PetSmart, Inc. (NASDAQ: PETM), the leader in pet specialty retail, announced the Board of Directors' approval to increase its quarterly dividend by 18% from $0.165 to $0.195 per share beginning in the third quarter of fiscal 2013. The dividend of $0.195 will be paid on November 15, 2013 to stockholders of record at the close of business on November 1, 2013. This is equivalent to an annual rate of $0.78 per share.
The Board of Directors also authorized a new $535 million share purchase authorization that expires on January 31, 2015. This new share purchase authorization will commence on October 1, 2013, and will be in addition to any unused amount remaining under the June 2012 share purchase authorization as of that date.
“We believe the stability and predictability of our cash flow demonstrates the continued strength of our business,” said David Lenhardt, Chief Executive Officer, “and today’s announcement reaffirms our commitment to returning excess cash to our shareholders through a combination of dividends and share repurchases.”
About PetSmartPetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. The company employs approximately 53,000 associates and operates more than 1,301 pet stores in the United States, Canada and Puerto Rico, over 196 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. Through its in-store pet adoption partnership with PetSmart Charities ®, PetSmart has helped save the lives of more than 5 million pets since 1994. PetSmart Charities, Inc. and PetSmart Charities of Canada, Inc. (“PetSmart Charities”) are independent, nonprofit organizations that save the lives of homeless pets and reduce shelter intake through spay/neuter efforts. In 2012, nearly 450,000 dogs and cats found homes through the organization's adoption centers in all PetSmart stores and by sponsoring community adoption events. PetSmart Charities is the leader in granting money to help pets in need, with more than $28 million given in 2012 throughout North America.