Williams-Sonoma (WSM) will raise its quarterly cash dividend by 11.6 percent to $0.48 per share in 2019. Last year the dividend was also hiked by double digits to 43 cents quarterly by the retailer. WSM also increased the amount available for repurchases under its existing stock repurchase program by $500 million.

The quarterly dividend is payable on May 31, 2019, to stockholders of record as of the close of business on April 26, 2019. A new annual rate of $1.92 per share yields 3.2% at a stock price of $59.

Laura Alber, President and Chief Executive Officer, commented, “Our decision to increase our dividend and stock repurchase authorization reflects our confidence in our multi-channel, multi-brand model and our strong cash flow generation. This also demonstrates our commitment to maximizing returns to shareholders.”

Williams-Sonoma, Inc. is a specialty retailer of products for the home. These products are marketed through e-commerce websites, direct mail catalogs and retail stores. Williams-Sonoma, Inc. currently operates in the United States, Canada, Australia and the United Kingdom, offers international shipping to customers worldwide, and has unaffiliated franchisees that operate stores in the Middle East and the Philippines and stores and e-commerce websites in Mexico.