Associated British Foods says figure could be reached if all Primark’s closed stores remain shut until February 27.
Primark has taken a £540 million sales hit related to lockdowns, parent company Associated British Foods revealed this morning (January 14).
However, this figure could reach £1.05 billion if all of its closed stores remain shut until February 27, the financial half-year, reported Fashion United.
For the 16 weeks to January 2, 2021, Primark sales were 30% lower than last year at constant currency and 28% lower at actual exchange rates.
ABF did also stress, however, that when certain stores were open during the period, trading was strong with sales at -14% on a like for like basis compared to pre-pandemic levels last year.
While sales at Primark stores in retail parks were higher than a year ago, shopping centres and regional high street stores were lower. Large destination city centre stores continued to see a significant decline in footfall.
ABF also said that it will warehouse some £200 million worth of autumn/winter stock for later this year. All orders placed with suppliers will also be honoured.
As of today, 305 stores are closed which represents 76% of Primark’s retail selling space.