BEAVERTON, United States — Nike Inc., the world's largest sporting- goods company, approved a new $12 billion stock buyback plan and said it would split its shares 2-for-1.

The new four-year buyback plan will take effect when the current $8 billion authorisation is completed, which is expected to occur before the end of the company’s fiscal 2016, Beaverton, Oregon-based Nike said Thursday in a statement. The stock split will be in the form of a 100 percent stock dividend payable on Dec. 23 to holders as of Dec. 9.

The announcement comes after the company said last month that it would boost annual sales about 60 percent to $50 billion by 2020, helped by growth in its women’s and online businesses. Nike has seen its stock rise 31 percent this year as it continues to gain market share in categories like global football and running.

Nike shares rose as much as 5 percent to $132.08 in late trading in New York.

By Matt Townsend; editors: Nick Turner, Kevin Orland, Mark Schoifet.