Warehouse operator Costco Wholesale Corp. on Wednesday raised its quarterly dividend by about 8%, joining a small but growing list of companies to do so at a time when most of corporate America is suspending shareholders returns in order to shore up liquidity as the coronavirus crisis deepens.

Costco said it would raise its quarterly dividend by 7.7% to 70 cents per share, at a time when several major companies have suspended cash returns to shareholders to shore up liquidity.

Unlike the rest of corporate America, which has been hammered by the coronavirus crisis, grocery retailers and some packaged-food companies have seen sales surge in recent weeks, as consumers stockpile household essentials to weather strict lockdowns across the United States.

Costco, which last week reported a 9.6% jump in March comparable sales, joins Procter & Gamble and Johnson & Johnson which also raised their dividends earlier this week.

Costco's dividend is payable on May 15. 

Healthcare conglomerate Johnson & Johnson and consumer goods company Procter & Gamble also raised their quarterly dividends by about 6% each on Tuesday.

Demand for consumer and healthcare products, groceries and other essential items has risen dramatically as people stockpile to tide over the lockdowns imposed to curb the COVID-19 padnemic, caused by the new coronavirus.