Primark expects £1bn sales hit due to lockdown store closures January 14, 2021 Associated British Foods (ABF), the owner of Primark, said the closure of the budget fashion chain’s stores had cost the company £540m in lost sales so far, warning the total could reach £1bn due to ongoing restrictions. ABF said the loss of sales due to temporary store closures will cost the firm £1.05bn if they [...]
Second national lockdown wipes £430m off Primark’s balance sheet December 4, 2020 England’s second national lockdown wiped an estimated £430m off Primark’s balance sheet, as the pandemic continues to decimate British high street retailers. Speaking ahead of Primark’s annual general meeting later today, chairman Michael McLintock said: “Our estimate for the loss of sales for the announced periods of closure this autumn is now some £430m.” The [...]
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 [...]
Weekly outlook, 2-6 November: FTSE heavyweights in spotlight as election day arrives November 2, 2020 It’s election day at last, and while the outcome of Tuesday’s vote in the US will drive the headlines for much of this week and beyond, there’s still a full slate of results and economic updates in store for UK markets. With coronavirus cases now surging at an alarming rate, Boris Johnson has announced a [...]
Primark sales surge towards £2bn in post-lockdown rebound September 7, 2020 Primark owner Associated British Foods (ABF) said today that sales at the high street chain had surged in the fourth quarter as shoppers rushed back to the high street after lockdown. Despite the three-month lockdown period, ABF said Primark was on course to make a profit of £350m this year, the top end of previous [...]
Primark owner shares surge as traders welcome ‘encouraging’ reopening July 2, 2020 Shares in Primark owner ABF jumped 4.5 per cent this morning after the firm issued a positive trading update over its chances of bouncing back from the coronavirus pandemic. Although group revenue at Associated British Foods (ABF) dropped 39 per cent in the third quarter, led by a collapse in sales at high street fashion [...]
Primark set to reopen all English stores on 15 June June 1, 2020 High-street stalwart Primark is seeking to reopen all of its 153 stores in England by 15 June, its owner Associated British Foods said today. The announcement came after the UK government reiterated its “roadmap” for reopening the economy. It said non-essential retailers can open from the middle of this month after a lengthy period of [...]
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 [...]