Owner of Primark reveals £810million slump in profits
- Credit: Copyright: Archant 2020
It might be hard to believe judging by the pre-lockdown queues for Primark in Norwich – but the firm saw profits nose-dive.
The store’s owner Associated British Foods (ABF) reported the profit drop for the year to September 12.
The update comes as its UK stores will shut their doors temporarily from Thursday.
Shoppers determined to get their hands on a last minute purchase before the second lockdown queued across the Haymarket at the weekend after the announcement that non-essential retailers will have to close.
ABF said the new restrictions will have a “significant” impact on Primark, although it still expects sales and profits during the current financial year to be higher. George Weston, chief executive, said: “Uncertainty about temporary store closures in the short-term remains, but sales since reopening to the year-end of £2 billion demonstrate the relevance and appeal of our value-for-money offering.”