The owner of Primark has warned it faces losing over £1bn in sales if coronavirus lockdowns force the majority of its stores to remain closed through February.
The store-only discount fashion retailer, which has traded well from pent-up demand during the COVID-19 crisis to date when restrictions have allowed, said it was clearly facing a "significant" financial hit.
Parent firm Associated British Foods (ABF) has steadfastly refused to trade the Primark business online despite the disruption.
It reported that 305 of its 389 stores - 76% of its shops - were currently closed.
The company disclosed a 30% slump in sales in the 16 weeks to 2 January.
It said Primark's underlying half-year profits to the end of February were now forecast to break even on the previous year as a result.
Just weeks ago it had predicted £650m of lost sales in the six-month period.
Under a scenario that growing restrictions could force its entire estate across Europe to shut until the end of March, ABF said the total sales loss would increase above £1.8bn.
However, ABF said Primark had offset some of the impact on trading through a 25% reduction in usual operating costs.
Shares opened almost 2% down.
https://news.google.com/__i/rss/rd/articles/CBMid2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2NvdmlkLTE5LXByaW1hcmstcHJlZGljdHMtMWJuLWluLWxvc3Qtc2FsZXMtaWYtbG9ja2Rvd25zLXBlcnNpc3QtdG8tZW5kLW9mLWZlYnJ1YXJ5LTEyMTg3NDEy0gF7aHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL2NvdmlkLTE5LXByaW1hcmstcHJlZGljdHMtMWJuLWluLWxvc3Qtc2FsZXMtaWYtbG9ja2Rvd25zLXBlcnNpc3QtdG8tZW5kLW9mLWZlYnJ1YXJ5LTEyMTg3NDEy?oc=5
2021-01-14 08:47:57Z
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