By Maria Armental
Nike Inc. plans to raise its quarterly dividend by 17%, marking
the 13th consecutive year the athletic retailer has increased its
payout.
The dividend, which will be increased to 28 cents from 24 cents,
is payable on Jan. 5.
The Beaverton, Ore., company reported higher quarterly sales in
September as athletic clothing continues to cross over to casual
gear and even workplace attire, in what some refer as
"athleisure."
Nike has used expensive sponsorships to increase its market
share in sports like soccer, where Nike outfitted 10 World Cup
teams this year, including the U.S. squad. In basketball, the
company recently spent heftily to keep NBA star Kevin Durant,
thwarting a bid from rival Under Armour Inc.
Nike was added to the Dow Jones Industrial Average last year.
The stock, up slightly in recent after-hours trading, set a
52-week-high on Thursday at $97.70 before closing at $97.30.
Write to Maria Armental at maria.armental@wsj.com
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