Ross Stores (ROST) will raise its quarterly dividend by 11.8 percent to $0.285 per share in 2020. This marks the 26th consecutive year of dividend increases by the off-price retailer. Earlier this year Ross Stores was added to the Dividend Aristocrats Index. The company also was the last hike star to announce a dividend hike in 2020.

The next dividend is payable on March 31, 2020 to stockholders of record as of March 17, 2020. A new annual dividend rate of $1.14 per share yields 1.1% at a stock price of $107. Ross is a 2020 hike star with a dividend raised at least 25 consecutive years and double-digit hike announced this year.

Barbara Rentler, Chief Executive Officer, commented on the dividend hike in today's press release: “The increases to our shareholder payouts for 2020 reflect our ongoing confidence in the Company’s ability to generate significant amounts of cash after funding our growth and the other capital needs of our business. We have repurchased stock as planned every year since 1993 and raised our cash dividend annually since 1994. This consistent record reflects our ongoing commitment to enhancing stockholder value and returns.”

Ross Stores, Inc. is an off-price apparel and home fashion chain. The company operates two brands of off-price retail apparel and home fashion stores: Ross Dress for Less and dd’s DISCOUNTS. Ross offers name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. Ross' target customers are primarily from middle income households. dd's DISCOUNTS features name brand apparel, accessories, footwear, and home fashions at savings of 20% to 70% off moderate department and discount store regular prices. Ross Stores has locations in the United States, the District of Columbia and Guam. Ross Stores had been paying a dividend every year since 1994 and had hiked its dividend 26 consecutive years before the suspension in the second quarter 2020 was announced.