Tiffany & Co (NYSE:TIF) has announced that it’s Board of Directors has approved to change its dividend policy by increasing the quarterly dividend rate. The change will be effective with the next payment in April. Dividends will increase $0.20 per share on the company’s Common Stock. The company’s current dividend is $0.17 per share.
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Tiffany & Co will also resume purchasing its shares of Common Stock on the open market. The company suspended its repurchasing activities during the third quarter of 2008. $402 million are currently available for repurchase under an authorized program that expires January 2011.
Tiffany & Co. is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is fine jewelry. It also sells timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities. The Company operates in three segments: Americas, Asia-Pacific and Europe. Americas includes sales in TIFFANY & CO. stores in the United States, Canada and Latin/South America, as well as sales of TIFFANY & CO. products in certain of those markets through business-to-business, Internet, catalog and wholesale operations. Asia-Pacific includes sales in TIFFANY & CO. stores in the Asia-Pacific region. Europe includes sales in TIFFANY & CO. stores in Europe, as well as sales of TIFFANY & CO. products.
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