Destination Maternity Corporation the world's leading maternity apparel retailer, yesterday announced that its Board of Directors has declared a regular quarterly cash dividend of $0.175 per share. The cash dividend will be payable September 28, 2012 to stockholders of record at the close of business on September 7, 2012.
The Company also announced that its Board of Directors has extended and amended the Company's authorized stock repurchase program, so that it now authorizes the repurchase of up to $10 million of the Company's outstanding common stock and expires on July 31, 2014. Under the program, the Company may repurchase shares from time to time through solicited or unsolicited transactions in the open market or in negotiated or other transactions. Prior to the extension and amendment, the program authorized the repurchase of up to $7 million of the Company's outstanding common stock and was scheduled to expire on July 31, 2012. To date, the Company has not repurchased any shares under the program.
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. In the United States and Canada, as of June 30, 2012, Destination Maternity operates 2,016 retail locations, including 636 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and 1,380 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also distributes its Oh Baby by Motherhood® collection through a licensed arrangement at over 1,100 Kohl's® stores throughout the United States and on Kohls.com. In addition, Destination Maternity is expanding internationally and has exclusive store franchise and product supply relationships in India, the Middle East and South Korea. As of June 30, 2012, Destination Maternity has 101 international franchised locations, including 85 shop-in-shop locations and 16 Destination Maternity branded stores.
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