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FRAS - Frasers News Story

575.5p -6.0  -1.0%

Last Trade - 4:42pm

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.02bn
Enterprise Value £4.00bn
Revenue £3.81bn
Position in Universe 245th / 1824

UPDATE 1-British retailer Frasers warns of 200 mln stg lockdown charge

Fri 9th April, 2021 7:45am
(Adds detail)
    LONDON, April 9 (Reuters) - British sportswear retailer
Frasers will book a non-cash charge that could exceed 200
million pounds ($274 million) in its 2020-21 results to account
for impairment of assets during the latest COVID-19 lockdown, it
said on Friday.
    Restrictions to contain the pandemic have forced England's
non-essential shops to remain closed since Jan. 4. They are
allowed to reopen on April 12.
    Frasers  FRAS.L , previously called Sports Direct and
controlled by Mike Ashley, in February forecast a potential
charge of more than 100 million pounds.  urn:newsml:reuters.com:*:nL8N2KT1Q5
    The company said it expects to make material accounting
impairments toassets including freehold properties, other
property, plant and equipment.
    "In our ongoing assessment we note the continuing government
and government adviser pronouncements regarding 'third waves'
and normality being 'some way off', meaning further restrictions
are in our view almost certain," the group said.
    While its shops have been closed Frasers has been able to
serve customers online.
    Shares in Frasers, up 10% this year, closed at 497 pence on
Thursday, valuing the group at 2.6 billion pounds.
($1 = 0.7294 pounds)

 (Reporting by James Davey
Editing by Alex Richardson and David Goodman)
 ((james.davey@thomsonreuters.com))
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