Sporting goods giant Nike's board of directors has approved a new four-year US$5bn programme to repurchase shares of its Class B Common Stock.

The new programme will commence upon the completion of the company's current $3bn share repurchase programme, a statement said today (22 September).

Mark Parker, Nike president and CEO, said: "Over the past 10 years, Nike has returned $5.5bn to shareholders through the repurchase of more than 157m shares. This new share repurchase programme demonstrates our continued confidence in Nike's long-term growth prospects and financial strength."