These Consumer Cyclical Stocks Raised Their Dividends Significantly Last Quarter

Discover the consumer cyclical stocks with the biggest dividend increases last quarter, Q1 2023



Industry: Specialty Retail

DICK'S Sporting Goods, Inc. (DKS), the largest U.S. based full-line omni-channel sporting goods retailer, recently announced its financial results for the fourth quarter and full year ended January 28, 2023. Despite facing challenges in the quarter, such as a decline in net sales and income, DICK'S Sporting Goods remains optimistic about its future prospects. In light of its strong balance sheet and capital allocation strategy, DICK'S Sporting Goods has increased its dividend by 105%, declaring a quarterly dividend of $1.00 per share on the Common Stock and Class B Common Stock. This decision reflects DICK'S Sporting Goods's commitment to rewarding shareholders and its confidence in its long-term growth potential.


Industry: Restaurants

Bloomin' Brands, Inc. reported strong financial results for Q4 2022 and Fiscal Year 2022, surpassing pre-pandemic levels despite inflationary pressures. Bloomin' Brands's CEO, David Deno, expressed satisfaction with the performance, highlighting positive comparable restaurant sales in the U.S. and record profits in Brazil. Looking ahead to 2023, Bloomin' Brands aims to enhance the customer experience, drive innovation, and sustain healthy top-line growth. In response to robust cash flows, Bloomin' Brands increased its dividend by 71% and authorized a new $125 million share repurchase program.


Industry: Apparel Retail

Shoe Carnival, a leading retailer of footwear and accessories, recently announced an increase in its dividend by 11 percent. Shoe Carnival's strong financial performance and strategic initiatives have contributed to this decision. In the fourth quarter of 2022, net sales increased by 21.2 percent compared to the pre-pandemic period, driven by the success of the Shoe Station bannered stores and a growth in non-athletic products. Gross profit margin also saw a significant increase of 920 basis points, demonstrating improved profitability. Furthermore, Shoe Carnival's growth strategies, including increasing scale, modernizing the customer experience, leveraging customer data, and carrying popular branded merchandise, have been successful. These factors, along with Shoe Carnival's plans to become a multi-billion-dollar retailer by 2028, have boosted investor confidence and led to the dividend increase.


Industry: Restaurants

The Wendy's Company reported preliminary, unaudited results for the fourth quarter and fiscal year 2022, highlighting the brand's strength and growth. Wendy's achieved double-digit global same-restaurant sales growth and expanded restaurant margins, demonstrating compelling sales and profit growth. Additionally, Wendy's opened over 275 restaurants worldwide and enjoyed strong liquidity. In light of this success, Wendy's' Board of Directors approved a 100% increase in the quarterly dividend to $0.25 per share and a new $500 million share repurchase authorization. These actions align with Wendy's capital allocation policy and provide flexibility for further investment in growth.


Industry: Packaging & Containers

AptarGroup, Inc. (ATR) recently announced its financial results for the quarter ended December 31, 2022, reporting a net income of $59 million, a 2% increase compared to the previous year. Despite a 2% decrease in reported sales, AptarGroup achieved a 4% increase in core sales, excluding currency and acquisition effects. The positive performance can be attributed to strong volume growth in their consumer healthcare and prescription divisions, as well as growth in their beauty dispensing solutions, particularly for prestige fragrance and skincare. Aptar has also been recognized for its sustainability efforts, receiving accolades such as being ranked #15 on America's Most Responsible Companies 2023 by Newsweek and achieving the EcoVadis Platinum level rating.


Industry: Apparel Manufacturing

Gildan Activewear Inc. reported strong performance in 2022, with an 11% increase in revenue compared to the previous year. Despite challenges in the economic environment affecting the fourth quarter and potentially the first part of 2023, Gildan Activewear remains optimistic about its long-term growth strategy and competitive positioning. In light of its robust free cash flow and solid balance sheet, Gildan increased its quarterly dividend by 10%. This decision aligns with Gildan Activewear's capital allocation priorities and its commitment to returning value to shareholders. Gildan also repurchased number of shares in 2022, totaling 7% of the total float.

Data extracted from Dividend Increase

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