Family Dollar Stores, Inc. (FDO: Quote) announced that its Board of Directors has increased the amount of the regular quarterly dividend payment by 23.8% to $0.26 per share from the preceding quarterly cash dividend of $0.21 per share. The increase will be effective with the declaration of the next quarterly dividend.
Family Dollar said that its Board has also authorized the company to purchase an additional $300 million of its common stock through its existing share-repurchase program. The company intends to fund these repurchases through cash from operations.
This new authorization is in addition to the company’s current share-repurchase authorization. Prior to the new authorization, the company had existing authorization to repurchase about $94 million of its common stock.
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by RTT Staff Writer
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