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)