Tiffany & Co. announced that its Board of Directors have approved a new stock repurchase program.

Effective immediately, this new program authorizes the repurchase of up to $300 million of Tiffany's Common Stock through open market transactions. Purchases are discretionary and will be made from time to time based on market conditions and the Company's liquidity needs. The program will expire on March 31, 2017.

Michael J. Kowalski, Chairman and Chief Executive Officer, said, "Based on Tiffany's financial performance and our favorable long term outlook for earnings and cash flow, we believe that share repurchases are an appropriate way to return a portion of excess capital to stockholders, as well as to mitigate the dilutive effect on earnings per share from stock-based compensation."

Tiffany & Co. operates jewellery stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores in the Americas, Asia-Pacific, Japan and Europe, as well as in the United Arab Emirates and Russia.