Carter’s Inc. (CRI) will hike its dividend by 50 percent to 60 cents per share in 2021. The marketer of apparel and related products for babies and young children reinstated its quarterly dividend in April with a payment of 40 cents per share. Carter´s suspended its quarterly dividend in 2020 because of COVID-19. Earlier that 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 announced on May 6, 2020.
The next CRI dividend of $0.60 per share is payable on December 10, 2021, to shareholders of record at the close of business on December 1, 2021. The ex-dividend date for this next dividend by Carter's is November 30, 2021. A new estimated annual dividend rate of $2.40 per share will yield 2.3% at a stock price of $102.57.
“Earlier today, our Board of Directors declared a meaningful increase in Carter’s quarterly dividend, fully restoring it to the pre-pandemic level of distribution,” said Michael D. Casey, Chairman and Chief Executive Officer. “This decision was based on the progress Carter’s has made this past year serving the needs of families with young children, overcoming historic supply chain disruption, and driving record levels of profitability. Today’s announcement also reflects our positive outlook for growth in sales, earnings, and cash flow in the years ahead.”
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.