Carter’s Inc. (CRI) will suspend its quarterly dividend in 2020 because of COVID-19. Earlier this year the company raised its quarterly dividend by 20.0 percent to $0.60 per share. Carter's had raised its dividend by double digits every year for 7 years prior to this dividend cut.

In its press release Carter's reports first quarter fiscal 2020 results and announces the dividend suspension. The company's Board of Directors will evaluate future distributions of capital, including dividends, based on a number of factors, including business conditions, the company’s financial performance, and other considerations. Carter's has been hit hard by the corona pandemic with first quarter sales declining 12% to $654 million and an adjusted loss per diluted share of $0.81. In the press release Carter's mentions that the company believes it has sufficient liquidity to weather the disruption caused by the current global health crisis.

Carter's, Inc. is a marketer of apparel and related products for babies and young children. Its brands include Carter's, OshKosh B'gosh, Skip Hop, Simple Joys, Just One You, Genuine Kids. Child of Mine and Precious First. The company operates its own stores in the United States and Canada in addition to its international wholesale, licensing and online channels. Its brands are sold in department stores, national chains, and specialty retailers domestically and internationally. Carter’s, Inc. has a history dating back to 1865.