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GFG - Global Fashion SA News Story

€6.25 0.4  7.4%

Last Trade - 4:35pm

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £930.5m
Enterprise Value £773.1m
Revenue £1.22bn
Position in Universe 366th / 1039

BRIEF-Global Fashion Group Withdraws Guidance For 2020

Tue 31st March, 2020 7:42am
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;))
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