Dividends

6 Months Ended

Jul. 30, 2022

Equity [Abstract]

Dividends

Dividends

In June 2021, the Board instituted a recurring quarterly cash dividend with the first cash dividend made on July 20, 2021. During the 13-weeks ended July 30, 2022, we paid cash dividends of $3.2 million under one declaration of $0.25 per share of common stock outstanding as of the record date. During the 26-weeks ended July 30, 2022, we paid cash dividends of $6.5 million under two declarations for a total of $0.50 per share of common stock outstanding as of the record dates.

During the 13-weeks ended and 26-weeks ended July 31, 2021, we paid the Company's first cash dividend of $3.8 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 July 30, 2022, on August 24, 2022, the Board declared a cash dividend of $0.25 per common share, payable on September 20, 2022, to stockholders of record at the close of business on September 8, 2022. The estimated payment is expected to be $3.2 million.