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The burger chain halved its quarterly dividend to 7 cents a share as new CEO Bob Wright works to reverse a sharp U.S. sales decline
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Wendy's $WEN cut its quarterly dividend in half and withdrew its full-year financial outlook on Friday, as new leadership works to reverse a prolonged sales slump at its U.S. restaurants.
The fast-food chain cut its quarterly cash dividend from $0.14 to $0.07 per share, which works out to an annualized payout of $0.28 per share. The dividend will be paid September 15 to shareholders of record as of September 1, the company said. At Thursday's closing price of $7.39, that annualized payout translates to a dividend yield of roughly 3.8%.
