PetSmart (PETM) Declares $0.125 Quarterly Dividend; 1.6% Yield; Announces $400M Stock Buyback

PetSmart, Inc. (Nasdaq: PETM), the leader in pet specialty retail, announced the Board of Directors' approval to increase its quarterly dividend by 25% from $0.10 to $0.125 per share beginning in the second quarter of fiscal 2010. The Board of Directors also authorized a new $400 million share purchase program that expires in January 2012. This will replace the $350 million program approved by the Board in June 2009, including the $103 million that remained available under that program. The dividend of $0.125 will be paid on August 13, 2010 to stockholders of record at the close of business on July 30, 2010. This is equivalent to an annual rate of $0.50 per share. The ex-dividend date is July 28, 2010. Yield on the dividend is 1.6%.... Read more

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