May 5, 2020 / 10:30 AM / 23 days ago

BRIEF-L'Occitane International To Cut FY Dividend, Management Pay By 25%

May 5 (Reuters) - L’Occitane International SA:

* 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: Further company coverage:

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