By Maria Armental
Lowe's Cos. is raising its quarterly dividend by 9% to 60 cents a share, citing the broad-based business momentum during the coronavirus pandemic.
The North Carolina-based chain of home-improvement stores has benefited from higher sales during the pandemic, with sales at stores open at least a year increasing by about 35.1% in the U.S. in the most recent quarter.
The dividend is payable on Nov. 4 to shareholders of record as of Oct. 21.
Lowe's has declared a cash dividend every quarter since going public in 1961.
Write to Maria Armental at firstname.lastname@example.org
Corrections and Amplifications
This headline was corrected on August 28, 2020 because it misstated that Lowe's raised its quarterly dividend to 66 cents a share. The company raised its dividend to 60 cents a share.