: Nike hikes quarterly dividend by 11%, after warning of weaker demand

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Nike Inc. NKE, +2.22% on Tuesday said its board approved quarterly cash dividend of 34 cents, a move it said represented an 11% increase over the prior quarterly dividend. The dividend is payable on Dec. 28 to shareholders of record on Dec. 5. Chief Executive John Donahoe, in a statement, said the dividend increase on Tuesday marked the athletic-gear maker’s 21st straight year of increasing dividend payouts. “This dividend increase illustrates the continued success of our consumer direct acceleration strategy, as we invest in capabilities that are accelerating our digital transformation and fueling long-term profitable growth.” Executives, during Nike’s most recent round of earnings, said they expected results to suffer this year from industry-wide price-cutting efforts intended to clear inventories. Unwanted and off-season clothing has piled up in warehouses this year, after inflation forced consumers to spend more on necessities like groceries.

This article was originally published by Marketwatch.com. Read the original article here.

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