AUSTRALIA: Pacific Brands cuts FY dividend
Apparel and footwear maker Pacific Brands is slashing its full-year dividend in a move it describes as a "prudent response" to deteriorating economic and retail conditions.
The firm, which supplies brands such as Berlei, Dunlop, Hush Puppies, Mossimo and Slazenger to the Australasian marketplace, plans to cut its annual dividend from AUD0.17 to AUD0.06 to preserve capital and repay debt.
Chief executive officer, Sue Morphet said the board's decision "is a prudent and pragmatic response to the continuing decline in market conditions."
She added that the company plans to discuss progress in restructuring its operations when it releases its half-year financial results in February 2009.
In August, Pacific Brands posted a 10% rise in full-year profit to AUD116.56m.
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