Dick’s Sporting Goods, Inc. announced the reinstatement of its dividend program.
In the first quarter of 2020, following its temporary store closures, the company announced temporary pay reductions for many salaried employees, furloughs of a significant number of its workforce and the suspension of its dividend program and share repurchases, among other measures, to bolster its cash position and maximize flexibility as part of the company’s initial response to COVID-19. Now, with strong early sales results as stores have re-opened and the expectation to have nearly 100 percent of its stores re-opened by June 30, 2020, the company has restored previously reduced salaries for all employees, except for certain executives, and has returned substantially all employees from furlough.
On June 10, 2020, the Board of Directors of Dick’s Sporting Goods, Inc. also reinstated the dividend program and authorized and declared a quarterly dividend of $0.3125 per share on the company’s Common Stock and Class B Common Stock. The dividend is payable in cash on June 30, 2020, to stockholders of record at the close of business on June 22, 2020. Additionally, the company may resume opportunistic share repurchases under its current authorizations.
Photo courtesy DKS
