Primark owner to repay furlough cash as reopened stores deliver record sales

Primark in New York

Primark’s parent company Associated British Foods has said it plans to repay money claimed on the government job retention scheme as its reopened stores rebounded last week.

Primark revenues fell 41% in constant currency to £2.2m in the 24 weeks to February 27, while its adjusted operating profit fell 90% to £43m.

As reported previously, Primark estimates that loss of sales amounted to £1.1bn in the periods where its stores were closed and like for likes were down 15% when stores were reopened due to Covid-19 restrictions.

In the UK, like-for-like performance was down 6% in the first half of the year and down 1% excluding four major city stores.

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