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Primark forecasts £1bn sales loss as Covid restrictions shutter stores

Sales projected to dive amid shop closures among fast-fashion retailer’s main UK and European markets

Primark expects to lose more than £1bn in sales during the first half of its financial year because of new restrictions brought in to slow the spread of the coronavirus pandemic, forcing the closure of stores.

Shop closures and stay-at-home orders in its main UK and European markets caused a 30% fall in sales at the fast fashion retailer, to £2bn during the the 16 weeks to 2 January 2021, its owner, Associated British Foods (ABF), said. Sales for the Christmas period in 2019 hit £2.9bn.

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Read the original article at The Guardian

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