Tiffany & Co. has increased its regularly quarterly dividend 5.3 percent to 40 cents per share of common stock from 38 cents.
On an annual basis, that moves the dividend to $1.60 a share from $1.52 a share. The first dividend at the higher rate will be paid July 10 to shareholders of record on June 22.
This marks Tiffany’s 14th dividend increase in the past 13 years, said Michael Kowalski, chairman. “We are pleased that Tiffany has the resources to support the growth of its business and to also provide for opportunities to return some excess cash to shareholders,” he noted.
Tiffany on Wednesday reported that its first-quarter net income contracted 16.5 percent to $104.9 million, or 81 cents a diluted share, as net sales fell 4.9 percent, to $962.4 million, while rising 1 percent on a constant currency basis.
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