NEW YORK, Jan 21 (Reuters) - Tiffany & Co raised its dividend 18 percent on Thursday and said it would resume buying back shares, actions the U.S. jeweler said reflected its board's confidence in its long-term earnings potential.
Beginning in April, Tiffany said it will pay a dividend of 20 cents per share, up from its current payment of 17 cents per share.
The high-end jeweler, which last week reported stronger-than-expected sales for the holiday season, also said it would resume its share buyback program, which had been suspended since the third quarter of 2008. It said $402 million remains available for repurchases under its currently authorized program, which expires in Jan. 2011.
(Reporting by Martinne Geller; editing by Gunna Dickson)
((Reuters Messaging: martinne.geller.reuters.com@reuters.net; (646) 223-6023)) Keywords: TIFFANY (http://blogs.reuters.com/shop-talk/ for Shop Talk -- Reuters' retail and consumer blog) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Beginning in April, Tiffany said it will pay a dividend of 20 cents per share, up from its current payment of 17 cents per share.
The high-end jeweler, which last week reported stronger-than-expected sales for the holiday season, also said it would resume its share buyback program, which had been suspended since the third quarter of 2008. It said $402 million remains available for repurchases under its currently authorized program, which expires in Jan. 2011.
(Reporting by Martinne Geller; editing by Gunna Dickson)
((Reuters Messaging: martinne.geller.reuters.com@reuters.net; (646) 223-6023)) Keywords: TIFFANY (http://blogs.reuters.com/shop-talk/ for Shop Talk -- Reuters' retail and consumer blog) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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