Move quickly if you want to receive the Super Retail dividend

It won't be long until this retailer pays its next dividend.

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If you want to receive the next Super Retail Group Ltd (ASX: SUL) dividend, then you will need to get a wriggle on.

That's because the ex-dividend date for the retailer's shares is rapidly approaching.

And once that day is here, the rights to the dividend will be settled and it will be too late to receive it.

The Super Retail dividend

As a reminder, last month Super Retail released its half-year results.

The BCF, Macpac, and Supercheap Auto owner reported a 3% lift in sales to $2 billion but a 6% decline in normalised net profit after tax to $145 million.

This profit decline was driven largely by an increase in its cost of doing business (CODB) as a percentage of sales due to the impact of inflation on wages, rent, and electricity.

In light of its softer profits, the Super Retail board was forced to cut its fully franked interim dividend by 5.9% to 32 cents per share. This was in line with its dividend policy of paying out between 55% and 65% of underlying net profit after tax to shareholders in fully franked dividends.

And based on the current Super Retail share price of $15.84, this represents an attractive 2% dividend yield for investors.

When is pay day?

Shareholders won't have to wait too long to receive this distribution, with the company scheduled to make its payment next month on 12 April.

If you wish to receive this dividend on pay day, you will need to pick up shares today before the market close. That's because its shares trade ex-dividend on Wednesday.

The team at Morgans thinks it would be a good idea. Particularly given its belief that a special dividend is coming in the second half.

Its analysts have an add rating and $17.50 price target on Super Retail's shares and are forecasting total dividends of 96 cents per share in FY 2024. The latter represents a 6% dividend yield.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Super Retail Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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