Primark ‘encouraged’ by trade since reopening but profits to plunge
Value fashion giant Primark’s profits will be down by about two thirds this year, but trading in reopened stores has been encouraging.
Primark’s adjusted operating profit is likely to come in at between £300m and 350m this year, compared with £913m last year, parent ABF reported.
In the third quarter, Primark’s sales slumped 75% to £582m and in the year to date they fell 27% to £4.3bn.
All of Primark’s 375 shops in the UK and overseas were shut during the coronavirus lockdowns starting in March. As lockdowns ended, Primark said that ”stores have reopened more quickly than expected” and 367 are open to customers again.
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