Brief: Global Fashion Group Withdraws Guidance For 2020
31/03/2020 07:42
March 31 (Reuters) - Global Fashion Group SA GFG.DE :
* REPORTS THAT GLOBAL COVID-19 PANDEMIC IS NEGATIVELY
AFFECTING
ITS BUSINESS WITH REGARD TO DEMAND, SUPPLY AND OPERATIONS ACROSS
ALL 17 COUNTRIES OF OPERATION
* AFTER TRADING IN LINE WITH EXPECTATIONS UNTIL MID-MARCH,
GFG HAS
SEEN A SIGNIFICANT NEGATIVE IMPACT ON CUSTOMER DEMAND IN MOST
COUNTRIES SINCE THEN
* GFG IS EXPERIENCING TEMPORARY CLOSURE OF ITS FULFILMENT
CENTERS
IN PHILIPPINES AND ARGENTINA AS PART OF GOVERNMENT MEASURES TO
CONTAIN COVID-19 VIRUS
* GFG IS REASSESSING ITS PLANS AND FORECASTS FOR 2020,
INCLUDING
MAKING ADJUSTMENTS TO ITS COST BASE AND INVESTMENT PLANS
* WITHDRAWING FINANCIAL GUIDANCE FOR CURRENT YEAR WHICH
EXCLUDED
NEGATIVE EFFECT OF CORONAVIRUS, AND WILL ISSUE NEW GUIDANCE AS
SOON AS COVID-19 SITUATION BECOMES CLEARER
* GFG WILL POSTPONE COMPANY'S ANNUAL GENERAL MEETING
SCHEDULED FOR
22 MAY 2020 IN LUXEMBOURG
Source text for Eikon: ID:nEQbMTwm3a
Further company coverage: GFG.DE
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))