Primark owner ABF reveals £284m charge for unsold stock April 21, 2020 Associated British Foods (ABF) has revealed a £248m hit for unsold stock as sales plunge while Primark stores remain shut across Europe. Following the closure of its stores the level of inventory at Primark increased significantly as sales ceased immediately and the inbound supply chain continued for several weeks with goods in transit. An assessment [...]
Primark owner ABF confirms eligibility for coronavirus loan April 17, 2020 Primark owner Associated British Foods has announced that it is eligible for funding from the government’s Covid Corporate Financing Facility during the coronavirus outbreak. All of the budget retailer’s 376 stores across 12 countries have been closed since March 22, which represents a loss of £650m net sales each month. However the company is hoping [...]
Primark bosses take 50 per cent pay cut over coronavirus April 3, 2020 Primark bosses have taken a 50 per cent pay cut and cancelled bonuses after warning of a huge slump in 2020 profit due to coronavirus. Chief executive Paul Marchant’s base pay will be halved temporarily. George Weston and John Bason, CEO and chief financial officer of Primark owner Associated British Foods (ABF), will also take [...]
Coronavirus: Primark to close all UK stores as pandemic hits high street March 22, 2020 Primark is set to shutter all 189 of its UK stores from tonight as the coronavirus outbreak threatens to bring the UK high street to its knees. The budget fashion retailer has already closed stores accounting for 20 per cent of its selling space globally, and is now preparing to close its entire store estate. [...]
Primark owner shares halted after virus sales warning March 16, 2020 Shares in Primark owner Associated British Foods (ABF) were suspended for an hour this morning after the firm warned store closures would hit sales. The retail conglomerate’s shares were halted after falling sharply, which the London Stock Exchange said was due to an erroneous trade. Shares were down roughly 12.5 per cent when trading was [...]
Japan’s Nikkei sinks after global stocks’ Covid-19 plunge February 25, 2020 Japan’s stock market plummeted overnight after a plunge in global stocks yesterday as investors reacted to a rapid spread of the Cobvid-19 strain of coronavirus outside of China. The Nikkei sank 3.3 per cent after US and European stocks suffered similar falls as Italy revealed a huge rise to 229 cases of the Covid-19 virus. [...]
Coronavirus: Primark owner ABF warns of long-term supply issues February 24, 2020 Primark’s owner today said it was considering ramping up production from suppliers outside of China in a bid to avoid a hit from the coronavirus outbreak. Associated British Foods (ABF) expects Primark will drive higher operating profit and sales for the six months to the end of February compared to the same period a year [...]
Primark UK store sales dip as retailer outlines expansion plans January 16, 2020 Primark’s like-for-like UK in-store sales dipped over the Christmas trading period, the budget retailer announced this morning. The high street chain’s owner Associated British Foods (ABF) said today that there was a “marginal decline” in like-for-like UK sales in the 16 weeks to 4 January. However, the impact of extra store space boosted total UK [...]
Primark set to drive another year of growth for ABF December 6, 2019 Associated British Foods (ABF), the British multinational which owns Primark, reiterated its outlook for the new financial year ahead of this morning’s AGM. The new financial year will see Primark expand its selling space, with the most new stores being added in France and Spain. Read more: Primark bounce helps offset sugar slump at ABF [...]
Primark bounce helps offset sugar slump at ABF November 5, 2019 Ingredients group Associated British Food posted a slight rise in profit for the last 12 months, as a strong showing in fashion arm Primark offset a sharp slowdown in its embattled sugar business. Shares in the FTSE 100 group climbed four per cent to 2,329p in early morning trading. The figures Adjusted operating profit hit [...]