Brief: L'Occitane International To Cut FY Dividend, Management Pay By 25%

L'Occitane International SA

05/05/2020 11:26

May 5 (Reuters) - L'Occitane International SA  0973.HK :
    * OUTBREAK OF COVID-19 SIGNIFICANTLY AFFECTED SALES
PERFORMANCE IN
FY2020 Q4
    * GROUP'S NET SALES IN FY2020 Q4 DECREASED BY 0.7% AT
REPORTED
RATES & 1.6% AT CONSTANT EXCHANGE RATES
    * TO IMPLEMENT 25% REDUCTION FROM BASE COMPENSATION FOR
DIRECTORS,
SENIOR MANAGEMENT.
    * 25% REDUCTION FROM BASE COMPENSATION FOR DIRECTORS AND
SENIOR
MANAGEMENT
    * BOARD RECOMMENDS TO REDUCE DIVIDEND BY 25% FOR FY2020
    * REDUCING STAFF COSTS THROUGH TEMPORARY UNPAID LEAVE OR
FURLOUGH
AND SHORT-TERM WORKING SCHEMES
    * ESTIMATES TOTAL LOSS OF SALES DUE TO COVID-19 WAS ABOUT
EUR 56
MILLION, OR ABOUT 17% OF TOTAL SALES IN Q4
    * REDUCING STAFF COSTS THROUGH TEMPORARY UNPAID LEAVE OR
FURLOUGH
AND SHORT-TERM WORKING SCHEMES
    * REDUCING CAPITAL EXPENDITURES, SUCH AS BY DELAYING OR
CANCELLING
STORE OPENINGS AND RENOVATIONS

Source text for Eikon:  ID:nHKS8RPJjz 
Further company coverage:  0973.HK 

 ((Reuters.Briefs@thomsonreuters.com;))