Polo Ralph Lauren Corp. Wednesday raised its quarterly cash dividend to 10 cents a share from 5 cents, payable Jan. 8 to shareholders of record Dec. 24. The company expects the annual dividend rate to increase to 40 cents over the next year. In addition, Polo’s board authorized another $225 million for stock repurchases, adding to the $206 million available from its previous buyback program. “The increases in our dividend and share repurchase authorization indicate the confidence our board has in our underlying performance and our future prospects,” said Roger Farah, president and chief operating officer.
This story first appeared in the November 5, 2009 issue of WWD. Subscribe Today.