PHOENIX--(BUSINESS WIRE)--PetSmart, Inc. (NASDAQ: PETM), the leader in pet specialty retail, announced the Board of Directors' approval to increase its quarterly dividend by 18% from $0.14 to $0.165 per share beginning in the second quarter of fiscal 2012. The Board of Directors also authorized a new $525 million share purchase authorization that expires in January 2014. This new share purchase authorization will commence on July 30, 2012, and will be in addition to any unused amount remaining under the June 2011 authorization as of that date.
“The return of excess cash to our shareholders through a combination of dividends and share repurchases reaffirms our commitment to the creation of shareholder value through effectively managing the capital in our business,” said Bob Moran, Chairman and Chief Executive Officer. “We believe the stability and predictability of our cash flow demonstrates the continued strength of our business.”
The dividend of $0.165 will be paid on August 10, 2012 to stockholders of record at the close of business on July 27, 2012. This is equivalent to an annual rate of $0.66 per share.
PetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. The company employs approximately 50,000 associates and operates more than 1,241 pet stores in the United States, Canada and Puerto Rico, over 194 in-store PetSmart® PetsHotel® dog and cat boarding facilities and is a leading online provider of pet supplies and pet care information (http://www.petsmart.com). PetSmart provides a broad range of competitively priced pet food and pet products; and offers dog training, pet grooming, pet boarding, PetSmart Doggie Day Camp SM day care services and pet adoption services. Since 1994, PetSmart Charities, Inc., an independent 501(c)(3) non-profit animal welfare organization and the largest funder of animal welfare efforts in North America, has provided more than $165 million in grants and programs benefiting animal welfare organizations. Through its in-store pet adoption partnership with PetSmart Charities®, PetSmart has helped save the lives of nearly 5 million pets.