PetSmart announces 18% increase to quarterly dividend and new $535 million share purchase authorization

PetSmart announced the Board of Directors' approval to increase its quarterly dividend by 18% from $0.165 to $0.195 per share beginning in the third quarter of fiscal 2013. The dividend of $0.195 will be paid on 15 November 2013 to stockholders of record at the close of business on 1 November 2013. This is equivalent to an annual rate of $0.78 per share. 

The Board of Directors also authorized a new $535 million share purchase authorization that expires on 31 January 2015. This new share purchase authorization will commence 1 October 2013 and will be in addition to any unused amount remaining under the June 2012 share purchase authorization as of that date. 

"We believe the stability and predictability of our cash flow demonstrates the continued strength of our business," said David Lenhardt, CEO. "And today's announcement reaffirms our commitment to returning excess cash to our shareholders though a combination of dividends and share repurchases." 

PETSMART INC.