U.S. coffee chain Starbucks Corp. (SBUX) has raised its quarterly dividend by 7.5% following a strong earnings print for this year’s second quarter.
The Seattle-based company said that, going forward, it will pay stockholders $0.57 U.S. per share each quarter, up from $0.53 U.S. previously.
The latest dividend increase marks the 13th consecutive time that Starbucks has raised its payment to shareholders.
The dividend hike comes after Starbucks reported Q2 earnings per share (EPS) of $1 U.S. versus $0.95 U.S. that was expected on Wall Street.
The company reported that its operating margin during Q2 expanded to 17.3% from 15.9% a year ago, driven by improvements in productivity and higher menu prices.
The boosted dividend also comes amid a management change at the coffee and roastery company.
Howard Schultz, who ran Starbucks on multiple occasions over the last 40 years, recently retired and stepped down from the company’s board of directors.
In March of this year, Schultz ended his third stint as chief executive officer (CEO) of Starbucks, handing the reigns to new CEO Laxman Narasimhan.
Starbucks new dividend will be payable on November 24 of this year to shareholders of record on November 10.
