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.
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