Primark prepares to lose £375 million worth of sales due to lockdowns
Primark owner Associated British Foods has said the fashion retailer is set to suffer £375 million in lost sales following enforced store closures due to the Covid-19 pandemic.
In a statement, the company said all Primark stores in the Republic of Ireland, France, Belgium, Wales, Slovenia and Catalonia in Spain are now temporaily shuttered. The affected stores account for 19% of Primark’s total retail selling space. When the non-essential shops shutdown begins in England on 5 November, this will increase to 57%.
Associated British Foods said uncertainty about further temporary store closures in the short-term remains. It added: “We are implementing the operational plans developed to manage the consequences of these closures and appropriate action will be taken to reduce operating costs. All orders placed with our suppliers will be honoured.”
Primark’s sales have also been impacted by restrictions on trading hours in a number of markets.
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