Primark says COVID-19 store closures will cost it $1.4 billion – Business Insider

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In December, prior to Englands new nationwide lockdown being announced, it had approximated this figure at ₤ 650 million ($887 million). Learn more: Mark Tritton is bringing his digital knowings from Target to Bed Bath & & Beyond and leading the company through a major e-commerce overhaul focused on warding off rivals like AmazonPrimark, which shuns online sales in favor of bricks-and-mortar shops, reported falling sales in the previous quarter.In the 16 weeks to January 2, Primarks sales were down 30% year-on-year, AB Foods said. It attributed this to lockdown procedures both in the UK and its international markets, ranging from restricted trading hours to required store closures.

The business noted that when shops were open, “trading was strong offered the situations,” with a 14% drop in like-for-like sales compared to the exact same period the previous year.But performance varied in between shops, AB Foods said. Sales at its shops in retail parks were up year-on-year, while shopping mall and big city-center shops fared worse due to the fact that less commuters and tourists visited them, it said. Primark isnt the only British apparel retailer struggling throughout the pandemic.Topshop owner the Arcadia Group fell into administration in late November, putting more than 13,000 tasks at risk. Its CEO blamed required store closures during the UKs nationwide lockdowns.

The next day, British outlet store chain Debenhams stated it would close all of its 124 shops as it enters liquidation, with 12,000 tasks at threat.

British fashion giant Primarks sales were down 30% year-on-year in the quarter, its moms and dad business stated.
More than 75% of its stores are currently closed.
Primarks total loss from store closures could reach ₤ 1.05 billion ($1.43 billion), it stated.
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Store closures might cost British fast-fashion giant Primark ₤ 1.05 billion ($1.43 billion) in lost sales, parent business Associated British Foods (AB Foods) announced Thursday.More than 3 in 4 of the merchants 389 stores are currently closed, AB Foods said. This consisted of all 190 shops in the UK, along with all its websites in Germany, Ireland, the Netherlands, Portugal, and Austria. Its 11 stores in the United States remain open.Under present lockdown guidelines, all non-essential shops in England must remain closed up until a minimum of mid-February, Prime Minister Boris Johnson said last week. Other nations have actually carried out similar measures in reaction to surging COVID-19 cases.If shops that are presently closed remain shut until February 27, the overall lost sales triggered by temporary closures throughout the pandemic might reach about ₤ 1.05 billion ($1.43 billion), AB Foods stated.

Store closures might cost British fast-fashion giant Primark ₤ 1.05 billion ($1.43 billion) in lost sales, parent business Associated British Foods (AB Foods) revealed Thursday.More than 3 in four of the merchants 389 shops are presently closed, AB Foods said. Its 11 stores in the US remain open.Under current lockdown guidelines, all non-essential shops in England must stay closed till at least mid-February, Prime Minister Boris Johnson said last week. The business noted that when stores were open, “trading was strong provided the situations,” with a 14% drop in like-for-like sales compared to the same duration the previous year.But performance varied between shops, AB Foods said.

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