Retail giant withdraws full-year guidance following Tier 4 closures

Frasers Group, the Shirebrook-based owner of Sports Direct, Game and Flannels, has withdrawn its full-year guidance after being forced to close its stores in London and the South-East.

The move comes as the Government placed the city and region under new Tier 4 regulations on Saturday.

Frasers Group said: “Given this is a peak trading period, and combined with the high likelihood of further rolling lockdowns nationwide over the following months at least, such is the uncertainty of when stores can and cannot open that the Board of Frasers Group plc can no longer commit to Frasers Group achieving its publicised guidance of a 20% to 30% improvement in Underlying EBITDA during FY21 and, accordingly, is withdrawing its guidance.”