Sporting goods giant Nike has announced a new, four-year programme to repurchase US$8bn-worth of Class B shares of its common stock.

The programme will begin on the completion of the US company’s current $5bn share repurchase programme, which is due to end in the second quarter of fiscal 2013.

“We believe repurchasing our shares is a prudent use of our cash and are pleased to extend Nike’s track record of returning value to shareholders through sustained share repurchases,” said Mark Parker, Nike president and CEO.

“This new share repurchase programme demonstrates our continued confidence in Nike’s strategy to generate long-term profitable growth and strong cash flow, and reflects our commitment to delivering value to our shareholders.”