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Nordstrom Sets $1.5 Billion Buyback

The company will repurchase over 24 months.

Nordstrom's (JWN) - Get Nordstrom, Inc. (JWN) Report board authorized a $1.5 billion share repurchase program to take place over the next two years.

The Seattle retail giant said late Tuesday that it expected to make the buybacks in the open market.

Nordstrom last repurchased shares in its second quarter of fiscal 2007, completing its $1 billion share repurchase program that was authorized in May 2006.

Shares of Nordstrom closed Friday down 4 cents to $45.52.

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