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Foot Locker’s $275 million investment program will help build business in Asia

Foot Locker Inc.’s $275 million capital expenditure program planned for 2019 will put money behind the company’s business expansion in Asia, and continue a strategy put in place in 2018, according to Baird analysts.

The company’s late-Wednesday announcement was accompanied by a 10% dividend increase to 38 cents per share, and $1.2 billion in new share buybacks. In 2018, Foot Locker’s FL, +0.72% spent $200 million on capex.

“The capital spending planned for 2019 reflects the increased investments in the company’s store fleet in all existing regions, including Asia, and in its digital initiatives,” the Foot Locker announcement said.

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