March 18, 2020 / 7:05 AM / 23 days ago

BRIEF-Inditex Books Inventory Provision Of 287 Mln Euro To Account For Impact Of Covid-19

March 18 (Reuters) -

* SAYS GROUP HAS BOOKED AN INVENTORY PROVISION OF €287 MILLION TO ACCOUNT FOR THE IMPACT THAT COVID-19 MIGHT HAVE ON THE ESTIMATED NET REALIZABLE VALUE OF THE SPRING/SUMMER INVENTORY POSITION AT JANUARY 31, 2020

* SAYS THE NET INCOME WILL BE ALLOCATED TO RESERVES WITH A VIEW TO SUBMITTING A FINAL PROPOSAL ON DIVIDENDS AT A LATER BOARD MEETING PRIOR TO THE AGM WHICH WILL TAKE PLACE IN JULY

* SAYS DUE TO CURRENT UNCERTAIN SITUATION CONSIDERS NOT RIGHT MOMENT TO TAKE DECISION ON THE DIVIDEND TO BE PROPOSED RELATING TO FY 2019 Source text: bit.ly/2IW2OeE bit.ly/3d7ve35 Further company coverage: (Gdansk Newsroom)

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