Primark's owner insists the fashion chain is still on course for improved annual profits, despite estimating it lost £430million in sales during the latest batch of lockdowns across Europe.

Associated British Foods had previously predicted a loss in sales of £375million during the lockdowns.

Issuing an update before today's annual general meeting, the company said it had made a 25 per cent saving in operating costs during the period of lockdown and predicted a similar pent-up demand ahead of Christmas as it saw after the initial restrictions were ended in June.

A statement said: "Sales in the days since reopening in each of these markets have once again been very strong, reflecting the excitement and appeal of the Primark offering.

"We have extended the opening hours during this festive season in most of our stores in England and the Republic of Ireland to cater for the anticipated higher customer demand and to help ensure a safer environment by spreading shopping hours over a longer period.

"We continue to expect Primark sales and profit to be higher this financial year compared to last. We will continue to expand retail selling space."

Primark continues to operate without trading online.