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COLUMBUS, Ohio — Big Lots Inc. has initiated a quarterly dividend as it seeks "a more balanced approach to returning cash to shareholders."
Big Lots Inc. has initiated a quarterly dividend as it seeks "a more balanced approach to returning cash to shareholders."
The nation’s largest closeout retailer has returned more than $2 billion to shareholders in recent years via share buybacks.
A dividend of 17 cents per share will be paid July 29 to shareholders of record at the close of business on July 11, the company said. That represents a dividend yield of 1.5%.
"Over the last year we have worked diligently to reposition our company for long-term, sustainable growth," Big Lots president and chief executive officer David Campisi said in a June 25 statement announcing the dividend.
Campisi succeeded retiring chief Steven Fishman in May 2013 and launched a turnaround effort that has overhauled the retailer’s merchandising mix, brought more customers into the stores and boosted same-store sales. Sales at stores open at least 12 months rose 0.9% in the three months through May 30, the company said. That’s the first positive reading since the fourth quarter of 2011.
Big Lots installed coolers and freezers in stores to sell more refrigerated and frozen items such as milk and eggs. It also began offering financing to boost furniture sales.
