The Board of Directors of Tiffany & Co. (NYSE-TIF) has declared an increase in Tiffany's quarterly dividend on its Common Stock, increasing the rate by 25% from the current four cents per share to a new rate of five cents per share. The dividend will be paid on July 10, 2003 to stockholders of record on June 20, 2003.
Michael J. Kowalski, chairman and chief executive officer, announced the dividend increase at the Company's Annual Meeting of Stockholders and said, ''Our Board of Directors last declared a dividend increase in May 2000. We believe that Tiffany's recent financial performance, favorable outlook and strong balance sheet make it appropriate to reward shareholders with an increase at this time.''
Tiffany & Co. is the internationally renowned jeweler and specialty retailer. Sales are made primarily through company-operated TIFFANY & CO. stores and boutiques in the Americas, Asia-Pacific and Europe. Direct Marketing includes Tiffany's Business Sales division, Internet and catalog sales. Specialty Retail primarily includes the retail sales made in Little Switzerland, Inc. stores and also includes consolidated results from other ventures now or in the future operated under non-TIFFANY & CO. trademarks or trade names.
James N. Fernandez
Mark L. Aaron