Costco lifts dividend amid coronavirus store demand
Costco bucks the downtrend with a dividend hike
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Costco is making a bold move and delivering for shareholders despite the crippling of the U.S. economy from the coronavirus.
|COST||COSTCO WHOLESALE CORP.||496.87||+5.39||+1.10%|
The warehouse retailer lifted its quarterly dividend by 7.9 percent from 65 to 70 cents per share, approved by the board and payable to shareholders of record by the close of business May 1, 2020. Annually that is a payout of $2.80.
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Costo shares have gained over 5 percent this year as the S&P 500 has lost nearly 14 percent.
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Sales during the month of March jumped 11.7 percent to $15.49 billion up from $13.87 billion last year.
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Sales were "significantly impacted by the COVID-19 pandemic," said David Sherwood of Costco's investor relations arm in a pre-recorded call released last week.
Other retailers, especially department stores, are not faring as well, many of which are closed due to the pandemic.
J.C. Penney disclosed Wednesday that it will likely miss a critical loan repayment as company officials reportedly mull bankruptcy following mass store closures related to the coronavirus pandemic.