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Fashion retailer Cato increases dividend 10%
25 May '07
1 min read
The Board of Directors of The Cato Corporation approved a 10% increase in the Company's dividend to an annualized rate of $.66 per Class A Common and Class B Common share.
The dividend is payable quarterly at the rate of $.165 per share with the first payable date of June 25, 2007 to shareholders of record on June 11, 2007. At the closing market price on May 24, 2007, the dividend represents an annualized yield of 3.1%.
"Cato has increased its dividend every year since 1998 and today's increase continues our practice of returning a portion of profits to our shareholders," stated John Cato, Chairman, President and Chief Executive Officer.
"Our long-term financial goal of increasing the value of our shareholder's investment in Cato by growing earnings and dividends 10% per year on average remains unchanged."
The dividend is payable quarterly at the rate of $.165 per share with the first payable date of June 25, 2007 to shareholders of record on June 11, 2007. At the closing market price on May 24, 2007, the dividend represents an annualized yield of 3.1%.
"Cato has increased its dividend every year since 1998 and today's increase continues our practice of returning a portion of profits to our shareholders," stated John Cato, Chairman, President and Chief Executive Officer.
"Our long-term financial goal of increasing the value of our shareholder's investment in Cato by growing earnings and dividends 10% per year on average remains unchanged."
The Cato Corporation
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