Tiffany's (TIF - Get Report) board of directors today declared a regular quarterly dividend of 50 cents per share of common stock.

The New York-based jeweler's declaration increases the quarterly dividend to the new rate of 50 cents per share from 45 cents per share. 

The dividend is payable on July 10 to shareholders of record at the close of business on June 20.

"Beyond reinvesting in our business, which is supported by a strong balance sheet, one of our key financial strategies is to return excess cash to shareholders. Tiffany has now increased the dividend rate 16 times in the past 15 years," Tiffany CEO Michael Kowalski said.

Tiffany's dividend declaration comes a day after shares of the firm fell nearly 8% after it reported first quarter comparable store sales and revenue that fell below consensus expectations.

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