Dicks Sporting Brings Back All Furloughed Employees; Reinstates Dividend

(RTTNews) - DICK'S Sporting Goods Inc. (DKS) said that it has restored reduced salaries for all teammates, except for certain executives, and has returned substantially all teammates from furlough. This is due to strong early sales results as stores have re-opened and the expectation to have nearly 100% of its stores re-opened to the public by June 30, 2020.

The company also reinstated the dividend program and authorized and declared a quarterly dividend of $0.3125 per share on the Company's Common Stock and Class B Common Stock.

The dividend is payable in cash on June 30, 2020, to stockholders of record at the close of business on June 22, 2020. In addition, the company may resume opportunistic share repurchases under its current authorizations.

In the first quarter of 2020, the company announced temporary pay reductions for many salaried teammates, furloughs of a significant number of its workforce and the suspension of its dividend program and share repurchases, among other measures, to bolster its cash position and maximize flexibility as part of the company's initial response to COVID-19.