Primark owner profit slumps as pandemic batters sale November 3, 2020 Primark owner Associated British Foods (ABF) has posted a sharp decline in profit for the full year as store closures during the coronavirus lockdown decimated sales. The figures ABF posted revenue of £13.9bn in the year to 12 September, down 12 per cent on 2019. Statutory pre-tax profit slumped 42 per cent to £686m. Basic [...]
Primark warns of £375m sales hit due to second lockdown November 2, 2020 The owner of Primark has warned it will suffer a sales hit of £375m as it prepares to shutter stores across England due to new lockdown measures. In a market update this morning, Associated British Foods (ABF) said 19 per cent of its selling space is currently closed due to Covid-19 restrictions in the Republic [...]
Shops reopen to long queues as social distancing measures come into force June 15, 2020 Retailers this morning flung open their doors to the public for the first time since the coronavirus lockdown was imposed in March. People formed long queues outside Primark outlets in London and Birmingham this morning before the shops reopened at 8am, in a signal that despite fears that footfall would be low initially, there was [...]
Which retailers are reopening as the coronavirus lockdown lifts? June 12, 2020 After two months of being closed during the coronavirus lockdown, Britain’s high streets are coming back to life. Across the board, retailers across the country are working out how to get their businesses going again – and what measures they need to take to keep people safe. So what shops can customers expect to open [...]
Coronavirus: Primark agrees £370m deal with suppliers after backlash April 20, 2020 Primark has agreed to pay an extra £370m to suppliers after the budget retailer was criticised for cancelling orders during the coronavirus lockdown. The high street giant announced this morning that it will now “take all product that was both in production and finished, and planned for handover by 17 April”. Primark had previously committed [...]
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 [...]
Primark refuses to pay rent bill amid coronavirus crisis March 25, 2020 Budget retailer Primark has today reportedly refused to pay its rent bill after closing all of its stores due to the coronavirus pandemic, as fears mount that some retailers will never reopen after the outbreak. Primark has written to landlords to tell them it would not meet its quarterly rent payment due on 110 leasehold [...]
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 [...]
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 [...]