The owners of Associated British Foods (LON: ABF) Primark have warned that the second lockdown will reach £375 million.
As retailers prepare to close stores across the UK, AB Foods said 19% of retail space has already been closed in the UK and Europe amid COVID restrictions.
“As of today, all Primark stores in Catalonia, including the Republic of Ireland, France, Belgium, Wales, Spain and Slovenia have been temporarily closed, accounting for 19% of the retail sales space,” the group said.
“The period of closure announced will vary by market. The UK government has announced its intention to close non-essential UK shops for a month from November 5th to December 2nd. Assuming this will be passed by the UK Parliament on November 4th, 57% of our sales space will be temporarily closed from November 5th.”
“The estimated loss on sales for these stores, including stores in England during the announced closure period, is £375 million.”
Earlier this year, the group reported a full year update that will close in September 2020, focusing on Primark’s “strong” performance for the fourth quarter.
Cumulative sales were projected to reach £2 billion by the end of the year.
The group will publish the full year results on November 3rd. AB Foods (LON: ABF) stocks are trading 2.68% lower at 1,653.50 (0937GMT).
