The owners of discount clothing chain Primark have warned that they expected to lose sales worth £1.1 billion from the lockdown of its stores in the first half of its financial year.
Associated British Foods said it expected Primark’s sales in the first half to Feb. 27th to be about £2.2 billion and adjusted operating profit to be marginally above break-even.
The group said it was looking forward to reopening Primark stores and had likely reopening dates for 233 stores in addition to the 77 stores already open. Some 83% of its retail space should be trading by April 26.
” Our stores will be offering exciting seasonal ranges for spring/summer and we have been placing orders for merchandise with a long lead time for the autumn/winter season. We expect the period after reopening to be highly cash generative.” said the group this morning
