Brief: Pierce Group Makes Extraordinary Provision And Trademark Impairment

Pierce AB (publ)

02/11/2023 07:40

Nov 2 (Reuters) - PIERCE GROUP AB (PUBL)  PIERCE.ST :
    * SAID ON WEDNESDAY PIERCE GROUP WILL MAKE AN EXTRAORDINARY
PROVISION FOR OBSOLETE AND SLOW-MOVING INVENTORY
    * THIS WILL AFFECT THE PROFIT AND LOSS STATEMENT FOR Q3 2023
WITH
APPROXIMATELY SEK 44 MILLION
    * FURTHERMORE IMPAIRMENT RELATING TO TRADEMARKS OF
APPROXIMATELY
SEK 20 MILLION, DUE TO CONSOLIDATION OF THE BRAND PORTFOLIO,
WILL AFFECT THE COMPANY'S FINANCIAL RESULTS OVER THE NEXT FEW
YEARS, STARTING IN Q4 2023
    * NEITHER HAVE ANY CASHFLOW IMPLICATIONS

   
 Source text for Eikon:  urn:newsml:reuters.com:*:nNDLZRHfQ
 Further company coverage:  PIERCE.ST  

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