The Estée Lauder Companies (EL) will suspend its quarterly dividend because of the COVID-19 pandemic. This follows double digit dividend hikes in each of the previous ten years by the personal care products maker. Last year EL raised its quarterly dividend by 11.6 percent to $0.48 per share.

In its press release The Estée Lauder Companies updates investors announcing initiatives it is undertaking in response to COVID-19 to support its employees, consumers, stockholders and communities. This includes uspending the next quarterly cash dividend on its Class A and Class B Common Stock, which would have been paid in June 2020.

The Estée Lauder Companies Inc. is a manufacturer and marketer of skin care, makeup, fragrance and hair care products. The Company’s products are sold worldwide under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M•A•C, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN, Tory Burch, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, By Kilian, BECCA and Too Faced. The company had paid dividends every year since it went public in November 1995.