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Gloucestershire Business News

Primark predicts £220m fresh tier of losses

Fashion chain Primark has predicted an additional £220million loss in sales with more shops across the UK forced to close under the latest tier four restrictions.

Associated British Foods, owners of the cut-price retailer, last month predicted a loss of £430million in sales for the year to September.

But after the expansion of the highest level of coronavirus restrictions closed non-essential stores in much of the country, that forecast has risen to £650million.

More than 250 branches are closed in the UK, including those in Cheltenham and Gloucester where it is due to move into the former BHS site in the redeveloped King's Walk.

Primark, which does not have an online presence, said it had seen "phenomenal" sales after the end of the November lockdown in England with some shops staying open overnight to meet demand.

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