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Primark’s sales soared significantly after COVID -19 situation

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primark-storesSales of Primark have recovered better than expected after stores reopened from lockdowns. The chain has reopened 367 stores while eight shops remain closed. In this quarter, the retailer has also opened five new stores and plans to open another five during the rest of the year, including two in the US. Because of the shutdowns, its parent company AB Foods expects Primark ‘s income to fall by about two-thirds this year. The UK conglomerate said the discount store in the current fiscal year would achieve an adjusted operating income of as much as £350 million ($437 million) compared to £913 million last year.

Since Primark does not sell via e-commerce, its revenues in the third quarter of the fiscal year fell 75 percent. The chain has also suffered an £800 m cash outflow. Sales at its other divisions, including sugar, agriculture, food ingredients and grocery, offset some of the impacts on its fashion business.

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