Tiffany & Co. said June 4 that it will increase its quarterly dividend by 5% to 58 cents per share after posting first-quarter results that beat analysts' estimates.

The dividend will be paid July 10 to shareholders of record June 20.

In the three months to April 30, the jewelry maker said diluted EPS came in at $1.03, down 9.65% year over year but ahead of the S&P Global Market Intelligence mean consensus estimate of $1.01. Net income excluding expenses came in at $125.20 million, down 12.02% year over year but beating the Market Intelligence estimate of $124.96 million.

CEO Alessandro Bogliolo said the company's earnings were hit by significant foreign exchange headwinds and lower spending from the foreign tourist segment.

During the quarter, Tiffany & Co. repurchased about 271,000 shares at an average price of $94 apiece for a total consideration of $25.4 million. The transactions were part of its $1 billion share repurchase program, which expires in January 2022. To date, Tiffany can repurchase up to $610 million more common shares.