Primark sales increase as stores reopen Business

The owner of Primark will reimburse £ 121million in leave money claimed under government job retention programs and pay shareholders a dividend despite declining profits.

Associated British Foods (ABF) said the move comes despite stores remaining closed for most of the fall and winter period, resulting in lower revenues and profits.

Sales fell 17% to £ 6.3bn and adjusted operating profits were halved to £ 319m in the six months to February 27.

George Weston, the managing director, said refunds would be made because he was confident Primark sales would increase after stores reopened last week in England and Wales, where 40% of the retail space is located. sale of Primark.

“We are delighted to welcome customers back to our stores as lockdowns ease and we are delighted with record sales in England and Wales in the week following the reopening on April 12,” he said. declared.

“With our success in a number of new markets, as large as Poland and Florida, we are as confident as we have ever been of Primark’s long-term growth prospects.”

Regarding the leave program, he said the company had requested £ 98million in the previous fiscal year to support Primark’s 65,000 workers.

“An additional £ 79million was claimed in the six months leading up to February 27 and until today the amount is now £ 121million,” the company said.

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This notice was published: 2021-04-20 08:44:40