{"id":163254,"date":"2020-11-02T08:32:35","date_gmt":"2020-11-02T08:32:35","guid":{"rendered":"https:\/\/www.theindustry.fashion\/primark-owner-to-take-375m-sales-hit-from-new-national-lockdown\/"},"modified":"2021-08-06T12:08:49","modified_gmt":"2021-08-06T12:08:49","slug":"primark-owner-to-take-375m-sales-hit-from-new-national-lockdown","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/primark-owner-to-take-375m-sales-hit-from-new-national-lockdown\/","title":{"rendered":"Primark owner to take \u00a3375m sales hit from new national lockdown"},"content":{"rendered":"<p>The owner of Primark has said it will take a \u00a3375 million hit from the loss of sales amid the latest enforced closures of non-essential retail across England in the face of COVID-19.<\/p>\n<p><!--more--><\/p>\n<p>Associated British Foods (ABF) said <strong>around 57% of selling space in its Primark stores will be temporarily closed<\/strong> if Parliament approves plans to shut non-essential retail for at least a month from Thursday 5 November.<\/p>\n<p>On Saturday, Prime Minister Boris Johnson confirmed that<strong> clothing stores will be among those required to close until 2 December<\/strong> as part of the second lockdown aimed at curbing the spread of the virus.<\/p>\n<p>ABF said all Primark<strong> stores in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are already temporarily closed,<\/strong> representing 19% of selling space.\u00a0It also told investors that its<strong> trading hours have been restricted<\/strong> in a number of other key markets.<\/p>\n<p>\u201cUncertainty about further temporary store closures in the short term remains,\u201d it added, in a statement to the London Stock Exchange.<\/p>\n<p>The value fashion giant, who operates purely from physical retail stores, said it is<strong> implementing operational plans which have been developed to \u201cmanage the consequences of closures\u201d<\/strong> and is taking action to reduce its operating costs.\u00a0It also told shareholders that <strong>all orders placed with suppliers will be honoured.<\/strong><\/p>\n<p>The group added that, as of the end of its financial year on 12 September, it had <strong>\u00a31.5bn in cash reserves,<\/strong> with a total liquidity of around \u00a33.1bn including lending facilities.<\/p>\n<p>In September, ABF said a surge in summer sales had put it on track to top its profit targets for the year.\u00a0On Tuesday, ABF, which also runs a raft of grocery and ingredients businesses, will reveal its annual results for the financial year.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-144088\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\" alt=\"Newsletter banner\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":140900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[15204,10411],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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