Cato Announces Dividend Increase Of 20%
CHARLOTTE, N.C., March 1, 2013 /PRNewswire/ -- The Cato Corporation (NYSE: CATO) announced today that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend will be payable on March 25, 2013 to shareholders of record of the Corporation at the close of business on March 11, 2013.
The Board of Directors previously accelerated the full year 2013 dividend of $1.00 to December 28, 2012 and paid an additional $1.00 special dividend on the same date. At the time of the acceleration, the Board noted their intention to increase the dividend during 2013. The $0.05 dividend, or $0.20 on an annualized basis, when coupled with the $1.00 dividend accelerated into December 2012, represents a 20% increase over the regular dividend paid last year.
The Cato Corporation is a leading specialty retailer of value-priced fashion apparel and accessories operating three concepts, "Cato", "Versona" and "It's Fashion". The Company's Cato stores offer exclusive merchandise with fashion and quality comparable to mall specialty stores at low prices every day. Versona is a unique fashion destination offering accessories and apparel including jewelry, handbags and shoes at exceptional prices every day. It's Fashion offers fashion with a focus on the latest trendy styles for the entire family at low prices every day. As of February 2, 2013, the Company operated 1,310 stores in 31 states. Additional information on The Cato Corporation is available at www.catocorp.com.
SOURCE The Cato Corporation