Home Business NewsBusiness Mike Ashley’s Frasers Group expects £200m hit from Covid-19

Mike Ashley’s Frasers Group expects £200m hit from Covid-19

by LLB Editor
9th Apr 21 11:06 am

Frasers Group, which includes Sports Direct, House of Fraser and Flannels, has doubled the hit it expects to take from the coronavirus pandemic to £200m in the expectation that a third wave will lead to more restrictions on retailers.

On Friday, the company said that warnings from the UK government, and its advisers, about a potential “third wave” and a return to normality being “some way off” had promoted it to double the assessment of the impact of the pandemic.

“Further restrictions are in our view almost certain,” it said. “We also note the Covid-19 affected experiences, estimates, and judgments from other leading retailers. Consequently, Frasers Group currently anticipates making material accounting non-cash impairments … which could be in excess of £200m.”

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