Associated British Foods (AB Foods) which owns Primark is expected to reveal that it has missed out of £1.1bn in sales.
The huge £1.1bn loss in sales comes following a six month period of forced closure for the stores as a result of the Coronavirus pandemic. The company will confirm their results when it provides an update to investors on Tuesday April 20. Shareholders will be keen to hear how Primark stores faired in their first week trading since customers were allowed back in store.
Although the company has missed out on a huge amount of sales and is expected to make a loss, the brand is still reluctant to open an online store offering.
Despite these results, many analysts remain optimistic that AB Foods will recover ahead of the market. “AB Foods has shown remarkable agility and resilience through the pandemic and its excellent cash generative traits and strong balance sheet leave the Group very well placed for the future,” Shore’s Clive Black and Darren Shirley said.