The Board of Directors of The Cato Corporation CATO today approved a 24% increase in the Company's dividend to an annualized rate of $.92 per Class A Common and Class B Common share. The dividend is payable quarterly at the rate of $.23 per share with the first payable date of June 27, 2011 to shareholders of record on June 13, 2011. At the closing market price on May 25, 2011, the dividend represents an annualized yield of 3.5%.
"One of Cato's longstanding practices has been to return a portion of profits to our shareholders through dividends and to increase that dividend as our earnings increase," stated John Cato, Chairman, President and Chief Executive Officer. "The Board approved this increase based on our strong performance in 2010. Cato's dividend yield remains one of the highest in the retail industry."
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