Nordstrom's board has authorized the repurchase of up to $1 billion of the luxury retailer's outstanding shares through March 1, 2016.

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Nordstrom’s board has authorized the repurchase of up to $1 billion of the luxury retailer’s outstanding shares through March 1, 2016.

The Seattle company said Thursday that it plans to fund the buyback from available cash. The repurchase program is in addition to an existing buyback that currently has $323 million outstanding and expires on March 1, 2015.

Nordstrom Inc. runs 270 stores in 36 states. Its stock gained $1.46, or 2.1 percent, to $71.10 in premarket trading.

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