Foot Locker (FL) Raises Quarterly Dividend 33.3% to $0.20; Announces 2021 Capital Allocation Plans
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Foot Locker (NYSE: FL) declared a quarterly dividend of $0.20 per share, or $0.8 annualized. This is a 33.3% increase from the prior dividend of $0.15.
The dividend will be payable on April 30, 2021, to stockholders of record on April 16, 2021, with an ex-dividend date of April 15, 2021.
The annual yield on the dividend is 1.6 percent.
Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, announced today that its Board of Directors authorized two capital allocation initiatives which provide for both elevated investment in the organic growth of its business and an increase in its dividend. First, the Board of Directors approved a $275 million capital expenditures program for 2021, compared to the approximately $155 million spent in 2020. The plan for the coming year signals a return to a pre-COVID level of investment necessary to achieve its long-term strategic imperatives. A meaningful portion of funds will be invested into its digital capabilities and infrastructure, enhancement of the digital customer experience, as well as initiatives to further streamline global supply chain. The capital plan will also include investments to accelerate the Company's community-based off-mall store rollout in markets across the world, as well as to elevate the customer experience in core stores.
Second, its Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.20 per share, a 33 percent increase from the prior $0.15 per share, which will be payable on April 30, 2021 to shareholders of record on April 16, 2021. The Board will continue to evaluate the dividend program on a quarterly basis.
"These actions demonstrate our Board of Directors' confidence in resuming higher levels of investment into the business as we continue to build our strategic omni-channel position at the center of youth culture, while also returning more cash to shareholders through a significant dividend increase," said Richard Johnson, Foot Locker, Inc.'s Chairman and Chief Executive Officer. "The strength of our financial position enables us to pursue these initiatives, while at the same time remaining engaged in our opportunistic share repurchase program and focused on canvassing the global marketplace for new growth prospects. Of course, given the lingering unknowns of the ongoing pandemic, we will retain flexibility and discipline with respect to our capital deployment."
For a dividend history and other dividend-related data on Foot Locker (FL) click here.
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