February 12, 2019 / 6:29 AM / 10 days ago

Norway's sport retailer XXL scraps dividend for 2018 amid poor results

Feb 12 (Reuters) - Norwegian sport retailer XXL said on Tuesday it does not intend to distribute dividend, citing disappointing results in the fourth quarter of 2018.

XXL, which announced a major profit warning in December for the fourth quarter, sending its shares 30 percent lower, said it plans neither dividend distribution nor share buyback until the fourth quarter of 2019 at the earliest.

The company reported fourth-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) at 115 million Norwegian crowns ($13.22 million), below 119 million crowns as expected in a Reuters poll.

$1 = 8.6999 Norwegian crowns Reporting by Boleslaw Lasocki, Editing by Sherry Jacob-Phillips

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