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

[June 20, 2020]    (Reuters) - U.S. package delivery company FedEx Corp <FDX.N> said  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.

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

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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