June 19, 2020 / 9:41 PM / 18 days ago

FedEx to record about $370 million in charges in fourth quarter

FILE PHOTO: A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake

(Reuters) - U.S. package delivery company FedEx Corp (FDX.N) said www.sec.gov/ix?doc=/Archives/edgar/data/1048911/000119312520174218/d949507d8k.htm on Friday it would record non-cash asset impairment charges of about $370 million in the fourth quarter, primarily related to its retail chain that provides printing, packing and shipping services.

The business has seen declining revenue and temporary store closures due to the COVID-19 pandemic, which will continue to hurt its operating performance in the near term, FedEx said in a filing.

FedEx does not expect to make any current or future cash expenditure as a result of the impairments, the company said.

Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli

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