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H&M cancels dividend

Eurobuild CEE 25 March 2020

EUROPE The board of directors of H&M has proposed to the 2020 annual general meeting that the company will not pay a dividend.

“In the light of the current situation and with the uncertainty over market developments, the board has today decided to withdraw its earlier dividend proposal of SEK 9.75 per share, app. SEK 16 bln in total, and is instead proposing to the 2020 annual general meeting that no dividend be paid. I am convinced that this is the best decision in this situation in order to further strengthen the company’s already strong financial position and thereby secure our freedom of action going forward,” said Stefan Persson, chairman of the board.

Already 3,441 of the group’s 5,062 stores are now closed due to the current coronavirus crisis and the company is now looking to cut costs and staffing levels across the business.

“At H&M, we are doing everything in our power to manage the coronavirus situation. My hope is that we will be able to get our operations up and running again as soon as possible and welcome back all our customers in all of our 74 markets. This is an extraordinary situation in which we are forced to make difficult decisions, but with every challenge there are also opportunities and I am convinced that we as a company – once we have made it through this – will continue to stand strong,” said CEO Helena Helmersson.

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