Williams-Sonoma, Inc. (NYSE: WSM) announced today that its Board of Directors has authorized a 41% increase in the company’s quarterly cash dividend to $0.31 per share and a new $750 million stock repurchase program that the company intends to execute over the next three years. The quarterly dividend is payable on May 24, 2013 to stockholders of record as of the close of business on April 26, 2013.
Laura Alber, President and Chief Executive Officer, remarked, “Our decision to increase the quarterly dividend, along with the increased stock repurchase authorization, is a reflection of our continued commitment to return capital to our stockholders. As we have said before, we are confident in the growth potential and the cash-generating power of our multi-channel and multi-brand business model.”
This new stock repurchase program authorizes the purchase of $750 million of the company’s common stock through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability and other market conditions. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice.
Under the stock repurchase program authorized by the Board of Directors in January 2012, a total of 5,978,162 shares of common stock were repurchased and retired at a weighted average cost of $37.55 per share and an aggregate cost of $225 million.
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements related to: the timing and amounts of our quarterly cash dividends; the timing and amounts of our stock repurchase program; our growth potential; and our ability to generate cash.