Dec 4, 2020

Lockdowns wipe £430m off Primark sales

Fashion chain Primark has estimated that the most recent lockdowns cost it £430m in lost sales but still forecast higher overall sales and profits for the full year ending September 2021. Associated British Foods, which owns the brand, said on Friday that 7 per cent of Primark's 389 stores remain shut, including all those in Northern Ireland and Austria, compared with 62 per cent at the height of lockdowns in November. Sales in reopened Primark stores in Europe have been "Very strong", the group said, and trading in its newly opened stores in the US was "Very encouraging". Primark's pre-coronavirus sales were around £650m a month. The brand said it had managed to reduce store operating costs by 25 per cent during the most recent lockdowns.

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