THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
Retail HR Central 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Primark issues sales warning after stores close in Europe

Associated British Foods has said 20% of its Primark stores are now closed due to coronavirus and will only re-open when the governments of Italy, France,… View Article

FASHION RETAIL NEWS UK

Primark issues sales warning after stores close in Europe

Associated British Foods has said 20% of its Primark stores are now closed due to coronavirus and will only re-open when the governments of Italy, France, Spain and Austria allow it.

In a statement, the company said it had expected sales of £190 million from the affected stores over the next four weeks.

ABF said its remaining stores, including those in the UK, have seen a drop in like-for-like sales in the last two weeks, with the falls accelerating  over the past few days.

Looking ahead, the company said: “Given the effect of COVID-19 on Primark’s sales, it is too early to provide earnings guidance for the remainder of the current financial year.

“The group has a strong balance sheet, substantial cash liquidity with some £800 million of net cash at the half year and significant undrawn bank facilities.”

However, ABF  said its first half operating profit will be ahead of expectations after the company achieved higher margins within Primark and its grocery business.

Subscribe For Retail News