Coronavirus: Frasers Group issues profit warning after footfall and sales slump

Sports Direct

Frasers Group has said the ongoing coronavirus epidemic will cause “significant disruption” to its business and that it would not achieve its previous profit guidance as a result.

The Mike Ashley-owned sports goods retail group said the impact of the virus had reduced customer footfall to its brands’ stores and, as a result, it “will not achieve the range of guidance of 5% to 15% EBITDA growth” previously given for the year ending April 26, 2020.

The retailer said, given the uncertainty, it would not be giving any formal guidance in relation to the 2020 financial year.

Frasers Group said that, before the virus struck the UK, its performance “had been in line with expectations”.

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