Primark, the British fashion retailer, has raised it estimated sales loss this autumn to £430 million.
However, the retailer also hopes to recover some of the losses with exceptional pre-Christmas business.
Earlier last month, Primark had estimated sales loss of £375 million due to forced store closures and though the numbers have been raised to £430 million now, it still expects 2020/2021 sales and profits to be more than what it was last year.
Back in 2019/2020 financial year, Primark had made a profit of £362 million. Here it is important to state that the retailer has always stayed away from doing business online.
Ever since stores reopened last week after second lockdown in England and Ireland, amongst other European nations, business at Primark’s stores has been phenomenal.
The retailer, reportedly, believes that the exceptional sales ever since stores reopened will eventually help it recover the £430 million.
And now that the UK Government has announced that the retailers can keep their stores open 24X7, it is only going to help Primark’s case further.
Meanwhile, Associated British Foods, which owns Primark, has said that the retailer has honoured all the orders placed with suppliers.