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The number of business of Primark between march and June third fiscal quarter of the parent company, the british group, AB Foods, amounted to 582 million pounds (645 million euros), which represents a drop of 75% at constant exchange rates compared with the same period of the previous year due to the impact of the closures of stores by the measures of containment of the pandemic Covid-19.
In this way, in the first nine months of its fiscal year, the revenue from the textile firm, have reduced by 27% to 4.292 million pounds (4.755 million euros).
The multinational company indicated that the closure of all its outlets in march resulted in the loss of monthly sales, for a total amount of 650 million pounds (720 million euros). The net outflow of cash for Primark between the 1 march and the 23 of may was of about 800 million pounds (887 million euros) mainly including payments to suppliers and operating expenses.
In this sense, since the reopening begun last may 4, the comparable sales accumulated by Primark in the seven weeks to June 20 totaled 322 million pounds (357 million euros), which represents a decrease of 12% compared with the same period of the previous year.
For his part, the turnover of the chain in the week of 20 June, with the 90% of the surface area of open sale , reached 133 million pounds (147 million euros) with the commercial performance of England and Ireland ahead of that registered at the same time the previous year.
“Almost all the stores Primark are now operational again and we estimate that the operating profit adjusted for Primark, excluding charges exceptional, will be in the range of between 300 million and 350 million pounds (333 and 388 million euros) in the financial year, compared to 913 million pounds (1.012 million) reported last year”, the company said.
“The trade in our stores reopened has been, on the whole, encouraging,” noted the multinational, highlighting the strong demand for clothing for the children, the leisure and the night, as well as in the case of products of summer as shorts and t-shirts, while it has been “surprisingly weak for the menswear formal and the accessories related to travel.”
“most of our regional shops are working well, especially in the parks retail. Our stores in the center of large cities are suffering the current lack of tourism and a traffic much lower,” he added.
on the other hand, the company has reported the delay in its programme of openings scheduled for the second half of your year as a result of the restrictions put in place, although in the third quarter took place the opening of five stores, including a new store in the Plaza de Catalonia, in Barcelona.
In the remainder of the year, the chain planned to open five additional establishments, in addition to the enlargement of the shops in Malaga and the shopping centre Ubbo Lisbon, which will bring 1.5 million square meters the area of retail sale of the company, which warned that the opening dates of the new stores in the U.S. depend on the lifting of local restrictions for retail-related Covid-19.