Fresh off last week's earnings disappointment,
Wednesday expanded its share buyback plan.
The Seattle-based high-end department-store chain said it would buy back up to $300 million in stock over the next two years. The new plan replaces a $150 million buyback program adopted in November 1999. Nordstrom had bought back $68 million worth of shares under that plan.
"The company's balance sheet and operating performance are strong, and this share repurchase program reflects the confidence we have in our business and our ongoing commitment to return value to shareholders," said President Blake Nordstrom.
The move comes just a week after Nordstrom
warned of a 2004 earnings shortfall, pushing its shares down 10%.
Even so, Nordstrom shares remain 50% above their year-ago level. On Wednesday, the stock slipped a nickel to $36.54.