Frasers Group PLC (LON:FRAS) has said it is too early to estimate the full impact of the coronavirus (COVID-19) outbreak on the financial year ending 26 April 2020 and has dropped its guidance.
However, the Mike Ashley-owned business - formerly known as Sports Direct - warned that its board "expects that COVID-19 will cause significant disruption to its business, including reducing customer footfall and therefore expects that Frasers Group will not achieve the range of guidance of 5 to 15% EBITDA growth (including House of Fraser but pre-IFRS 16 adjustments) previously given for the financial year ending 26 April 2020."
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Frasers Group added that its year-to-date performance had been in-line with expectations prior to COVID-19.
It concluded: "The Company has a strong management team which can adapt and respond quickly to challenges and changing market conditions. Over the longer term, the Board remains confident in focussing on the Company's elevation strategy."
Shares rose 4% to 235.4p on Friday morning.
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