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The luxury goods giant LVMH announced on Monday that its Board of Directors will discuss the possible payment of an interim dividend in October.
Bernard Arnault, Chairman and CEO of the French luxury giant wrote in a letter to shareholders that “the decision to pay an interim dividend will be discussed by the Board of Directors in October and announced, if necessary, at that time”.
In addition, the CEO stated his conviction that “LVMH is in an excellent position to benefit from the recovery, which we hope will be confirmed in the second half of the year, and to strengthen its lead in the global luxury market in 2020″.
He continued: “After a second quarter that was severely affected by the crisis, we can hope that the recovery will gradually materialize in the second half of the year”.
It should be noted that the previous dividend was eroded by the coronavirus crisis.
The LVMH Shareholders’ Meeting last June approved a dividend of 4.80 euros per share for fiscal year 2019, down 20% compared to 2018 (6 euros) in the context of the coronavirus crisis.
On December 10, 2019, an interim dividend of 2.20 euros was paid, followed by a final dividend of 2.60 euros, which was paid on July 9, 2020.
Finally, the Group, which had posted record profits in 2019, planned to increase its dividend to €6.80, i.e. +13% compared to 2018.
However, because of its first quarter results, which were marked by the Covid-19 crisis, it had decided to reduce its dividend by 30%.
Read also > CORONAVIRUS: BERNARD ARNAULT CUTS ON HIS OWN SALARY AND LVMH PROPOSE TO REDUCE DIVIDEND BY 30%
Featured photo: © LVMH[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The luxury goods giant LVMH announced on Monday that its Board of Directors will discuss the possible payment of an interim dividend in October.
Bernard Arnault, Chairman and CEO of the French luxury giant wrote in a letter to shareholders that “the decision to pay an interim dividend will be discussed by the Board of Directors in October and announced, if necessary, at that time”.
In addition, the CEO stated his conviction that “LVMH is in an excellent position to benefit from the recovery, which we hope will be confirmed in the second half of the year, and to strengthen its lead in the global luxury market in 2020”.
He continued: “After a second quarter that was severely affected by the crisis, we can hope that the recovery will gradually materialize in the second half of the year”, he also wrote.
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The luxury goods giant LVMH announced on Monday that its Board of Directors will discuss the possible payment of an interim dividend in October.
Bernard Arnault, Chairman and CEO of the French luxury giant wrote in a letter to shareholders that “the decision to pay an interim dividend will be discussed by the Board of Directors in October and announced, if necessary, at that time”.
In addition, the CEO stated his conviction that “LVMH is in an excellent position to benefit from the recovery, which we hope will be confirmed in the second half of the year, and to strengthen its lead in the global luxury market in 2020”.
He continued: “After a second quarter that was severely affected by the crisis, we can hope that the recovery will gradually materialize in the second half of the year”, he also wrote.
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