Foot Locker, Inc. announced that its the board of directors approved a $220 million capital expenditure
program for 2013, a significant increase over the approximately $163
million spent in 2012. The company plans to invest in its many growth
opportunities, including new and innovative store formats; continued
expansion in Europe; more sophisticated systems for its buyers and
planners; technology to improve its customers experience; and robust
capabilities for its digital segment, among other initiatives.
Foot Locker also announced a cash dividend and a stock buyback program. Its board declared a quarterly cash dividend on the companys common stock of 20 cents per share, which will be payable on May 3, 2013 to shareholders of record on April 19, 2013. This dividend represents an 11 percent increase over the companys previous quarterly per share amount and is equivalent to an annualized rate of 80 cents per share.
The board also approved a new 3-year, $600 million common share repurchase program extending through January 2016, replacing the companys previous $400 million program. The company spent $129 million under that program in 2012.
By taking these actions, our Board has expressed its confidence that Foot Locker, Inc. has the financial strength to simultaneously invest in the Companys growth opportunities and return cash directly to shareholders through a balanced approach to dividends and share repurchases, said Ken C. Hicks, Chairman and Chief Executive Officer.
