Tiffany Increases Quarterly Dividend by 12.5%
May 26 2016 - 9:45AM
Business Wire
The Board of Directors of Tiffany & Co. (NYSE:TIF) has
declared a regular quarterly dividend of $0.45 per share of Common
Stock, representing a 12.5% increase in the quarterly rate. This
declaration increases the quarterly dividend from $0.40 per share
(or $1.60 annually) to the new rate of $0.45 per share (or $1.80
annually).
Michael J. Kowalski, chairman, announced the dividend increase
at Tiffany’s Annual Meeting of Shareholders and said, “Despite
recent pressures on earnings growth, our Board believes that
Tiffany has the ability to generate substantial cash flow to
reinvest in its business as well as to continue to return excess
cash to shareholders. Tiffany has now increased the dividend rate
15 times in the past 14 years and, in so doing, has also increased
the payout ratio over that period. Our long-term target is to
maintain a mid-40’s payout ratio.”
The dividend will be paid on July 11, 2016 to shareholders of
record on June 20, 2016. Future dividends are subject to
declaration by the directors.
Tiffany is the internationally-renowned jeweler founded in New
York in 1837. Through its subsidiaries, Tiffany & Co.
manufactures products and operates TIFFANY & CO. retail stores
worldwide, and also engages in direct selling through Internet,
catalog and business gift operations. For additional information,
please visit www.tiffany.com or call our shareholder information
line at 800-TIF-0110.
TIF - D
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version on businesswire.com: http://www.businesswire.com/news/home/20160526005307/en/
Tiffany & Co.Mark L. Aaron,
212-230-5301Mark.aaron@tiffany.com
Tiffany (NYSE:TIF)
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