January 21, 2010 / 5:20 PM / 10 years ago

UPDATE 1-Tiffany raises dividend, resumes share buyback

NEW YORK, Jan 21 (Reuters) - Tiffany & Co (TIF.N) raised its dividend 18 percent on Thursday and said it would resume buying back shares, actions the U.S. jeweler said reflected its board’s confidence in its long-term earnings potential.

Beginning in April, Tiffany said it will pay a dividend of 20 cents per share, up from its current payment of 17 cents per share.

The high-end jeweler, which last week reported stronger-than-expected sales for the holiday season, also said it would resume its share buyback program, which had been suspended since the third quarter of 2008. It said $402 million remains available for repurchases under its currently authorized program, which expires in Jan. 2011. (Reporting by Martinne Geller; editing by Gunna Dickson)

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