Huge lockdown losses for Primark
By Sarah Wood | 2nd November 2020
The owner of value fashion retailer, Primark, estimates it will lose £375 million in sales from temporary Covid-19 closures in all of its major markets.
As of today (2nd November), all Primark stores in Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, representing 19 per cent of its total retail selling space, as reported by Reuters.
When the government's closure of non-essential shops in England for four weeks goes ahead from Thursday (5th November), 57 per cent of the retailer's total selling space will be out of action.
Primark, which has stores in Cheltenham and Gloucester, had been trading strongly since its stores reopened in June, achieving record market share in August and early September.
The company, which doesn't sell online, said it was implementing operational plans to manage the consequences of the latest closures, including reducing operating costs.
Adjusted operating profit for Primark will be above its previous prediction of £300-350 million, but down from £913 million the previous year.
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