Tag: profits

Primark revenue and profits hit by store closures

Primark revenue and profits hit by store closures

Image: Primark

Primark has reported a drop in half-year sales and profit as Covid-19-related store closures continue to impact the retailer.

The fast-fashion giant’s revenue fell 40 percent to 2.23 billion pounds for the six months to February 27, with the majority of its stores closed for more than half of the period. Unlike many of its rivals, Primark doesn’t have a webstore to offset sales losses from its physical stores.

Adjusted operating profit plummeted 90 percent to 43 billion pounds.

Primark’s parent company, Associated British Foods (ABF), reported a 17 percent drop

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