LONDON (UK) – UK fast fashion chain Primark is slated to witness a slump of two-thirds in its full-year profit, said its owner Associated British Foods. This comes even though business in the reopened stores is quite encouraging.
Primark closed its stores in March soon after the outbreak of the pandemic. It reopened its 153 outlets on June 15 when the government removed curbs.
Cumulative sales from May 4, when the first stores were reopened, to June 20 stood at 322 million pounds ($403 million). It was 12% lower than last year.
Associated British Foods said sales in the week ending on June 20 stood at 133 million pounds.
Operating profit is now predicted to be in the range of 300 million pounds to 350 million pounds for the 2019-20 year. This is down from 913 million pounds in 2018-29.
According to the group, the overall revenue for 40 weeks ending on June 20 was 13% lower than the same period last year.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field