Primark Faces €723 Million Sales Loss

PRIMARK faces a €723 million sales loss as stores are forced to close

Primark’s owner Associated British Foods (ABF) has said the company is set to lose €723million in sales as tough lockdown restrictions in the UK and Ireland forces its stores to close once again. At the beginning of December, ABF estimated that it would lose £430 due to the autumn lockdown.

The retail giant – known as Penneys in the Republic of Ireland, will shut the doors of 253 stores in the UK on January 1, representing 64 per cent of the company’s income, after the UK government announced tough new Covid measures on Wednesday.

On December 5, the retailer announced “phenomenal” trading after reopening its stores in England, Ireland, France and Belgium.

The finance director of ABF, John Bason, said: “Our trading before the lockdown and now our trading these first few days after lockdown [is] way higher than we had previously expected.”

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