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Associated British Foods sees deeper sales loss at Primark from November lockdown
StockMarketWire.com
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Associated British Foods said it expected Primark sales and profit to be higher this year even as it raised its estimate for lost sales to £430 million from £375 million previously owing to temporary store closures during the November lockdown.
The company, however, said its sugar, ingredients and agriculture business had traded ahead of expectations in the new fiscal year.
The sugar business was still expected to deliver a higher profit despite the company forecasting UK sugar production of 0.9m tonnes, lower than previously expected and well down on last year's 1.19m tonnes, owing to the severe impact of virus yellows disease on sugar beet.
Primark stores across its major markets including the Republic of Ireland, England, France and Belgium reopened in the last week and sales since reopening in each of these markets had 'been very strong,' the company said.
All stores in Northern Ireland and Austria remain shut, with a total of 34 stores temporarily closed.
'We have extended the opening hours during this festive season in most of our stores in the Republic of Ireland and England to cater for the anticipated higher customer demand and to help ensure a safer environment by spreading shopping hours over a longer period,' the company said.
Story provided by StockMarketWire.com
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