H&M scraps dividend due to coronavirus as all costs under review

  • >> Reuters
    Published: 2020-03-23 23:19:23 BdST

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FILE PHOTO: The H&M clothing store is seen in Times Square, New York, US, November 15, 2019. Reuters

Sweden’s H&M, the world’s second largest clothing retailer said on Monday it had decided to scrap its proposed dividend due to the coronavirus outbreak, and that it was reviewing all parts of its operations, including all costs.

“At the moment, a total of 3,441 of the group’s 5,062 stores are closed, which together with subdued demand in the markets that are still open, has had significant negative impact on sales so far in March,” the company said in a statement.

H&M said several measures were being taken in respect of buying, investments, rents and staffing, among other areas.