Brief: Lxrandco Reports Q2 Revenue Of $1.4 Million

LXRandCo

14/08/2020 12:39

Aug 14 (Reuters) - LXRandCo Inc  LXR.TO :
    * LXRANDCO REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER
2020
AND THE RE-OPENING OF TWO-THIRDS OF ITS STOIRE NETWORK
    * AS AT JUNE 30, 2020, 66% OF ITS STORE NETWORK (I.E. 39
STORES
OUT OF 59) WERE IN OPERATION WITH REDUCED WORKHOUR AND STAFFING
    * Q2 REVENUE $1.4 MILLION, DOWN 83.3%
    * BELIEVES ONGOING EFFECTS OF COVID-19 ON OPERATIONS OR
MULTIPLE
NEW OUTBREAKS, WILL HAVE MATERIAL NEGATIVE IMPACT ON FINANCIAL
RESULTS, LIQUIDITY
    * LXRANDCO - TAKING ADDITIONAL ACTIONS TO IMPROVE LIQUIDITY,
INCLUDING ACCELERATING E-COMMERCE ONLINE ACTIVITIES, INITIATING
CAPEX, EXPENSE REDUCTIONS
    * BELIEVES STEIN MART STORE CLOSURES WILL HAVE MATERIAL
IMPACT ON
FUTURE RETAIL REVENUE
    * BELIEVES IMPACT FROM STEIN MART STORE CLOSURES ON
PROFITABILITY
WILL BE MORE MUTED
    * MANAGEMENT REQUIRED TO IDENTIFY WHEN EVENTS/CONDITIONS
INDICATE
SIGNIFICANT DOUBT MAY EXIST ABOUT ABILITY TO CONTINUE AS GOING
CONCERN

Source text for Eikon:  ID:nCNW9MBdYa 
Further company coverage:  LXR.TO 

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