Costco Approves $4 Billion Buyback, Boosts Dividend 12.7%

's board boosted its quarterly dividend 12.7 percent and approved a new $4 billion buyback program. The company said its new buyback plan replaces a current $4 billion program, which expires this month and has unused authorization of $2.5 billion. The quarterly dividend is payable May 15 to shareholders of record on May 1. Costco in February paid a special one-time dividend of $5 a share paid for with borrowings and existing cash. The company, which operates 672 warehouse stores, has struggled with decline gasoline prices and posted fiscal second-quarter same-store sales growth of 2 percent last month. Costco shares are up less than 2 percent year-to-date and changed hands recently in the extended session at $145.90, up $1.33.