Primark predicts increased sales and profit despite impact of pandemic
Primark is expecting its sales and profits in the current financial year to be higher than the last despite the ongoing impact of the coronavirus pandemic.
In its AGM statement, Primark owner Associated British Foods said stores in its major markets of England, Ireland, France and Belgium have all reopened in the last week after lockdowns and that sales have been very strong. The fashion retailer has extended its opening hours in the run-up to Christmas in most of stores in England and Ireland to cater for increased demand.
Primark still has 34 stores temporarily closed across its markets, including all stores in Northern Ireland and Austria. This represents 7% of its total retail selling space compared to 62% when the highest number of stores were closed in November.
ABF estimates that store closures during the autumn will have cost Primark £430 million in lost sales.
Since the start of the new financial year, Primark has launched two new stores in the US at American Dream in New Jersey and Sawgrass Mills in Florida, which have both performed well. It has also opened two new stores in Spain this week which means it now has a total estate of 389 stores and 16.5 million square feet of retail selling space.
