Nordstrom, Inc.'s board authorized a repurchase program of up to $500 million of the company's outstanding common stock, through January 28, 2012.
The shares are expected to be acquired through open market transactions. The Company intends to fund the repurchase program from existing cash on-hand. The actual number and timing of share repurchases, if any, will be subject to market conditions and applicable Securities and Exchange Commission rules.
Nordstrom also announced today that its board of directors has approved a quarterly dividend of 20 cents per share payable on September 15, 2010, to shareholders of record on August 31, 2010.