Foot Locker (FL) will raise its quarterly dividend by 5.3 percent to $0.40 per share in 2020. This follows a 10.1 percent dividend hike by the shoes retailer last year and marks 10 consecutive years of annual dividend increases.

The next dividend will be payable on May 1, 2020 to shareholders of record on April 17, 2020.  The new annualized rate of $1.60 per share yields 4.5% at a stock price of $35.31. In today's press release Foot Locker also announced a $275 million capital expenditure program for 2020.

"Through these two actions, our Board of Directors expressed its confidence in our ability to build on our position at the center of youth culture, by elevating both our exciting physical stores and our strong digital ecosystem, at the same time that we once again enhance returns to shareholders through a meaningful dividend increase," said Richard Johnson, Foot Locker, Inc.'s Chairman and Chief Executive Officer.  "Our strong capital structure allows us to pursue these initiatives, to execute an active and opportunistic share repurchase program, and to seize the right opportunities identified by our corporate development team, as they continue to evaluate a wide range of investment and partnership initiatives."

Foot Locker, Inc. is a retailer of shoes and apparel. Foot Locker, Inc. is a specialty athletic retailer that operates stores in North America, Europe, Australia, and New Zealand. Through its Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02 retail stores, as well as its direct-to-customer channels, including Eastbay.com, footlocker.com, and SIX02.com, the Company is a leading provider of athletic footwear and apparel. Foot Locker has paid a dividend every year (again) since 2003.