By Kimberly Chin

Costco Wholesale Corp. said Monday that it will pay a special cash dividend of $10 a share to shareholders of record as of Dec. 2.

The dividend payment will amount to roughly $4.4 billion and will be funded through existing cash, Costco said.

The dividend will be payable on Dec. 11. The company has declared a special divided four times in eight years, Costco said.

"Our strong balance sheet allows us to pay this dividend, while preserving financial and operational flexibility to continue to grow our business globally," said Costco Chief Financial Officer Richard Galanti.

The warehouse-club operator has benefited from a steady stream of visitors who are stockpiling due to the ongoing pandemic.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

November 16, 2020 17:08 ET (22:08 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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