Home Business News Primark owner warns over pandemic pressure

Primark owner warns over pandemic pressure

by LLB Editor
2nd Nov 20 9:54 am

Clothing retailer Primark has warned that the lockdowns being introduced in parts of Europe will hit its sales in the run-up to Christmas.

In a statement to the City, owner Associated British Foods warned that more than half its stores will soon be temporarily shuttered – once England’s lockdown is introduced.

This means the company is facing lost sales of £375m, as outlets in other areas including France and Wales are already shuttered.

ABF explains: “As of today, all Primark stores in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, which represent 19% of our total retail selling space. The announced period of closure varies by market. The UK Government announced its intention to close non-essential shops in England for one month from 5 November to 2 December. Assuming that this will be passed by the UK Parliament on 4 November, 57% of our total selling space will be temporarily closed from 5 November.

Our estimated loss of sales for these stores, including the stores in England, for the announced periods of closure is £375m.

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