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Primark’s sales recover quicker than expected


Primark’s sales have recovered quicker than expected since stores reopened from lockdowns. The retailer has reopened 367 stores while eight stores still remain shut. The retailer also opened five new stores in this quarter and plans to open another five during the rest of the year, including two in the US. Its parent company AB Foods expects Primark’s profit to slump by about two-thirds this year because of the shutdowns. The UK conglomerate said the discount chain should generate adjusted operating profit of as much as £350 million ($437 million) in the current fiscal year, compared with £913 million last year.

As Primark does not sell via e-commerce, its revenues fell 75 per cent in the fiscal third quarter. The chain also suffered a cash outflow of £800 million. Sales at its other divisions, including sugar, agriculture, grocery, and food ingredients, offset some of the impact on its fashion business.