An outsized dividend can be very alluring to investors, but sometimes it's important to dig deeper. Consider VF Corp (NYSE: VFC), which sports a dividend yield of around 5.8%, and Foot Locker (NYSE: FL), which offers a yield of 6.2%. Both of these retailers are out of favor on Wall Street, with their shares down around 75% and 60%, respectively, since roughly mid-2021.

If you are a dividend investor looking to find a bargain, is one of these retail stocks a better option than the other? Let's take a look.

There's bad news for both VF Corp and Foot Locker on the dividend front. VF cut its dividend in the first quarter of 2023. Foot Locker cut its dividend in 2021, following the difficult coronavirus pandemic issues in 2020. And while Foot Locker's dividend, after a series of increases, is now back to the $0.40-per-share per quarter at which it stood before the cut, it has been stuck at that level for six consecutive quarters. 

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Source Fool.com