Tiffany Raises Dividend 20% to Six Cents Per Share
May 23, 04
Luxury jeweler Tiffany & Co has declared a 20 percent increase in its quarterly dividend on its Common Stock to six cents per share from five cents.
The dividend will be paid on July 12 to stockholders of record on June 21.
Michael J. Kowalski, chairman and CEO, cited Tiffany's “strong financial results and favorable outlook” for the Board of Directors’ decision to increase the rate.
Kowalski added: “It's very clear to us that Tiffany still has substantial growth opportunities and we fully intend to further strengthen its position as one of the world's premier retail brands.”
Earlier this month, Tiffany reported profit in the first quarter rose 12 percent to $40 million, driven by strong growth in the US as well as in most international markets.
Net sales for the quarter ending April 30, rose 15 percent to $457 million.