Guess' Inc. (GES) will cut its quarterly dividend by 50.0 percent to $0.1125 per share in 2019. This is the first ever dividend cut for the apparel retailer since a split adjusted dividend of 6 cents quarterly was initiated back in 2007.

The next dividend will be payable on July 5, 2019 to shareholders of record at the close of business on June 19, 2019. A new annual dividend rate of 45 cents per share yields 6.4% at a stock price of $15.68.

In its press release the Guess states that during the first quarter of fiscal 2020, the company announced that its board of directors intended to reduce future quarterly cash dividends that may be paid to holders of the company’s common stock to redeploy capital and return incremental value to shareholders through share repurchases.

Guess?, Inc. designs, markets, distributes and licenses apparel, denim, handbags, watches, footwear and other related consumer products for men, women and children. The company's apparel is marketed under trademarks including GUESS, GUESS?, GUESS U.S.A., GUESS Jeans, GUESS? and Triangle Design, MARCIANO, Question Mark and Triangle Design, a stylized G and a stylized M, GUESS Kids, Baby GUESS, YES, G by GUESS (GbG), GUESS by MARCIANO and Gc. The company's products are distributed through branded Guess? stores as well as department and specialty stores around the world.