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• The increased dividend is payable September 10, 2022 to shareholders
Target Corp (NYSE: TGT) said on Thursday it is increasing its quarterly dividend by 20%, days after the retailer slashed its profit margin expectations.
The board of directors have decided to increase the quarterly dividend to $1.08 per common share, from the prior quarterly dividend of 90 cents, the company said in a statement.
Target on Tuesday reduced its profit margin expectations for the second quarter as it attempts to remove excess inventory.
The retailer plans to mark down unwanted items and cancel orders as well to get rid of extra inventory.
The increased dividend is payable September 10, 2022 to shareholders.
With the increase announced today, 2022 is on track to be the 51st consecutive year in which Target has increased its annual dividend, the retailer said.
Picture Credits: Getty Images
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