Brand’s 6% dividend increase represents 12th in past 11 years.
Tiffany & Co announced a quarterly dividend of $0.34 (£0.22) per share yesterday, describing its Board of Directors as confident in its growth potential.
The brand’s board of directors made the announcement yesterday at the Tiffany & Co. Annual Meeting of Stockholders. Its chairman and chief executive officer Michael J. Kowalski said: "Today’s increase acknowledges our Board of Director’s confidence in Tiffany’s growth prospects. It also represents the 12th dividend increase in the past 11 years."
The dividend declared today will be paid on July 10, 2013. The dividend has increased from $0.32 per share (or $1.28 annually) to a new rate of $0.34 per share (or $1.36 per share annually).
Tiffany announced its Q4 results in March with worldwide net sales up 4% to US$1.2 billion (£790m) in the final quarter and net earnings up 1% to US$180 million (£118.5m). In the full year worldwide net sales increased 4% to US$3.8 billion (£2.5bn) while net earnings declined 5% to US$416 million (£273.9m).
Kowalski said at the time: "We will be pursuing important growth opportunities in 2013, with plans including exciting new jewellery collections, enhanced customer communications through print and digital media, and expansion of our global base with additional stores. Tiffany is well positioned to achieve net earnings growth of 6% to 9% and healthy free cash flow."