Signet Jewelers plans up to $350M stock buyback

NEW YORK (AP) -- Signet Jewelers Ltd. plans to buy back up to $350 million of its common stock.

The jewelry company also said Tuesday that it has declared a quarterly dividend of 15 cents per share. The dividend will be paid on Aug. 28 to shareholders of record on Aug. 2.

Its shares rose 48 cents to $68.45 in premarket trading. Its shares have traded between $40.74 and $72.52 over the past year.

Signet said the timing and pricing of the share buybacks will be at the discretion of the company. It said the buyback will be funded through its existing cash reserves and other sources of cash. It said the repurchased shares may be used for general corporate purposes.

Last month the Bermuda-based company reported that its first-quarter net income rose 11 percent on strong performances at its U.S. Kay Jewelers and Jared retail stores.

Signet has more than 1,400 U.S. stores mostly under the Kay Jewelers and Jared brands. Its U.K. division runs about 500 stores primarily under the H. Samuel and Ernest Jones brands.