Tiffany & Company (TIF), the designer, manufacturer and retailer of fine jewelry, recently boosted quarterly dividend by 17.6%. The Board has approved an increase in annual dividend to 80 cents (or 20 cents quarterly) from 68 cents a share (or 17 cents quarterly). The increased dividend will be paid in April 2010.

Tiffany also notified that it will resume its share repurchase program, which was suspended in the third quarter of 2008 when the economy had faltered. The company hinted that it still has $402 million at its disposal under the current share repurchase authorization, which expires in January 2011.

Share repurchase is now becoming a common trend among retailers, who are showing signs of recovery. Recently, Target Corporation (TGT), the operator of general merchandise and food discount stores in the United States, said it is resuming its $10 billion share repurchase program authorized by its Board in November 2007.

GameStop Corporation (GME), the world’s largest video game and entertainment software retailer, also announced that its Board has approved a $300 million share repurchase program.

Tiffany, the New York based company that holds a significant position in the world jewelry market due to its distinctive brand appeal, recently raised its full year targets on the heels of better-than-expected holiday sales. The company now expects fiscal year 2009 earnings between $2.07 and $2.12 per share, up from $1.88 to $1.98 projected earlier. The company said it remains on track to achieve net sales of approximately $2.7 billion.

As of December 31, 2009, Tiffany operated 220 stores and boutiques – 91 in the Americas, 102 in the Asia-Pacific and 27 in Europe .

Zacks Investment Research

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