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HanesBrands (NYSE: HBI ) is to return money directly to shareholders for the first time in its history as an independent entity. The company will distribute $0.20 per share of its common stock on June 3 to shareholders of record as of May 20.
Since being spun off from Sara Lee in 2006, the company has not paid a dividend until now.
The dividend annualizes to $0.80 per share, which yields 1.8% at HanesBrands' current stock price of $45.12.
The firm quoted its CEO Richard Noll as saying the new payout was "made possible by strong strategic execution, successful debt reduction and cash-flow generation, and margin-improvement prospects."