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Tapestry Suspends Dividend and Share Buybacks

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Tapestry Suspends Dividend and Share BuybacksPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png

Luxury fashion conglomerate Tapestry (NYSE: TPR), enacting a set of temporary measures to cope with the economic fallout of the SARS-CoV-2 coronavirus, is suspending its quarterly dividend and halting its share repurchase program.

Management pointed out that the former move does not affect the forthcoming payout, which is slated to be distributed to shareholders on Monday. But future distributions will certainly be missed by dividend stock investors, as the stock's yield was nearly 9%.

Before it halted its stock buybacks, Tapestry had expended $300 million on them in its fiscal first quarter. It now has $600 million remaining under its current share repurchase authorization.

Source Fool.com

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