Primark has issued a new turnover warning as two-thirds of all stores are closed due to stricter Covid-19 measures in the UK. The retailer fears the restrictions will knock more than 200 million pounds off sales.
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Primark is counting on a "phenomenal" Christmas. The fashion chain estimates that it lost 430 pound million (475 million euro) to the corona crisis, and hopes to recover much of that by the end of the year.
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The coronavirus has caused an unprecedented turnover drop at fashion discounter Primark. As the chain has no webshop and all physical stores are closed, its monthly sales have dropped to literally zero euros.
Irish fashion discounter Primark achieved a 4.2 % turnover increase in the past financial year as a result of building additional retail space. On a comparable basis however, sales fell by 2.0 %.
Irish Primark saw its profit rise by no less than 25 % in the past six months. The fashion discounter now accounts for two thirds of the profit of parent holding company Associated British Foods, which also distributes sugar and Twinings tea.
Irish fashion chain Primark takes full advantage of the weak British economy, which prompted its parent company AB Foods to adjust its full-year forecast. The chain will also continue its expansion plans.