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ABF points to “encouraging” Primark reopening

ABF points to “encouraging” Primark reopening

Third-quarter sales for Associated BritishFoods (ABF) plunged by 39 per cent at constant currencies to £2.6bn – knocked by the closure of all Primark stores during lockdown. Indeed, the group’s retail arm saw revenues plunge by 75 per cent to £0.58bn – compounded by the fact that Primark does not offer online shopping, leaving it wholly reliant on bricks-and-mortar commerce. ABF now anticipates that adjusted operating profits for Primark will come in at around £300-350m for the full year – down by around two-thirds from 2019.

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