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Healthcare

BRIEF-XXL Updates On The COVID-19 Situation

March 18 (Reuters) - XXL ASA:

* UPDATE ON THE COVID-19 SITUATION

* ON CORONAVIRUS: HAS INITIATED CONTINGENCY PLANS FOR DIFFERENT CHALLENGES THAT MAY OCCUR RELATED TO COVID-19 SITUATION

* FIVE XXL STORES IN AUSTRIA CLOSED FROM MONDAY 16 MARCH 2020

* FOLLOWING RESTRICTION IMPOSED BY NORWEGIAN AUTHORITIES ON TRAVELING ABROAD, XXL IS CONSIDERING TO TEMPORARILY CLOSE DOWN THREE OUTLET STORES IN SWEDEN AND INITIATE SEVERAL MEASURES TO REDUCE COSTS

* ESTIMATED FINANCIAL EFFECTS OF CLOSURE IN AUSTRIA ARE ESTIMATED TO BE LIMITED

* CLOSE DOWN OF THREE OUTLET STORES IN SWEDEN FINANCIAL EFFECTS ARE ESTIMATED TO BE LIMITED

* SALES HAVE DECLINED TO DOUBLE DIGIT NEGATIVE LIKE FOR LIKE GROWTH LAST COUPLE OF DAYS, BUT WITH SIGNIFICANT VARIATIONS BETWEEN VARIOUS STORES

* SO FAR THERE HAS BEEN NO MAJOR DISRUPTIONS IN IN INBOUND OR OUTBOUND DISTRIBUTION

* XXL HAS ALREADY INITIATED COST REDUCTIONS TO COMPENSATE FOR NEGATIVE REVENUE DEVELOPMENT AND IS MONITORING SITUATION CLOSELY Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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