Primark owner Associated British Foods (ABF) said the retailer’s profits are expected to be at the top of its revised range after a strong resumption of trading following lockdown.
In a pre-close update to the City for the 52 weeks to November 3, Primark’s profits were predicted to come in at the top of its revised £300-£350m range following the coronavirus pandemic, with sales of £2bn since UK stores began to reopen in mid-June.
However, while basket sizes remain on average higher year on year, the retailer noted that in the UK sales are expected to be down 12% on a like-for-like basis.
Highlighting the footfall issue facing city centres, Primark said the fall in sales would be just 5% “if the four large UK destination city-centre stores are excluded”.
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