Nov 9, 2021
Primark pandemic store closures force sales slide
Its parent firm, AB Foods, said Primark had lost one-third of its trading days in the 53 weeks to 18 September. AB Foods said its adjusted pre-tax profits had fallen by 1% to £908m for the year, with the dip in sales at Primark offset by "Strong" sales in its food business. The firm's chairman, Michael McLintock, said sales and profit were again below pre-Covid levels, but praised the "Agility" of Primark's management in responding to "The fast-changing and wide range of trading restrictions applied to our stores over the year". Mr McLintock said AB Foods - which, as well as running Primark, also owns food brands such as Twinings, Ovaltine and Patak's - was seeing "Significant cost increases in energy, logistics and commodities, in addition to the impact of widely reported port congestion and road freight limitations". AB Foods chief executive George Weston said Primark had "Delivered a good performance in the face of continued disruption to trading caused by the pandemic".
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