Jan 14, 2021

Primark warns of £1bn hit from lockdown shop closures

Primark owner Associated British Foods has warned its fashion chain could lose more than £1bn-worth of sales if the current store closures under lockdown continue until the end of February. "In a statement Primark said:"Making the assumption that all of the stores currently closed remain closed until the financial half year, at 27 February 2021, the loss of sales caused by temporary store closures would reach some £1.05bn. "This is up from our previous estimate, based on announced closure dates, of £650m.". Tesco reported record sales for the Christmas period after customers looked to "Treat themselves" amid tough Covid restrictions, with UK like-for-like sales were up 8.1% in the six weeks to 9 January. Sales of bikes, e-bikes and e-scooters did well in particular, with a 35.4% uplift in like-for-like sales seen in the 13 weeks to 1 January from a year ago. Although motoring sales fell as a result of lockdowns, sales across the group were up 11.5%. The chain has been allowed to stay open during lockdowns as it is classified as an essential retailer.

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