Primark profits and sales battered by coronavirus store closures

Primark Shrewsbury

Primark has posted falls in both its full-year profits and sales blaming the closure of its store estate during the third quarter in a bid to stem the spread of the coronavirus.

The value fashion chain’s owner Associated British Foods (ABF) said operating profits at the retailer for the year ending September 12 slumped 60% to £362m. 

Revenues fell 24% to just over £5.8bn, with store sales in the UK down 12% and 17% across its European estate since reopening from the first lockdown.

Sales since reopening in the US have been down 10% year on year, although Primark said excluding its Boston city centre store sales were level with last year.

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