Primark loses £1.1bn in sales due to lockdowns
Primark estimates that non-essential retail closures across its global store estate cost the business £1.1bn in lost sales in the first half of its financial year, but expects the period after lockdown ends to be “highly cash generative”.
The fashion retailer said sales in the 24 weeks to February 27 were expected to be around £2.2bn, down from £3.7bn during the same period the previous financial year and that adjusted operating profit would be “marginally above break-even”.
Primark, which does not sell online, attributed this 41% forecasted decline in interim sales to store closures across its global estate due to coronavirus lockdowns.
Subscription content
Please sign in now if you have a subscription or are already registered with us.
Register for free to continue reading
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
- Two free article views per calendar month on Retail-Week.com
- Detailed analysis of current trends and events
- Exclusive newsletters
- In-depth reports, videos, interviews and much more
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few moments before your account is updated.