Fnac Darty: quarterly sales down, withdraws dividend
(CercleFinance.com) - Fnac Darty has announced Q1 2020 sales of 1,490 million euros, down 7.
9% as reported and down 10.3% like-for-like, following the closure of physical stores in March.
However, the retailer of cultural products stresses that its internet sales increased by almost 19% over the quarter, and more than doubled in the last two weeks of March, thanks to the excellent operational execution on digital platforms.
In view of the epidemic and in accordance with the conditions of the loan guaranteed by the French State, the board of directors has withdrawn its proposed dividend of 1.50 euro per share for 2019, and will not execute its share buyback programs in 2020.
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