Audio By Carbonatix
The owner of Primark says it expects to lose £1.1bn in sales during the first half of its fiscal year through the coronavirus crisis-enforced closure of its stores.
Associated British Foods, which has steadfastly refused to trade the discount fashion chain online, told investors that group sales and adjusted operating profits would be lower than last year during the six months to February 27.
The company said that restrictions aimed at controlling the spread of Covid-19 across the UK and Europe during the period had "materially impacted" Primark's performance with sales of £2.2bn expected.
But ABF added that its other main interests, including sugar and ingredients, were all due to deliver sales and profits above expectations to mitigate some of the shortfalls at Primark.
It forecast that continuing disruption during the second half of the financial year to August could result in an additional £480m hit to Primark sales - taking the total during the 12-month period beyond £1.5bn.
However, the company said that it expected to witness a repeat of previous lockdown easing, which resulted in a surge in sales from pent-up demand.
It was expected that 83% of the total store estate would be back open by April 26.
ABF based the prediction on current government guidelines which, subject to pandemic data, is expected to result in all 153 Primark stores in England reopening from April 12.
The company's 20 sites in Scotland were expected to follow on April 26.
Latest Stories
-
Herbert Mensah leads 25th commemoration of May 9 Disaster in Kumasi
5 minutes -
‘We are expecting to pick our ticket to Poland in Uganda’ – Black Princesses boss Charles Sampson
10 minutes -
We do not have a no-bed problem. We have an ineffective triage problem
24 minutes -
Police restore calm after violent cutlass clash at Akyem Oda New Station
33 minutes -
Bono Region to host maiden Ghana Youth Agriculture Summit on May 22
36 minutes -
Millions still suffering despite available asthma medicines – WHO envoy
49 minutes -
Ghana to face Nigeria in a friendly ahead of Commonwealth Games
1 hour -
Today’s Front pages: Thursday, May 7, 2026
2 hours -
BECE 2026 progressing smoothly in Old Tafo Municipality
2 hours -
Health Minister assures full implementation of Akosa Committee recommendations on Charles Amissah death
2 hours -
TDC gives property owners 30 days to settle ground rent debts
2 hours -
New WHO report reveals failures in hiring, retention of Africa’s health workers
2 hours -
Afoko holds consultations with Bawumia, Akufo-Addo, Kufuor and others ahead of NPP conference
2 hours -
Boakye Agyarko intensifies his message of unity, discipline, and victory
2 hours -
The Agbodza Axe: Why Deadlines are the New Social Contract
3 hours