Tiffany & Co. resumes buybacks

New York City Tiffany & Co. said Thursday it will start buying back some of its stock again in the wake of reporting better-than-expected holiday sales.

Tiffany had suspended stock repurchases in the 2008 third quarter in order to preserve cash. A buyback program that expires in January 2011 currently authorizes the repurchase of up to $402 million worth of stock.

The luxury retailer will pay the raised dividend in April.

Tiffany reported last week that its worldwide sales climbed 17% in November and December as shoppers seized on all sorts of products at a variety of prices. The recovery in holiday sales allowed it to raise its annual profit guidance.