By Robb M. Stewart
Nike Inc.'s board has approved a 12% increase in the footwear giant's quarterly cash dividend.
The company said Friday it will pay a dividend of 27.5 cents a share on class A and B stock, up from the prior payout rate of 24.5 cents.
The move marks a 19th consecutive year of increasing dividends and reflects Nike's financial strength and a record of returning capital to shareholders, the company said.
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(END) Dow Jones Newswires