By  on September 4, 2014

Nordstrom Inc. has authorized $1 billion to be used for common share repurchases through March 2016.

The new plan, approved by Nordstrom’s board, is in addition to an existing share repurchase authorization of $800 million that was approved in February 2013 and would expire next March. The program, initially set at $800 million, has an additional $323 million available for stock buybacks.

Nordstrom said repurchases made as part of the new package would be funded with cash on hand.
Investors sent shares of Nordstrom up 2.2 percent, to $71.15, in pre-market trading following word of the new repurchase plan.

As of the end of its second quarter on Aug. 2, Nordstrom had 192.7 million diluted shares of common stock outstanding, down from 198.8 million a year earlier.

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