Williams-Sonoma, Inc. (NYSE:WSM) announced today that its Board of Directors has authorized a 20.3% increase in the company’s quarterly cash dividend to $0.71 per share. The quarterly dividend is payable on November 26, 2021 to stockholders of record as of the close of business on October 22, 2021. The Board of Directors also approved a new $1.25 billion stock repurchase authorization, which supersedes the approximately $560 million, which remains outstanding under the company’s current stock repurchase authorization.
“Our decisions to increase our quarterly dividend again and to approve a new $1.25 billion share buyback authorization reflect the strength of our business and financial position, and our commitment to maximizing returns for our shareholders,” said Laura Alber, President and Chief Executive Officer. “Our strong performance reinforces the sustainable power of our key differentiators: our in-house design, our digital-first channel strategy and our values. Combined with our winning positioning in a growing but fragmented industry, and our incremental growth initiatives, we are more confident than ever in our ability to deliver outsized returns into the future.”
This new stock repurchase authorization is effective as of August 25, 2021, and results in $1.25 billion available for future repurchases under the company’s stock repurchase authorization. The company’s stock repurchase program authorizes the purchase of the company’s common stock through open market and privately negotiated transactions, including through Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability and other market conditions. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice.
