Destination Maternity Corporation, the world's leading maternity apparel retailer, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.20 per share. The cash dividend will be payable September 26, 2014 to stockholders of record at the close of business on September 5, 2014.
The Company also announced that its Board of Directors has extended the Company's authorized stock repurchase program, so that it now expires on July 31, 2016. Under the program, the Company may repurchase up to $10 million of the Company's outstanding common stock from time to time through solicited or unsolicited transactions in the open market or in negotiated or other transactions. Prior to the extension, the program was scheduled to expire on July 31, 2014. 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, 2014, Destination Maternity operates 1,901 retail locations, including 575 stores, predominantly under the tradenames Motherhood Maternity, A Pea in the Pod, and Destination Maternity, and 1,326 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 Kohl's stores throughout the United States and on Kohls.com. In addition, Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea and Mexico. As of June 30, 2014, Destination Maternity has 77 international franchised locations, including 18 Destination Maternity branded stores and 59 shop- in-shop locations.