Nike announces $8 billion share buyback

Nike, the clothing, footwear, sportswear and equipment giant, announced a four-year, $8 billion share buyback plan late Wednesday.

"We believe repurchasing our shares is a prudent use of our cash and are pleased to extend Nike's track record of returning value to shareholders through sustained share repurchases," said Nike president and CEO Mark Parker.

"This new share repurchase program demonstrates our continued confidence in Nike's strategy to generate long-term profitable growth and strong cash flow, and reflects our commitment to delivering value to our shareholders."

He said Nike has returned $10 billion to shareholders over the past decade thanks to the repurchase of over 167 million shares.

The company's current $5 billion share repurchase program will be completed during the second quarter of fiscal 2013, and the new scheme will commence upon the earlier program's completion.