L Brands Ltd (LB) will suspend its quarterly dividend because of the COVID-19 pandemic. This follows a 50.0 percent dividend cut by the owner of Victoria's Secret to $0.30 per share in 2018. L Brands had been paying a dividend every year to shareholders since 1974.

In its press release L Brands provides an additional update to the COVID-19 pandemic. The company will suspend its quarterly cash dividend beginning in the second quarter of fiscal 2020. L Brands states that it remains committed to paying dividends over the long-term and will re-evaluate when appropriate.

L Brands, through Victoria’s Secret, PINK and Bath & Body Works is an international operator of specialty retail stores in the United States, Canada, the United Kingdom and Greater China. The company's brands are also sold in more than 700 franchised locations worldwide. L Brands became a public company in 1982 and had been paying a dividend every year since 1974 prior to the suspension in 2020 because of the COVID-19 pandemic.