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.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
11-20-20 0856ET