NATIONAL: Parent company of sportswear retailer The Athlete's Foot is preparing to capitalise on tough market conditions.
In its latest statement to shareholders, RCG Corporation confirmed it was on the hunt for acquisition opportunities.
This came as directors announced the listed group would pay a full franked dividend of 3.7 cents per share to shareholders on August 18. Part of the payment included a special 2.2 cents per share in light of a strong trading performance from The Athlete's Foot.
Like-for-like sales growth for the five months ended May 2009 was 17 per cent, with yearly growth now at standing at 10 per cent.
Chairman Ivan Hammerschlag said this opened up new doors for growth. He said the company would look to snap up opportunities in the second half of the calendar year as asset values continued to fall.
"The Athlete's Foot continues to be both highly profitable and cash generative and there is therefore every reason to pay out a substantial portion of the profits as dividends, while retaining our core cash reserves to fund any potential future acquisitions."