Tiffany Announces New Stock Repurchase Program: Board Authorizes $500 Million over Three Years
NEW YORK--(BUSINESS WIRE)--
Tiffany & Co. (the "Company") (NYSE:TIF) announced today that its Board
of Directors has approved a new stock repurchase program. Effective
immediately, this new program authorizes the repurchase of up to $500
million of the Company's Common Stock through open market transactions,
block trades or privately negotiated transactions. Purchases are
discretionary and will be made from time to time based on market
conditions and the Company's liquidity needs. The program will expire on
January 31, 2019.
The new repurchase program replaces the Company's existing stock
repurchase program announced in March 2014, under which the Company was
authorized to repurchase up to $300 million of its Common Stock. As of
January 20, 2016, approximately $61 million remained available for stock
repurchases under this prior authorization.
Tiffany is the internationally-renowned jeweler founded in New York in
1837. Through its subsidiaries, Tiffany & Co. manufactures products and
operates TIFFANY & CO. retail stores worldwide, and also engages in
direct selling through Internet, catalog and business gift operations.
For additional information, please visit www.tiffany.com
or call our shareholder information line at 800-TIF-0110.
This press release contains certain "forward-looking" statements
concerning the Company's objectives and expectations with respect to
operations and financial results. Actual results might differ materially
from those in the forward-looking statements. Information concerning
risk factors that could cause actual results to differ materially is set
forth in the Company's filings with the Securities and Exchange
Commission, including the Company's most recently filed Annual Report on
Form 10-K and Quarterly Report on Form 10-Q. The Company undertakes no
obligation to update or revise any forward-looking statements to reflect
subsequent events or circumstances.
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Tiffany & Co.
Mark L. Aaron, 212-230-5301
Source: Tiffany & Co.
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