Nike board approves new, $18 billion buyback program for stock

Nike Inc. posted quarterly earnings above Wall Street expectations and said its board approved a new, $18 billion share buyback program that sent the apparel maker's shares higher in the after-hours session.

Revenue fell by 1% to $12.2 billion, the company said. There was consensus on FactSet's earnings of 81 cents a share on sales of $12.1 billion. Nike s board approved a four-year, $18 billion buyback program that will replace Nike's current $15 billion share-purchase program that ends in fiscal year 2023. The company said that Nike's sales and administrative expenses rose 8% to $4 billion in the quarter. Overhead expenses went up 8% to $3 billion, due to investments in the company's direct sales channel. Nike shares have lost 34% of its value this year compared with 18% losses for the S&P 500 index SPX, which has lost 34% so far this year.