Apr 9, 2021
Ashley-owned Frasers warns of property write-offs
Mike Ashley's Frasers retail group doubled its expected write-off of property values and related assets, saying further Covid-19 related restrictions to trading looked "Almost certain". The company expects to book the charges in its financial year ending April. David Lockwood, who took the helm last year, had promised to update the market with the results of a strategic review alongside Babcock's full-year results next month. The group expects to report revenue of $122m for the first half, up from $87m a year ago, which includes a $20m first-time contribution from its acquisition of US peer Team Wendy. The fashion retailer said it expects to invest over £50m in the coming years to increase capacity.
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