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FRAS - Frasers News Story

570.5p 4.5  0.8%

Last Trade - 4:35pm

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £2.94bn
Enterprise Value £3.92bn
Revenue £3.81bn
Position in Universe 249th / 1826

UPDATE 1-UK retailer Frasers to book 100 mln stg lockdown charge

Tue 23rd February, 2021 7:45am
(Adds detail)
    LONDON, Feb 23 (Reuters) - British sportswear retailer
Frasers will book a non-cash charge, potentially in excess of
100 million pounds ($141 million), in its 2020-21 results to
account for impairment of its assets during the latest COVID 19
lockdown, it said on Tuesday.
    On Monday Prime Minister Boris Johnson set out England's
roadmap out of lockdown with non-essential stores not opening
until April 12 at the earliest.  urn:newsml:reuters.com:*:nL8N2KS593
    Frasers  FRAS.L , which was formerly called Sports Direct
and is controlled by Mike Ashley, said it anticipated making
material accounting impairments to freehold properties, other
property, plant and equipment, and other assets.
    "Given the length of this current lockdown, potential
systemic changes to consumer behaviour, and the risk of further
restrictions in future, we believe this non-cash impairment
could be in excess of 100 million pounds," it said.
    While its shops have been closed Frasers has been able to
serve customers online.
    Shares in Frasers, down 6.5% over the last year, closed
Monday at 460 pence, valuing the group at 2.4 billion pounds.
    
    ($1 = 0.7107 pounds)

 (Reporting by James Davey, Editing by Paul Sandle and Louise
Heavens)
 ((james.davey@thomsonreuters.com))
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