April 23, 2020 / 7:53 AM / a month ago

BRIEF-Hudson Says Q1 Same Store Sales Fell 22.5 Percent

April 23 (Reuters) - Hudson Ltd:

* Q1 SAME STORE SALES FELL 22.5 PERCENT

* TEMPORARILY CLOSING MORE THAN 700 OF ITS STORES IN AIRPORTS, COMMUTER HUBS, LANDMARK, AND TOURIST LOCATIONS AS OF APRIL 22

* REDUCING A MAJORITY OF ITS WORKFORCE THROUGH FURLOUGHS AND LAY-OFFS OF BOTH FIELD SERVICE AND SUPPORT TEAM MEMBERS

* FURLOUGHED EMPLOYEES WILL RECEIVE HEALTH BENEFITS FOR AT LEAST 60 DAYS

* SEES Q1 NET SALES DECREASED BY 23.4% TO $332.8 MILLION FROM YEAR-AGO PERIOD OF $434.6 MILLION

* DECREASING STAFFING AND STORE HOURS IN CERTAIN LOCATIONS THAT HAVE REMAINED OPEN

* SEES Q1 LIKE-FOR-LIKE SALES DECREASED BY 22.5% FROM YEAR-AGO PERIOD

* ANTICIPATES A 30 TO 60 DAY DELAY IN REPORTING ITS Q1 RESULTS

* “CANNOT PREDICT WHEN OPERATIONS WILL RESUME” Source text for Eikon: Further company coverage:

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