Shares in Safilo plunge after eyewear maker halts dividend for five years, sees hit from loss of LVMH brands
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MILANO (Reuters) - Italian eyewear maker Safilo said on Wednesday it expected the loss of licences with luxury LVMH brands to wipe 200 million euros (£171.82 million) off its annual sales and it would cancel its dividend for five years, sending its shares plunging almost 22 percent.The stock surrendered to profit taking after it gained more than 60% in the last month, a Milan-based analyst said, adding some of the targets in the business plan announced late on Tuesday could prove challenging..