Nike Boosts Dividend

The company's new rate is 37 cents a share.
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Nike's

(NKE) - Get Report

board raised its quarterly cash dividend by 19%, saying it will now pay out a rate of 37 cents on its shares each quarter.

The dividend applies to Class A and Class B common stock. The dividend, which is payable Jan. 2 to shareholders of record at the close of business Dec. 11, was increased from the previous quarterly rate of 31 cents.

"We are very pleased to increase our cash payout to shareholders for the fifth consecutive year," said Mark Parker, Nike's president and chief executive. "Over the last five years, our dividend has nearly tripled. This demonstrates our ongoing commitment to delivering shareholder value and reflects our confidence in the company's cash flow generation, solid balance sheet and long-term growth prospects."

Separately, the shoemaker said it named veteran media executive Johnathan A. Rodgers to its board.