Primark predicts £1bn sales loss
- Credit: Copyright: Archant 2020
The owner of Primark, with stores in Norwich and King's Lynn, has warned it could see sales down by as much as £1.05billion due to lockdown.
If ABF, Associated British Foods, has to keep stores shut until the end of next month, it predicts the massive sales loss. A further £800m could be wiped out if stores can't open until March.
It predicts it will still break even but this compares to a £441m profit last year.
It recently debated taking Primark online after customers urged them to do so on Twitter.
But the firm responded with "An online store is not in our plans."
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When asked why, it replied on Twitter: "If we opened online, our amazing prices would not be anymore."
Thousands of people were also tricked into believing the firm was opening online after a fake Facebook account was set up.
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Primark has already seen £540 million in lost retail sales from store closures due to Covid.
ABF said: "The impact of store closures on Primark's performance is significant."