Dividends

3 Months Ended

Apr. 30, 2022

Equity [Abstract]

Dividends

Dividends

In August 2021, the Board instituted a recurring quarterly cash dividend with the first cash dividend made on September 9, 2021. During the 13-weeks ended April 30, 2022, we paid cash dividends of $3.3 million under one declaration of $0.25 per share of common stock outstanding as of the record date.

While we currently pay a quarterly dividend of $0.25 per share and expect to pay comparable cash dividends in the future, the declaration of dividends and the establishment of the per share amount, record dates and payment dates for any future dividends are subject to the final determination of our Board and will be dependent upon our financial condition, results of operations, capital requirements and such other factors as our Board deems relevant. There can be no assurance that we will continue to declare dividends in any particular amounts or at all, and changes in our dividend policy could adversely affect the market price of our common stock.

Subsequent to April 30, 2022, on May 25, 2022, the Board declared a cash dividend of $0.25 per common share, payable on June 21, 2022, to stockholders of record at the close of business on June 9, 2022. The estimated payment is expected to be $3.3 million.