The board of directors of Foot Locker, which has been faring well financially, has approved a $220 million investment program for the current year. That is far more than the $163 million spent last year. The money will be invested in various fields of expansion such as the development and roll-out of innovative new retail formats and ongoing global expansion, notably in Europe. The athletic footwear and apparel chain is also seeking to implement new technologies and systems for its buyers and planners as well as new types of customer experience. In addition, the board decided on an 11 percent increase in quarterly cash dividends and a stock purchase program for up to $600 million worth of shares over the next three years.