Mike Ashley’s Frasers Group has forecast a £200 million loss triggered by the coronavirus pandemic, double the amount the company previously predicted.

The retail giant, which owns Sports Direct, said that this loss would be in addition to those included in its half year results, which were announced in December last year.

In February the group forecast a total loss of £100 million as a result of Covid-19 restrictions.

The company said that it expects these losses to be included in its upcoming financial year, which completes at the end of the month.

“In our ongoing assessment we note the continuing Government and Government advisor pronouncements regarding "third waves" and normality being "some way off", meaning further restrictions are in our view almost certain,” said Frasers Group. “We also note the Covid-19 affected experiences, estimates, and judgements from other leading retailers.”

In December the retailer warned that it could no longer commit to achieving 20 to 30 per cent profit, following the announcement of a full lockdown.

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