Foot Locker (FL) will suspend its quarterly dividend in the second quarter of 2020 because of the COVID-19 pandemic. Earlier this year FL raised its quarterly dividend by 5.3 percent to $0.40 per share, marking 10 consecutive years of annual dividend increases by the footwear retailer.

Today, Foot Locker reported first quarter 2020 results. In the company's press release Foot Locker also announced the suspension of the dividend: "Additionally, while Foot Locker remains committed to returning capital to shareholders, the Company's Board of Directors has decided to temporarily suspend the cash dividend beginning with the second quarter payment. The Board will continue to evaluate the dividend policy on a quarterly basis. As previously disclosed on April 22, the Company also temporarily suspended its share repurchase program."

Foot Locker, Inc. is a retailer of shoes and apparel. Foot Locker, Inc. is a specialty athletic retailer that operates more than 3000 stores in 24 countries in North America, Europe, Australia, and New Zealand. Through its Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02 retail stores, as well as its direct-to-customer channels, including Eastbay.com, footlocker.com, and SIX02.com, the Company is a leading provider of athletic footwear and apparel. Foot Locker had paid a dividend every year (again) since 2003 before the suspension was announced in 2020, ending a streak of 10 consecutive years of dividend hikes.