SAN FRANCISCO - Williams-Sonoma Inc . (NYSE: NYSE:WSM), a leading home retailer, announced a significant increase in its quarterly cash dividend and the approval of a new stock repurchase program. The company's Board of Directors has authorized a 26% increase in the quarterly dividend, raising it to $1.13 per common share, payable on May 24, 2024, to shareholders of record as of April 19, 2024.
In addition to the dividend hike, the Board has also approved a new $1 billion stock repurchase authorization, which replaces the existing buyback program. This new authorization is set to take effect on Thursday, March 14, 2024, allowing the company to repurchase shares through open market or privately negotiated transactions. The repurchase plan is subject to market conditions, regulatory requirements, and capital availability, with no set expiration date.
Laura Alber, President and Chief Executive Officer of Williams-Sonoma, stated that the decision to increase the dividend and expand the buyback program reflects the company's commitment to maximizing shareholder value and delivering returns.
Jeff Howie, Chief Financial Officer, highlighted the company's consistent profitability and strong cash flows, which have enabled it to provide returns to shareholders, including over $3.7 billion through dividends and share repurchases over the past six years.
The company's repurchase strategy will be implemented at the discretion of management, taking into account various factors such as share price and corporate requirements. The program may be adjusted, limited, or terminated at any time without prior notice.
Williams-Sonoma's announcement comes after a robust finish to the 2023 fiscal year and underscores its confidence in the company's financial strength and commitment to rewarding its investors. The information in this article is based on a press release statement from Williams-Sonoma, Inc.
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