L Brands reinstates dividend

L Brands Ltd (LB) will start paying quarterly dividends again. The apparel company suspended its quarterly dividend because of the COVID-19 pandemic in 2020. This followed a 50.0 percent dividend cut by the owner of Victoria's Secret to $0.30 per share in 2018. L Brands had been paying a dividend every year to shareholders since 1974 prior to the 2020 dividend suspension.

The next dividend of $0.15 per share quarterly will be paid on June 18, 2021 to shareholders of record on June 4, 2021. The new annual dividend rate of 60 cents per share yields 0.9% at a stock price of $65.

L Brands, through Victoria’s Secret, PINK and Bath & Body Works is an international operator of specialty retail stores in the United States, Canada, the United Kingdom and Greater China. The company's brands are also sold in more than 700 franchised locations worldwide. L Brands became a public company in 1982 and had been paying a dividend every year since 1974 prior to the suspension in 2020 because of the COVID-19 pandemic.