{"id":163887,"date":"2021-01-14T08:38:41","date_gmt":"2021-01-14T08:38:41","guid":{"rendered":"https:\/\/www.theindustry.fashion\/primark-owner-warns-of-potential-1-1bn-in-lost-sales-from-lockdowns\/"},"modified":"2021-08-06T12:09:51","modified_gmt":"2021-08-06T12:09:51","slug":"primark-owner-warns-of-potential-1-1bn-in-lost-sales-from-lockdowns","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/primark-owner-warns-of-potential-1-1bn-in-lost-sales-from-lockdowns\/","title":{"rendered":"Primark owner warns of potential \u00a31.1bn in lost sales from lockdowns"},"content":{"rendered":"<p>Primark owner Associated British Foods has warned of a hit from lost retail sales of<strong> more than \u00a31bn if coronavirus lockdowns force its stores to stay closed until the end of February.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The value fashion chain said<strong> 305 of its 389 shops around the world are currently shut,<\/strong> which is expected to cost it \u00a31.05bn in lost sales \u2013 up from the \u00a3650m hit forecast at the end of December.<\/p>\n<p>AB Foods \u2013 which has 190 shops in the UK \u2013 said it n<strong>ow expects to see half-year underlying earnings wiped out,<\/strong> with the group forecasting to be \u201cbroadly break-even\u201d against profits of \u00a3441m a year earlier.<\/p>\n<p>But it said it <strong>could be facing a \u00a31.85bn sales impact if its entire store estate has to close<\/strong> and remain shut until the end of March, knocking profits by a further \u00a3300 million.<\/p>\n<p>Primark has <strong>already seen \u00a3540m in lost retail sales from store closures due to coronavirus restrictions in its key Christmas quarter<\/strong>, with sales slumping 30% in the 16 weeks to 2 January.<\/p>\n<p>The group saw trade <strong>badly impacted by the November lockdown<\/strong> in England and restrictions across Europe, given that it does not sell online.<\/p>\n<p>Current shop closures account for around 76% of its retail selling space.<\/p>\n<p>The group said it <strong>has been able to offset some of the trading impact with overhead costs cut<\/strong> by 25% due to store closures.<\/p>\n<p>AB Foods said: \u201cThe impact of store closures on Primark\u2019s performance is significant.<\/p>\n<p>\u201cWe now expect full year sales and adjusted operating profit for Primark to be somewhat lower than last year.\u201d<\/p>\n<p>The group said <strong>trading was strong while stores were open,<\/strong> with like-for-like sales declines running at 14% in the 16-week period.<\/p>\n<p><strong>Stores at retail parks accessible by car lifted on a year earlier,<\/strong> but high street and shopping centre sites were badly impacted by the pandemic.<\/p>\n<p>Despite the woes, it opened another five shops over its festive quarter and pledged to \u201ccontinue to expand retail selling space\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":142023,"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":[14059,5707,10411,11704],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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