* Raises qtrly div by 233 pct to 10 cents
* Says will continue to grow business
* Shares rise 8 pct in trading after the bell
June 23 (Reuters) - PetSmart Inc raised its quarterly dividend three-fold to 10 cents a share, beginning in the second quarter, and said it would buy back $350 million of shares.
Shares of the company were up $1.52 at $21.50 in extended trading Tuesday. They closed at $19.98 in regular session on Nasdaq.
The company, which sells pet-care products, said the share repurchase will expire in January 2012.
PetSmart is generating significant free cash flow and will drive growth by investing in existing stores and opening new ones, Chief Executive Bob Moran said in a statement.
The company, which expects to grow by about 40 stores per year, will also focus on increasing returns on capital, maintaining expense discipline and improving its store base, it said.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Gopakumar Warrier) Keywords: PETSMART/ (nivedita.bh@thomsonreuters.com; within U.S. +1 646223 8780; Outside U.S. +91 804135 5800; Reuters messaging: nivedita.bh.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. 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.
* Says will continue to grow business
* Shares rise 8 pct in trading after the bell
June 23 (Reuters) - PetSmart Inc raised its quarterly dividend three-fold to 10 cents a share, beginning in the second quarter, and said it would buy back $350 million of shares.
Shares of the company were up $1.52 at $21.50 in extended trading Tuesday. They closed at $19.98 in regular session on Nasdaq.
The company, which sells pet-care products, said the share repurchase will expire in January 2012.
PetSmart is generating significant free cash flow and will drive growth by investing in existing stores and opening new ones, Chief Executive Bob Moran said in a statement.
The company, which expects to grow by about 40 stores per year, will also focus on increasing returns on capital, maintaining expense discipline and improving its store base, it said.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Gopakumar Warrier) Keywords: PETSMART/ (nivedita.bh@thomsonreuters.com; within U.S. +1 646223 8780; Outside U.S. +91 804135 5800; Reuters messaging: nivedita.bh.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. 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.