24th Apr 2020 16:07
(Alliance News) - JD Sports Fashion PLC on Friday ruled out a final dividend and said its board members have taken salary cuts, as the FTSE 100 retailer becomes the latest to outline measures it has taken to trim costs during the Covid-19 pandemic.
The sportswear firm is looking to "preserve capital" so there will be no final dividend.
"It is the board's current intention that the group would look to resume dividend payments when conditions allow," JD Sports said.
"The board and senior management team in the group have agreed to voluntary salary reductions of at least 25% for the current period of disruption."
Executive Chair Peter Cowgill has volunteered for a 75% salary cut, JD Sports noted.
"The board believes that it is in the best interests of investors and other stakeholders for the group to announce its results at a later date, so as to provide the greatest amount of clarity on the impact of Covid-19 on the group's performance for the current financial year to January 30, 2021," the company said.
It will now release its full-year results on July 7.
Shares in the company were 0.6% higher at 496.60 pence each in London on Friday.
By Eric Cunha; [email protected]
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