ESCADA BOD - no dividend for fiscal year 2004/2005
17 Feb '06
1 min read
Coordinated apparel and accessories seller ESCADA AG will still refrain from paying out dividends for fiscal year 2004/2005 (closing date: October 31, 2005). The Supervisory Board approved the relevant recommendation of the Board of Management at its meeting.
In view of the future growth perspectives, this decision serves not only to reinforce the Group's equity base (equity ratio per October 31, 2005: 23.0 percent), but furthermore corresponds with the strategic targets of continued reduction of ESCADA Group's net debt and improving its medium-term capital market rating.
The Supervisory Board and Board of Management agreed that these objectives take precedence over the resumption of dividend payouts, not least because of the recent upturn in quotations of the share prices for the benefit of the shareholders which should be considered.
Germany based a prestige international fashion house ESCADA is offering coordinated apparel, accessories and fragrance collections for day, weekend, evening and sport.