By  on March 30, 2010

BERLIN — The supervisory and executive boards of Hugo Boss AG have proposed a 30 percent cut in the firm’s dividend for 2009.

Shareholders are to receive 0.96 and 0.97 euros, or $1.29 and $1.30 at current exchange rates, per common and preferred shares, respectively, down from 1.37 and 1.38 euros, or $1.84 and $1.85.

The company said Monday that the lowered dividend would ensure “sufficient financial resources for future growth.”

Hugo Boss will release final figures for 2009 on April 12. Preliminary figures showed a 7 percent decline in both consolidated sales and net income for 2009. Sales reached 1.56 billion euros, or $2.18 billion, with net profits of 104 million euros, or $145 million, at average exchange for the period.

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