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.
About PetSmart
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.
Follow PetSmart on Twitter www.twitter.com/PetSmartTLC
Find
PetSmart on Facebook www.facebook.com/PetSmart
