Markets News

Primark-owner sees 375 mln stg loss of sales from lockdowns

LONDON, Nov 2 (Reuters) - Associated British Foods, the owner of clothing retailer Primark, said it estimated it would lose 375 million pounds ($484 million) of sales from temporary closures of its stores in major markets due to COVID-19 restrictions.

It said as of Monday, all Primark stores in Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, representing 19% of its total retail selling space.

It said assuming the UK government’s intention to close non-essential shops in England for one month from 5 November to 2 December is passed by lawmakers, 57% of its total selling space will be temporarily closed from 5 November. ($1 = 0.7750 pounds) (Reporting by Paul Sandle; editing by James Davey)