SEATTLE, Oct 1st 2020– Starbucks Corporation (NASDAQ: SBUX) announced that its Board of Directors approved a 10% increase in the Company’s quarterly cash dividend.
The quarterly cash dividend will increase from $0.41 to $0.45 per share and will be effective with the dividend payment to be distributed on November 27, 2020 to shareholders of record on November 12, 2020.
This increase raises the Company’s annual dividend rate to $1.80 per share.
“The Board’s decision to raise our quarterly dividend demonstrates confidence in the strength of our recovery and the robustness of our long-term growth model,” said Kevin Johnson, Starbucks president, and CEO. “Our cash flow generation is strong, and we remain committed to reducing our financial leverage while continuing to invest for future growth,” concluded Johnson.
Starbucks initiated its dividend in 2010 and has increased it in each of the past 10 years.
The company have more than 32,000 stores around the globe.