our operational and financial performance."
For a dividend history and other dividend-related data on Foot Locker (FL) click here.
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