Oxford Industries (OXM) will cut its dividend by 43.4 percent to 25 cents per share quarterly because of the COVID-19 pandemic. Last year the apparel company raised its quarterly dividend by 8.8 percent to $0.37 per share, marking the 10th consecutive year of dividend increases.

The next dividend is payable on May 1, 2020 to shareholders of record as of the close of business on April 17, 2020. A new annualized dividend rate of $1.00 per share yields 2.0% at a stock price of $75.26.

Apparel company Oxford Industries, Inc. owns and markets the Tommy Bahama, Lilly Pulitzer and Southern Tide lifestyle brands. Oxford also produces certain licensed and private label apparel products. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. The Company has paid dividends every quarter since it became publicly owned in 1960.