Primark is expected to lose about two-thirds of its earnings this year, parent company Associated British Foods (AB Foods) reports Thursday. The clothing chain has lost a lot of income in recent months due to store closings.
According to AB Foods, Primark is now heading for a profit of between 300 and 350 million pounds (converted between 332 and 388 million euros). Last year, the clothing chain posted a profit of £ 913 million.
Primark is particularly troubled by the fact that from the end of March all 376 stores in twelve countries were closed due to the corona virus, including the 20 branches in the Netherlands. Primark is estimated to have lost £ 650 million in sales per month.
Most stores have reopened since May 4, with $ 322 million worth of clothing sold again through Week 25 (June 15-21).
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