In the 1st a few months of 2020, 38 FTSE suppliers recorded revenue warnings, adopted by a more 9 in the 2nd quarter of the year. This was in contrast to 11 revenue warnings in the 1st quarter of 2019, and 8 in the 2nd.
More than a 3rd (36%) of the warnings issued by stated suppliers in the 1st half of the year cited Covid-19 as the motive.
Mona Bitar, shopper leader at EY, United kingdom and Ireland, explained: “While lockdown restrictions have eased, furnishing some relief for FTSE suppliers, footfall remains properly beneath pre-pandemic stages and uncertainty remains.
“The impact of Covid-19 has radically accelerated the shift in shopper behavior, necessitating suppliers to adapt at an incredible rate. But what is selected, is that suppliers can not afford to carry on as common, in the hope normality will resume soon.
“Virtually all will require to undertake some transformational and turnaround exercise to assist see them by.”