Mike Ashley’s Frasers Group, the owner of House of Fraser and Sports Direct, has said that it expects a loss of £100 million as a result of coronavirus restrictions.
In response to prime minister Boris Johnson’s announcement on the reopening of non-essential retail stores from 12 April, the company said that it anticipates making material accounting impairments to freehold properties, other Property, plant & equipment, and right of use Assets.
In December 2020 the group has said it could no longer commit to achieving 20 to 30 per cent profit improvement after a lockdown for the south of England was announced.
“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 £100m,” said the company. “Any such impairment would be in addition to impairments included in the half year results announced on 10 December 2020 and is expected to be included, subject to audit, with the Company's results for the financial year ending April 2021.”
HULFT
Find out how HULFT can help you manage data, integration, supply chain automation and digital transformation across your retail enterprise.
Talking shop: retail technology solutions from Brother
Retail Systems editor Peter Walker sits down with Brother’s senior commercial client manager Jessica Stansfield to talk through the company’s solutions for retailers and hospitality businesses, what’s new in labelling technology, and the benefits of outsourcing printing.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories