May 19, 2020 / 12:52 PM / 10 days ago

Brazilian retailer Restoque sees revenues down 40% in 2020 - filing

SAO PAULO, May 19 (Reuters) - Brazilian fashion retailer Restoque Comercio e Confeccoes de Roupas SA said its revenues are likely to go down 40% in 2020 year-on-year, to 750 million reais ($131.71 million), due to the coronavirus outbreak, according to a securities filing on Tuesday.

The company, which has been forced to shut most of its stores due to the pandemic, added revenues should resume growth in 2021, reaching 1.281 billion reais, roughly the same level of 2019’s sales.

$1 = 5.6943 reais Reporting by Carolina Mandl Editing by Chizu Nomiyama

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