The retailer continues to be massively impacted by lockdowns across the UK and Europe, meaning they will miss out on as much £1bn in sales.
The fast fashion retailer has commented that three-quarters of its store portfolio is closed, including all of its 190 stores across the UK and 115 across the European market, in markets including Germany, Ireland and Spain.
The retailer still does not sell online and shop closures along with Covid-19 restrictions have seen a 30 per cent fall in sales to £2bn during the 16 week period to January 2, 2021. The retailer lost sales worth £450M during the months of November and December which led to Primark forecasting a £650M loss, this has now been increased to £1bn for the six month period to the end of February.
John Bason, Finance Director at Associated British Foods (Primark’s owner), commented: “We are an emblem of the non-essential retail on the high street that is closed. I hate losing the sales we are going to lose but we are going to be back. People will want to go on holiday, meet one another and shop at Primark again.”
