The Cato Corporation (CATO) will suspend its quarterly dividend in 2020 because of the COVID-19 pandemic. The company last raised its quarterly dividend to $0.33 per share in 2016.

In its press release the company provides a business update related to the coronavirus with the temporarily suspension of the quarterly dividend as one of the actions taken. The fashion specialty retailer had previously cut its dividend by 80.0 percent in 2013.

The Cato Corporation is a fashion specialty retailer. The company's stores are principally located in the southeastern United States, under the names “Cato,” “Cato Fashions,” “Cato Plus,” “It’s Fashion,” “It’s Fashion Metro” and “Versona.” The Cato concept seeks to offer quality fashion apparel and accessories at low prices, every day in junior/missy and plus sizes. The Cato concept’s stores and e-commerce websites feature a broad assortment of apparel and accessories, including dressy, career, and casual sportswear, dresses, coats, shoes, lingerie, costume jewelry and handbags. A major portion of the Cato concept’s merchandise is sold under its private label and is produced by various vendors in accordance with the concept’s specifications. The company was founded in 1946 and had been paying a dividend for many decades prior to the 2020 suspension.