PHOENIX, Jun 17, 2011 (BUSINESS WIRE) -- PetSmart, Inc. (NASDAQ: PETM), the leader in pet specialty retail, announced the Board of Directors' approval to increase its quarterly dividend by 12% from $0.125 to $0.14 per share beginning in the second quarter of fiscal 2011. The Board of Directors also authorized a new $450 million share purchase program. This new share purchase program will commence on August 1, 2011, and continue until January 2013, and will replace any unused amount remaining under the June 2010 share purchase program as of the commencement date.
"We believe the stability and predictability of our cash flow demonstrates the continued strength of our business," said Bob Moran, President and Chief Executive Officer. "Creating shareholder value remains a priority and we intend to manage our capital effectively by reinvesting in our business and returning excess capital to our shareholders."
The dividend of $0.14 will be paid on August 12, 2011 to stockholders of record at the close of business on July 29, 2011. This is equivalent to an annual rate of $0.56 per share.
PetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. The company employs approximately 48,000 associates and operates more than 1,192 pet stores in the United States, Canada and Puerto Rico, over 184 in-store PetSmart(R) PetsHotel(R) dog and cat boarding facilities and is a leading online provider of pet supplies and pet care information (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 Campâ" 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 $134 million in grants and programs benefiting animal welfare organizations. Through its in-store pet adoption partnership with PetSmart Charities(R), PetSmart has helped save the lives of more than 4.4 million pets.
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SOURCE: PetSmart, Inc.
PetSmart Investor Relations
April Lenhard, 623-587-2025