Nike on Thursday said its board approved an increase to the company's quarterly dividend, raising it to 40 cents a share from 37 cents.
The new dividend, $1.20 on an annual basis, will be payable of Jan. 2, 2025, to shareholders of record at the close of business on Dec. 2.
Based on Thursday's closing share price of $75.68, the new dividend represents a yield of 1.5%.
In November 2023, the company raised its quarterly dividend from 34 cents.
Thursday's announcement marks the 23rd consecutive year Nike has raised dividends, the company said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com