(Alliance News) – Associated British Foods PLC on Monday warned that sales in its largest business unit Primark are set to fall this financial year after stores were hit by the ‘pingdemic’ in the final quarter.
Sales at the fast fashion retailer in the second half of the financial year ending September 18 are expected to come in at GBP3.4 billion, bringing the full-year total to around GBP5.6 billion. That’s down 5.1% from the GBP5.90 billion revenue Primark made in financial 2020, and down 28% from the GBP7.80 billion in financial 2019.
It’s also lower than AB Foods expected, as the so-called “pingdemic” in the summer forced staff and would-be customers to stay at home for ten days if they came into contact with any positive Covid cases.
Shares in AB Foods were down 3.0% to 1,911.00 pence in London on Monday morning, the worst performer in the FTSE 100 index.
“Data shows that high street footfall was impacted by the caution displayed by many consumers at that time. The self-isolation rules were then eased in early August,” AB Foods explained.
In addition, the…
